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New payment arrangements from 1 Oct 2023: To provide more payment options, Fast Payment System (FPS) will be introduced as an additional digital payment method.  To help offset a portion of the rising cost associated with credit card payments, a credit card surcharge will need to be implemented.

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2023

Strengthening Retirement Financial Planning: A Partnership between HKMC Annuity Limited and the Actuarial Society of Hong Kong

(HONG KONG, 6 October 2023) Hong Kong is experiencing a rapid increase in its ageing population, with projections indicating that by 2039, approximately one-third of its residents will be aged 65 or above. Unfortunately, there is a lack of public awareness regarding the potential risks associated with this demographic shift. In response, HKMC Annuity Limited (HKMCA) and the Actuarial Society of Hong Kong (ASHK) are collaborating to enhance public education for ASHK members, their families, and friends about longevity risk management, and to facilitate the growth and advancement of the annuity market.

 

At the event, ASHK President, Mr Simon Lam commented that “leveraging on the expertise of actuaries, the HKMC Annuity Plan offers a guaranteed income stream to ensure a comfortable and worry-free retirement, empowering individuals to embrace their golden years with confidence.” Mr Raymond Li, ED and CEO of The Hong Kong Mortgage Corporation Limited (HKMC) added that “The HKMCA is committed to promote the financial well-being of the retired population in Hong Kong. The collaboration with the ASHK will foster the local annuity market development and enhance public awareness about the longevity risk management.”

(left to right) Timothy Wong, Vice President of ASHK and Lawrence Lai, Appointed Actuary of HKMCA sign the partnership agreement.

(left to right) Damian Yip, Executive Director of ASHK; Timothy Wong, Vice President of ASHK; Simon Lam, President of ASHK; Raymond Li, ED & CEO of HKMC; Sunny Yung, ED & CEO of HKMCA; and Lawrence Lai, Appointed Actuary of HKMCA join the celebration of this partnership.

2023

Strengthening Retirement Financial Planning: A Partnership between HKMC Annuity Limited and the Actuarial Society of Hong Kong

(HONG KONG, 6 October 2023) Hong Kong is experiencing a rapid increase in its ageing population, with projections indicating that by 2039, approximately one-third of its residents will be aged 65 or above. Unfortunately, there is a lack of public awareness regarding the potential risks associated with this demographic shift. In response, HKMC Annuity Limited (HKMCA) and the Actuarial Society of Hong Kong (ASHK) are collaborating to enhance public education for ASHK members, their families, and friends about longevity risk management, and to facilitate the growth and advancement of the annuity market.

 

At the event, ASHK President, Mr Simon Lam commented that “leveraging on the expertise of actuaries, the HKMC Annuity Plan offers a guaranteed income stream to ensure a comfortable and worry-free retirement, empowering individuals to embrace their golden years with confidence.” Mr Raymond Li, ED and CEO of The Hong Kong Mortgage Corporation Limited (HKMC) added that “The HKMCA is committed to promote the financial well-being of the retired population in Hong Kong. The collaboration with the ASHK will foster the local annuity market development and enhance public awareness about the longevity risk management.”

(left to right) Timothy Wong, Vice President of ASHK and Lawrence Lai, Appointed Actuary of HKMCA sign the partnership agreement.

(left to right) Damian Yip, Executive Director of ASHK; Timothy Wong, Vice President of ASHK; Simon Lam, President of ASHK; Raymond Li, ED & CEO of HKMC; Sunny Yung, ED & CEO of HKMCA; and Lawrence Lai, Appointed Actuary of HKMCA join the celebration of this partnership.

2022

 

The ASHK Actuary Internship Portal is designed to help employers recruit students who wish to embark on an actuarial career.  ASHK members are actuaries who work in the industries of insurance, consultancy, finance, education institutes and government, they are also hiring managers for actuary positions. This puts ASHK in a unique position to match recruiters to actuary students.

 

Connecting employers with a larger pool of students

Companies recruit candidates for actuarial internships each year but are challenged to fill up these vacancies due to too keen competition from many employers and a limited supply of students. The portal will help employers fill these actuarial internships by reaching out to a wider student base (see Key Institutions and Courses).

  1. Actuarial undergraduates from all local universities
  2. Master actuarial students/graduates who are interested in an internship
  3. Students studying actuarial-related courses who are considering a career in actuary
  4. Overseas actuarial students/graduates who are interested to work in Hong Kong

     

Connecting students to multiple actuarial job opportunities

Some university programmes have an established system to assist students to secure their inbuilt internship. However, for students that are seeking other internships to experience different types of actuarial work or looking for part-time work, they would largely need to self-source. The Portal will help students connect with different employers that are offering actuarial internship/part-time/contract opportunities.

 

One-stop shop

The Portal will collect actuarial-related job opportunities from different employers (see Employer List) and publish them twice a year. Students can just visit the portal once every half year to view all the upcoming opportunities and submit one CV if they are interested.  CVs from interested students will be collected and sent to the relevant employers. Employers will then reach out to suitable students.

