The HKFI welcomes the IA accepting all the recommendations of the Life Insurance Council (LIC) and modifying the Temporary Facilitative Measures (TFM) and Virtual Onboarding (VO). This is another crucial step taken by the IA and HKFI collectively to help our industry, in particular the front line practitioners, through this trying time amidst the fifth wave of the epidemic.

• We are supportive of our front line practitioners in maintaining quality services for customers and making sure their insurance needs are met through these non-face-to-face measures.

• The HKFI has collaborated with the IA in rolling out various facilitative measures since 2020. We have launched a VO platform (a technically pre-vetted solution to facilitate the distribution of long term insurance products via video conferencing) in September 2020 to cater for the needs, affordability and suitability of members of different sizes and distribution channels.

• With the number of confirmed cases escalating exponentially, face-to-face engagement with customers has become exceedingly challenging. To overcome such hurdle, we are pleased to see the extension of the TFM by another six months, enrichment of the VO platform and inclusion of Investment-linked Assurance Scheme (ILAS) and the new Protection-Linked Plan (PLP) in the product range.

• To enable timely offering of protection / products to customer, we encourage member insurers / brokers to leverage the HKFI’s pre-vetted VO platform to enjoy the streamlined approval process.

• We will continue working closely with our regulator and intermediary bodies to fine tune the TFM and VO and find ways to help ensure the public having alternative avenue to obtain insurance advice and protection.