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Congratulations to

on its 40th Anniversary

With the Compliments of

Information on the most current rating is available at www.standardandpoors.com or from Standard & Poors at (212) 438-2400. Ratings are not a guarantee of an insurers financial strength nor a recommendation as to the insurer.

THE INSURANCE INSTITUTE OF

HONG KONG LTD.

ContentsThe Institute ............................................................... 2

Aims ........................................................................... 2

Message from the President .................................... 3

Past Presidents ......................................................... 4

Membership Application Form

Individual ............................................................ 6

Corporate ........................................................... 7

Message from

the Commissioner of Insurance ......................... 8

Hon Bernard Chan .............................................. 9

the Hong Kong Federation of Insurers ............... 10

the Hong Kong General Insurance

Agents Association Ltd ................................ 11

............................................... 12

........................................ 13

the Insurance Institute of China .......................... 14

the General Insurance Association of Japan ..... 15

the Australian and New Zealand

Institute of Insurance and Finance ................ 16

.................................... 22

the Hong Kong Chamber of

Insurance Intermediaries .............................. 23

Message from the Past President

Jack Mallee ......................................................... 25

Andrew Young .................................................... 26

Howard Tsang .................................................... 27

Alex Wong .......................................................... 28

Leo Ma ................................................................ 29

Michael Haynes .................................................. 30

Kelvin Cheung .................................................... 31

The Insurance Profession-Mr D S Hansell ................ 32

Pictorial Reminiscence .............................................. 36

The Insurance Institute of Hong Kong(IIHK)

The Insurance Institute of Hong Kong LtdRoom 1705, Beverly House, 93-107 Lockhart Road, Wanchai, Hong Kong.Tel : 2520 0098 Fax: 2295 3939Web site : www.iihk.org.hkIIHK affiliated with:The Australian and New Zealand Institute of Insurance and FinanceLevel 17, 31 Queen Street, Melbourne VIC 3000 AustraliaTel: (613) 9613 7219Fax: (613) 9613 7299Chartered Insurance Institute (CII)31 Hillcrest Road, London. E18 2JP, U.K.Tel : 017 324 50888Fax : 017 327 43494

IIHK COUNCIL MEMBER 2007President Andrew Chow, MBA, FCII, ANZIIF (Fellow) CPCU, FLMIVice President Michael Haynes, ACIIHon. Secretary Carol Yuen, ANZIIF (Snr Assoc)Hon. Treasurer Alex Chu, FCII, FLMI, Chartered InsurerI.P.P.President Kelvin Cheung, B.Sc,

ACII, MCIM, MBA, FLMIDirector Irene Wong, FCII, MBA, FLMI, ARe, MSc.(ITE), FChFPDirector William Fong, B.Sc, ACIIDirector Michael Wellsted, GDE, BSc, CEng, ALLSA, AILAHon. Legal Adviser Christine KooHon. Adviser Clement Cheung, JP Commissioner of InsuranceHon. Auditor Pricewaterhouse CooperSecretariat Tania Lee

CREDITSEditorial Members:- Chairperson - William NgMembers - Andrew Chow Mike Haynes Irene Wong Carol Yuen Mike Wellsted

The Institute The Insurance Institute of Hong Kong (IIHK) was founded in 1967 by a group of insurance practitioners and is now an important and well-established part of the insurance sector in this Asian region. During its many years of service, the Institute has continuously promoted the importance of professionalism within this dynamic and increasingly competitive industry. In a world where the demand for insurance is growing, it is important to keep to date with the latest industry developments in order to provide a consistently high standard of service to clients. The Institute recognizes the importance of achieving a professional qualification and ardently champions the improvement of insurance education and training.

With the co-operation and enthusiasm of the many volunteers who have dedicated valuable hours of their time over the years to support the Institute's work, the IIHK has been able to reach more and more people. It has and is continuing to encourage practitioners, students and all those interested in the insurance sector to continue broadening their horizons through improved educational programmes, seminars, meetings, discussions and many more interesting, informative and varied activities. In this way, members of the Institute have easy access to a wide range of information and facilities, enabling them to keep up to date with the latest advances.

Aims Firstly, be setting itself up as a central body the Institute is able to achieve an important objective, that is to provide advice and assistance to all those people who have an interest in the insurance business.