 

What to do to use the portal?

Students: Register as an ASHK Student Member by 16 Dec 2022 to view the portal.

Employers: Register as an Actuary Employer by 28 Nov 2022 to post on the portal.

 

 

Key dates for process

 

 

Your Profession Needs You

The Government intends to implement a Risk-based Capital regime for the insurance industry, which seeks to align Hong Kong’s regime with international standards and strengthen Hong Kong’s function as an international risk management Centre.
 
The legislation for the Risk-based Capital regime is expected to be submitted in the second half of 2022 and implemented in early 2024.  To ensure that the Professional Standards for Appointed Actuaries (PS1) and the Actuarial Guidance Notes (AGN) are in line with the new legislation, ASHK is inviting qualified actuaries to join in this work.  For more details of each task click below or email [email protected]. The submission deadline is 24 June 2022 (Friday). 

2021

ASHK Member Consultation on Proposed Amendments to Existing Articles of Association, Disciplinary Procedures and Professional Conduct Code (PCC)

Please click on the following links for the full text of the revised Articles, Disciplinary Procedures and Professional Conduct Code (existing, marked-up and clean versions):

 

Existing Version

Proposed Amendments

Articles of Association

Click here

Clean: Click here
Tracked: Click here

 

Disciplinary Procedures

 

Click here

 

Clean: Click here
Tracked: Click here

 

Professional Conduct Code

 

Click here

 

Clean: Click here
Tracked: Click here

Explanatory Note for Appointed Actuaries: Chapter 41E Supplemental Information on the Reinvestment Yield for Reserving

ASHK elects New President and Council for the year 2021

2020

Presentation slides of Online Members Consultation on ASHK New Membership Class

ASHK Consultation - ASHK New Nembership Sub-class, Fellow Members with Practicing Certificate (FASHKPC)

ASHK Consultation - Actuarial Guidance Note 10: General Actuarial Practice (“AGN 10”)

ASHK's Study Reveals Significant Improvement in Hong Kong Mortality Experience

Explanatory Note for Appointed Actuaries: Chapter 41E Supplemental Information on the Reinvestment Yield for Reserving

Notice for Appointed Actuaries: Insurance (Determination of Long Term Liabilities) Rules (Chapter 41E), Rule 8(7)(a)

2019

Notification and consultation with ASHK members regarding revised Professional Conduct Code
Notification and consultation with ASHK members regarding revised Professional Conduct Code
Notice for ASHK General Insurance Members: Documentation of GL9 Reports

2018

Asian Actuarial Conference Opens in Hong Kong: City and Industry to Play Major Role in Supporting Belt and Road
Asian Actuarial Conference returns to Hong Kong for the first time in 17 years
ASHK Response to the Law Reform Commission of Hong Kong on Consultation relating to Periodical Payments for Future Pecuniary Loss in Personal Injury Cases

2017

Notice for Appointed Actuaries: Chapter 41E - Reinvestment Yield for Reserving
Revised Professional Conduct Code
Effective June 1, 2017
Request for Comments on "Notice for Appointed Actuaries: Chapter 41E - Reinvestment Yield for Reserving"
Notification and consultation with ASHK members regarding revised Professional Conduct Code

2016

Revised Actuarial Guidance Note 7
Effective December 31, 2016
Notification and consultation with ASHK members regarding revised AGN 4 - Outstanding Claims Liabilities and Premium Liabilities for General Insurance Business
Notification and consultation with ASHK members regarding revised AGN 7 - Dynamic Solvency Testing
ASHK Response to the Labour and Welfare Bureau and Subcommittee on Retirement Protection of Legislative Council on Consultation relating to Public Engagement Exercise on Retirement Protection
ASHK Response to the Labour and Welfare Bureau and Subcommittee on Retirement Protection of Legislative Council on Consultation relating to Public Engagement Exercise on Retirement Protection

2015

Amendment of Professional Standard 2
Effective December 23, 2015
ASHK Response to the Food and Health Bureau of Government of the Hong Kong Special Administrative Region on Voluntary Health Insurance Scheme Consultation

2014

2013

Revised AGN5 Principles of Life Insurance Policy Illustrations

2012

2011

Notification and consultation with ASHK members regarding Review of Professional Standard 2
Notification and consultation with ASHK members regarding Review of Professional Standard 2
ASHK's Comments on ISAP 1 General Actuarial Practice - Exposure Draft
Request for Comments on "Notice for Appointed Actuaries: Chapter 41E - Reinvestment Yield for Reserving"

2010

Notification and consultation with ASHK members regarding revised AGN7 - second exposure draft
ASHK's Comments on IASB Exposure Draft ED/2010/3
Notification and consultation with ASHK members regarding Revised Due Process exposure draft
Notification and consultation with ASHK members regarding CPD Requirements exposure draft

2009

Notification and consultation with ASHK members regarding AGN5 additional guideline - second exposure draft

2008

Notification and consultation with ASHK members regarding AGN5 additional guideline exposure draft
Notification and consultation with ASHK members regarding revised AGN7 exposure draft