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The Office of the Commissioner of Insurance ("OCI") today (March 5) published the fourth issue of its quarterly newsletter "I lens". This latest issue carries a special article by Professor Chan Wai-sum of the University of Hong Kong on investment-linked insurance business which is one of the fastest expanding sectors in Hong Kong's long term insurance market.

In terms of the office premiums of new business in 2000, linked business surged by 37% to about HK$ 4.5 billion. This fast-growing sector constitutes 40% of the total individual life new business.

In the article, Professor Chan gives a detailed account of the major components, distinct features and advantages of such investment-linked policies, the kinds of investment funds available in the market as well as some useful advice for prospective policy buyers.

Promotion of the insurance industry in Hong Kong, in particular the captive insurance business, begins to bear fruits. The newsletter reports the establishment of the second captive insurer in Hong Kong.

Readers are posted of the requirements of the Continuing Professional Development Programme under the Insurance Intermediaries Quality Assurance Scheme. Insurance intermediaries who have not yet taken the qualifying examination are reminded to act quickly as there will not be any extension of the transitional period at the end of this year.

Of particular interest to insurance agents is a recent announcement by the Guangzhou Office of the China Insurance Regulatory Commission that Chinese citizens in the HKSAR can take part in the Mainland's Insurance Agents Qualifying Examination.

The newsletter also covers the two guidance notes issued by the OCI - one on the use of Internet for insurance activities and the other on prevention of money laundering.

Copies of the bilingual "I lens" are available free of charge from the District Offices, the Consumer Council and the OCI from tomorrow (March 6). The newsletter and provisional statistics on Hong Kong Insurance Business in 2000 are also available for downloading from the OCI's homepage ( http://www.info.gov.hk/oci).

For enquiries, please contact the OCI's 24-hour hotline at 2867 2565.

(Download Statistical Table 1, Table 2 and Table 3. [MS Excel Format] )

End/Monday, March 5, 2001

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