Secondly, by holding meetings on insurance-related aspects, members are given the opportunity to discuss ideas and exchange opinions on a wide variety of subjects.

Thirdly, through promoting the study of topics related to the insurance industry, the IIHK ensures that its members and practitioners are always on the cutting edge of industry developments.

In addition, the IIHK possesses an insurance library, enabling members to have access to a wide range of information.

The promotion and co-ordination of social activities is also an important objective that the Institute hopes to keep on improving. Informal activities, such as bowling competitions, are another way in which the Institute helps its members to become acquainted with one another.

In addition, the Institute welcomes the ideas and opinions of all its members. This ensures the continuous development and improvement of the Institute and enables it to organise events which are of popular interest.

All in all, the Institute is now a cornerstone of the insurance industry in Hong Kong.

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Message from the President - Mr Andrew Chow

2007 Council Members President Andrew Chow, MBA, FCII, ANZIIF (Fellow) Director Irene Wong, FCII, MBA, FLMI, ARe, MSc.(ITE), FChFP Hon. Legal Adviser Christine Koo CPCU, FLMI Director William Fong, B.Sc, ACII Hon. Adviser Clement Cheung Vice President Michael Haynes, ACII Director Michael Wellsted, GDE, BSc, CEng, ALLSA, AILA Hon. Auditor Pricewaterhouse CooperHon. Secretary Carol Yuen, ANZIIF (Snr Assoc) Secretariat Pency Wan Hon. Treasurer Alex Chu, FCII, FLMI, Chartered Insurer I.P.P.President Kelvin Cheung, B.Sc, ACII, MCIM, MBA, FLMI

MESSAGE FROM THE PRESIDENT

Turning 40 is an event that people tend to view somewhat ambivalently the undisputed entry into middle age! But, of course, human ages bear little resemblance to institutional ages and the Insurance Institute of Hong Kong remains a mere youngster compared with many of its peers in the world. So I am happy to reassure you that IIHK remains as youthful and energetic as ever and is showing no signs at all of middleage spread. However, 40 years is certainly plenty of time to build up a history and establish a few IIHK legends. With four full decades of achievements behind it, IIHK is a proven provider in insurance education and educational services. Over the years, it has also partnered with other insurance institutes in pursuit of quality education for our practitioners. Ever since our establishment in 1967, IIHK aims at raising the levels of professional knowledge of those working in insurance in Hong Kong and assisting our members in their career development. We intend to maintain and, indeed, increase our contribution to, and involvement with, our educational services to the local industry. IIHK roots firmly in Hong Kong, and we use our international connections to collaborate with other insurance institutes and experts to offer world class trainings to practitioners in the industry. IIHK aspires, in the 21st century, to be a platform for Hong Kong insurance practitioners to acquire international expertise and recognitions. We believe that the increasing globalization of higher education presents great opportunities as well as challenges. When the moment is right, IIHK will be ready to seize these opportunities and so progress to the next stage of its development. And we know that in the future, as in the past, we can rely on the encouragement and support of our many friends locally and internationally, and, of course, of members. Their generosity means that IIHK can embark on its next forty years with a firm basis of support. For this, and for your invaluable encouragement during our first forty years, we thank you all. For an institute that will last for generations, forty years is but a milestone, after which it will carry on striving for excellence and continue to shine. Andrew Chow President

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Insurance Institute of Hong KongPast Presidents

1967/1968 The Hon. J. Dickson-Leach1968/1969 A. J. Bowden1969/1970 P. C. Tsao1970/1971 H. Goldsbrough1971/1972 W. P. Stewart1972/1973 A. Y. M. Kan1973/1974 A. H. Bennett1975/1976 J. G. Mallee1976/1977 G. R. Lennox-Kinh1977/1978 Willie W. K. Wu/R. Ka1978/1979 A. D. Stelfensen/H. C. Wong1979/1980 A. G. Young1980/1981 John C. K. Fan1981/1982 Stan Wu1982/1983 Iren White/Andrew Lo1983/1984 Steve Lan1984/1985 Peter Fong1986/1987 Lawrence Lee1987/1988 Howard Tsang1988/1989 Alex P. H. Wong1989/1990 Y. W. Siu1990/1991 W. S. Ching1991/1992 Teresa Ma1992/1993 Wilson Leung1993/1994 Raymond Wong1994/1995 Wallace Lam/Elex Chan1995/1996 Elex Chan1996/1997 K. P. Cheng1997/1998 Jackie Chun1998/1999 Leo Ma1999/2000 Stephen Law2001/2003 Michael Haynes2003/2004 Michael Haynes2004/2005 Kelvin Cheung

