ISSUE • 36 // MAY 2016PUBLISHED BY THE

GENERAL INSURANCE ASSOCIATION

180 CECIL STREET, #15-01 BANGKOK BANK BUILDING, SINGAPORE 069546

T: (65) 6221-8788 | F: (65) 6227-2051

UEN: S66SS0020G | E: FEEDBACK@GIA.ORG.SG

WWW.GIA.ORG.SG

Election of new GIA MC 2016-2018

Maritime Knowledge Shipping Session 32: Marine Risk Accumulation on shore and at sea (6 April 2016)

HIGHLIGHTS

Dear Members, 

Welcome to the first issue of The GIA Insider, a new monthly e-publication that has replaced the GIA Newsletter, previously published on a quarterly basis. 

Through The GIA Insider, we aim to achieve three objectives. They are:

1. To provide information on key industry issues on general insurance which are likely to create an impact in our business,

2. To keep you updated on the latest regulatory reforms and new initiatives, and

3. To capture highlights on industry events to showcase and promote our robust activities in fulfilling our mission.

PRESIDENT'S WELCOME ADDRESS

In this inaugural issue of The GIA Insider, we are pleased to announce the new GIA Management Committee (MC) for 2016-2018, and the restructuring of key working committees as well as the formation of five new committees. Driven by leadership from the MC, the committees will continue to work towards demonstrating our commitment and dedication to enhance competency standards and practice to elevate the integrity, profile and reputation of General Insurance industry. I look forward to receiving your participation, support and contribution to fulfil our objectives.

I hope you find The GIA Insider helpful and a valuable resource in keeping you up-to-date with the most relevant industry news, please look forward to the next issue in June.

Yours sincerely, 

A K Cher President GIA

GIA is pleased to announce the election of the following members to the Management Committee (MC) for a two-year term 2016-2018. This follows the revision of the GIA Constitution, which came into effect on 1 Feb 2016, where two amendments were made to the revised GIA Constitution. Principally, these include the election of nine (from previously eight) MC members for two years of service (previously one year).  Going forward, the election of MC members will be held once every two years, the next to be held in 2018.  At the Inaugural MC meeting held on 8 March 2016, four Office Bearers, namely, the President, the Vice-President, the Honorary Treasurer and the Honorary Secretary were elected. The appointments are as follows:-

GENERAL INSURANCE NEWSLETTER Nº 36LATEST ANNOUNCEMENTS

NEW COMMITTEE CHAIRMAN / CONVENORSThe elected 2016-2018 GIA MC has on 4 April 2016, restructured its key working Committees with leadership coming from the MC to demonstrate the MC members’ commitment to serve the industry. Five new Committees have also been formed in addition to the existing five.

The Chairman/Convenors will similarly serve a two-year term (2016-2018).

At the MC meeting on 4 April 2016, the following MC members were appointed to lead the respective committees:.

NEW GIA MC FOR 2016 – 2018

FORMATION OF NEW COMMITTEES• Public Relations• Education & Talent Development

• Marine• Non-Marine

1 Marine (formerly Technical) Mr Michael Gourlay

2 Non-Marine (formerly Technical) Ms Doina Palici-Chehab

3 Education and Talent Development Ms Stella Tan

4 Public Relations Mr Matt Harris

5 Special Projects Mr Michael Gourlay

New Committees Convenor

1 Agents’ Registration Board Mr Andrew Lim

2 Motor Mr Pui Phusangmook

3 Work Injury Compensation Mr Karl Hamann

4 Insurance Fraud Mr Chang Sucheng

5 Nomination, Appointment and Remuneration Mr A K Cher

Existing Board / Committees

Chairman / Convenor

• Special Projects

GENERAL INSURANCE NEWSLETTER Nº 36LATEST ANNOUNCEMENTS

NEW COMMITTEE CHAIRMAN / CONVENORS (CON’T)The following six existing workgroups spearheaded by the Chairman below, will continue to identify industrywide legislative issues and challenges commonly faced by the industry on their specific lines of insurance and propose solutions to enhance standards and practices. The workgroups are as follows:

VISIT FROM THE GENERAL INSURANCE ASSOCIATION OF KOREA TO THE GENERAL INSURANCE ASSOCIATION OF SINGAPORE (4 MAY 2016)

VISIT FROM REGIONAL MARKETS

In April 2016, the Secretariat rolled out the Industry Performance Statistics Reporting (IPSR) System, an online platform for members to submit their quarterly performance statistics to the Association.

With this new system, members can view compiled reports at any time after the Secretariat releases the relevant statistics on a quarterly basis. Members can also retrieve reports from up to five years ago at their convenience.

Before the IPSR goes “live”, a User Acceptance Testing and Training programme for members will be conducted to familiarise them with the reporting system.

AUTOMATION OF THE QUARTERLY PERFORMANCE STATISTICS

RECENT GIA INITIATIVES

GIA hosted a visit from the General Insurance Association of Korea (GIAK) on 4 May 2016. The meeting, first of its kind, highlights the cross-border collaborative efforts between the general insurance industries of Singapore and the Republic of Korea. Both associations will exchange pointers on advanced insurance regulations and industry best standards and practices within their countries.

1 Political Risk and Trade Credit Mr Mark Houghton

2 Accident and Health Mr Kelvin Lim

3 GIA Reinsurance Contract Certainty Mr Soon Gud Voon / Mr Nick Garrity

4 Premium Payment Framework Mr Raymond Ong

5 Product Highlight Sheet Mr Karl Hamann

6 Tax Mr Brendan Egan

Workgroups Chairman/ Co-Chairman

GENERAL INSURANCE NEWSLETTER Nº 36RECENT & UPCOMING EVENTS

RECENT & UPCOMING EVENTS

MARITIME KNOWLEDGE SHIPPING SESSION 32: MARINE RISK ACCUMULATION ON SHORE AND AT SEA (6 APRIL 2016) First started in 2007 and now into its 9th year, the latest Marine education series was attended by 175 professionals from both the maritime and insurance communities. Sharing their expertise on Marine Risk Accumulation with the audience were Mr. Peter Ulrich, Senior Vice-President of Risk Management Solution Inc. and Mr. William Pang, Director of Marine Claims Office of Asia. The positive feedback from our post-event survey also once again proved that the seminar series continues to be well received by professionals from both the insurance and marine sectors.

IRAS SEMINARAs part of the Inland Revenue Authority of Singapore (IRAS)’ ongoing efforts to help GST- registered businesses better comply with GST rules, IRAS will be collaborating with GIA to conduct an insurance seminar for its members.

The seminar will cover the following topics:

• GST treatment of insurance premiums

• Other common GST errors made by insurance companies

• Standard and special input tax recovery formulas

• Deemed input tax on cash payments

• Input tax incurred on motorcar expenses

The seminar is scheduled for 10 May 2016, Tuesday. We look forward to seeing you there.

APPOINTMENT OF NEW PUBLIC RELATIONS CONSULTANT FOR THE GENERAL INSURANCE ASSOCIATION OF SINGAPORETranz Communication Pte Ltd was appointed on 1 March 2016 as GIA’s new PR consultant. They will provide their counsel to the association on media relations and enquiries as well as provide assistance to the corporate communication department on related public campaigns.

LATEST ANNOUNCEMENTS