*Updated May 2016
HILA launched its second HILA essay competition 2015 in late 2015 with an aim to foster the interest of undergraduate students in insurance law. The award presentation will take place in June 2016.
*Updated September 2014
HILA launched its first essay writing competition in August 2014 with an aim to foster the interest of undergraduate students in insurance law. The award presentation will take place in February 2015.
*Updated June/July 2014
On 24th June 2011, the Financial Services and the Treasury Bureau (FSTB) of the Hong Kong Government released detailed proposals for the establishment of an Independent Insurance Authority (IIA) following a three-month public consultation process carried out in 2010, as well as the industry feedback from the said consultation process.
The FSTB then agreed to the industry’s request for a second round of public consultation. Accordingly, on 26th October 2012, the FSTB issued the Consultation Paper on the Key Legislative Proposals on Establishment of an Independent Insurance Authority:
“The purpose of this document is to consult the public on the key legislative amendments to the Insurance Companies Ordinance(“ICO”)(Cap. 41) for the establishment of an independent Insurance Authority (“IIA”). We will take into account comments and views received in this consultation exercise in finalising these amendments with a view to introducing an Insurance Companies (Amendment) Bill (“Amendment Bill”) into the Legislative Council (“LegCo”) in 2013.”
The FSTB invited written comments on this consultation paper; the deadline has already passed.
On 17th December 2012, HKFI and HILA jointly hosted a high-level interactive Focus Group Discussion on the new IIA.
On 25th April 2014, the Insurance Companies (Amendment) Bill 2014 was gazetted; the Bill provides for the legal framework for establishing the IIA and the statutory licensing regime for the intermediaries.
On 13th June 2014, the HKFI again teamed up with HILA to jointly host another high-level interactive conference: Forum on the Insurance Companies (Amendment) Bill 2014.
The second meeting the Bills Committee was held on 24th June 2014, during which a number of stakeholders made oral submissions — HILA was represented by Declan McDaid. The combined notes from the Forum were provided to the Bills Committee as HILA’s written submissions.
The HKFI’s written submissions were supplemented by oral submissions from six individuals representing the HKFI, the Insurance Agents Registration Board, Life Insurance Council, General Insurance Council, Employees’ Compensation Insurance Residual Scheme Bureau and the Insurance Claims Complaints Bureau.