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Congratulations to the InsuranceInstitute of Hong Kong on their 40th Anniversary

AD0420 Insurance Institute of Hong Kong Ad 30/4/07 10:28 Page 1

MEMBERSHIP APPLICATION

IIHK Membership No. (for office use only) (Please complete in BLOCK letters)

Surname Given Name

Chinese Name ID/Passport No.

Sex Male Female

Name of Employer (if any)

Position Held

Office Address

Home Address (Optional)

Tel. No. Home Office

Fax No. E-mail Address

Insurance Qualification : (Please tick whichever is applicable)

FCII ANZIIF Others : ACII Mem. ANZIIF (Please specify in details) Dip. IIHK

I hereby apply to join as:- (Please tick as appropriate)

Ordinary membership Non-Voting Membership Student membership

[For full time student]

of the Insurance Institute of Hong Kong Ltd and, if I am elected, I agree to abide by the Constitution.

I enclose my cheque HK$120.00 payable to The Insurance Institute of Hong Kong Ltd. being my

subscription for current year.

Date : Signature : _____________________________

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22000077 CCOORRPPOORRAATTEE MMEEMMBBEERRSSHHIIPP

Company Name

Business Registration no.

Address Tel

Fax

Email

Management contact Name

Direct line

Direct fax

Email

Training contact Name

Direct line

Direct fax

Email

Annual Membership Fee

Please 3

Size of your company (no. of staff in Hong Kong) Annual Membership Fee

Up to 10 staff HK$ 500 11 50 staff HK$1,000 51 250 staff HK$2,000 251 staff or more HK$3,000

Membership year 12 months from 1st January to 31st December. We hereby apply for corporate membership of the Insurance Institute of Hong Kong Ltd and we agree to abide by the Constitution. We declare the above information is true and correct. ___________________________________ _________________________________ Signature Date ___________________________________ Name in block letters Please make cheque payable to The Insurance Institute of Hong Kong Ltd and post to The Membership Secretary, Room 1705 Beverly House, 93-107 Lockhart Road, Wanchai, Hong Kong. For office use only: Membership No. Date joined

Next renewal date Cheque No. Bank

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Message from the Commissioner of Insurance

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I offer my warm congratulations to the Insurance Institute of Hong Kong (IIHK) on the celebration of its 40th Anniversary in 2007.

Over the years, IIHK has been a trailblazer in pioneering different initiatives to uplift professionalism and quality standards of the local insurance industry. A vast pool of knowledge and talents is the essential ingredient for success without which Hong Kong could not have transformed into an international financial centre. In this context, the Advisory Committee on Human Resources Development in the Financial Services Sector was set up as a platform for the Government, industries bodies and academic institutions to deliberate on strategic manpower planning issues. I remain immensely grateful to IIHK for actively participating in activities organized under this partnering framework.

Emerging risks and increased volatility are posing new challenges for industry practitioners who must widen their scope of expertise in order to stay competitive. There is no doubt in my mind that IIHK will provide the necessary support and inspiration that render continuous self-improvement not just a matter for regulatory compliance, but also a lifelong commitment.

I do sincerely hope that IIHK would go from strength to strength beyond this important milestone to help sustain a healthy development of the insurance market in Hong Kong.

Clement Cheung, JPCommissioner of Insurance

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Message For the

Insurance Institute of Hong Kong40th anniversary - Yearbook 2007

I am delighted to extend warmest congratulations to the Insurance Institute of Hong Kong on the occasion of its 40th anniversary. It is a tribute to the success of the Institute that it can look all the way back to 1967, before many of our colleagues in the insurance industry were even born.

What a lot has changed over that time! The institute has seen Hong Kong develop from a developing economy focusing mainly on low value activities into a prosperous and modern services centre that ranks as one of the worlds leading business hubs.

Not only has the Institute witnessed that transformation, but it has played a part in it. By working to promote insurance education and training, the IIHK has made a vital contribution over the years to the development of the insurance industry, which now accounts for a major part of Hong Kongs financial services sector, one of the core activities of our economy.

The Institutes role today is as important as ever, and this will continue in the years ahead. For several years, we have witnessed a growing trend in the insurance industry for clients to become more sophisticated and have increasingly high expectations. They want to do business with professionals who are well-qualified and who have the up-to-date ability and knowledge needed to give them good service. It is essential for the well-being of our industry that practitioners and students preparing to enter the field, can meet this challenge. At the same time, it is important for their own career development that our colleagues in the industry broaden their horizons and continue to improve their skills and abilities over the long term. With the dedication of the Insurance Institute of Hong Kong, I am confident that the industry will meet these challenges.

I wish the IIHK continued success in helping our industry develop strongly in the years ahead.

Bernard Chan

Message from HON BERNARD CHAN

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Message from the Hong Kong Federation of Insurers

Message from the Hong Kong General InsuranceAgents Association Ltd

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Message from

Message from

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Message from the Insurance Institute of China

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Message from the General Insurance Association of Japan

THE GENERAL INSURANCE ASSOCIATION OF JAPAN Non-Life Insurance Building, 9 Kanda Awajicho 2-Chome, Chiyoda-Ku, Tokyo 101-8335, Japan

Tel: 81-3-3255-1439 Fax: 81-3-3255-1234 E-mail: isj@sonpo.or.jp Please accept our hearty congratulations on the 40th anniversary of the founding of the Insurance Institute of Hong Kong Ltd. In the wake of the changes in the social and economic environment, insurance companies are required to play wider and more sophisticated roles than ever, including moving into risk management service and others. Nonetheless, what is most important for insurers is to provide the necessary insurance coverage with sustainable solvency, thus fulfilling their roles as one of the key parts of the social infrastructure for the sustainable growth of the economy and society in every region. Considering the above, we cannot help but pay our respects to the steady and substantial contributions the IIHK has made over a period of time in developing insurance professionalism. Asian economies have achieved remarkable success through learning best practices from each other by exchanging information and opinions for addressing their own issues. Naturally, it is also important for Asian insurance markets to enhance their professionalism through such mutual learning. With this in mind, it is with the greatest pleasure for us to have maintained an interchange and to share the experience and insight between us over many years, through discussion and human exchanges, including cooperation in holding the Insurance School (Non-Life) of Japan. We hope that the interchange through such occasions will further promote the development of the Asian insurance industries as a whole, coupled with steady efforts in respective regions. Katsuo Handa Executive Director The General Insurance Association of Japan

Hiroyoshi Wada Executive Director The Non-Life Insurance Institute of Japan

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Message from the Australian and New Zealand Institute of Insurance and Finance

1

Congratulations to the Insurance Institute of Hong Kong For 40 years of service

On behalf of the Board, the members and the staff of the Australian and New Zealand Institute of Insurance and Finance, I extend our congratulations to the Insurance Institute of Hong Kong for its fortieth anniversary in 2007.

We hope that you enjoy the celebrations of this fine achievement. We recognise that it is important at times such as these to reflect upon the organisations achievements and the great service the IIHK has provided to the insurance industry in Hong Kong.

I think one of the things that we recognise in the insurance and financial services industry is that we never suffer from boredom resulting from sameness.

While many in the past few years have experienced very good results, our industry is always being challenged by the unknown and the unanticipated.

A new wave of regulatory change is concerning some, the impact of climatic change may herald some significant future challenges for the industry, some are concerned about increasing competition and some of us continue to turn on the news wondering if the day will bring significant new activity for the industrys claims departments!

Whatever the issue, we can be confident that our industry has been challenged during the past by the many changes in the dynamics of our markets and our world.

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2A large part of the changes that have taken place over the past few years have meant increasing obligations on insurers and other parts of the industrys supply chain. Consumers are much better informed, less loyal and more fickle than ever before. Their access to information and to alternate distribution channels creates competitive stresses upon businesses that were quite unheralded some years ago.

Regulators and other government bodies are increasingly focusing on not only the rise of consumerism and protecting the rights of consumers (and I dont think anyone in the industry would argue that the philosophy behind this is anything but laudable), but also improving the financial literacy of the larger community.

Our industry is becoming more and more global with a local flavour and we have fewer but bigger companies dominating the world insurance and reinsurance markets.

The value added by insurance to economic activity is enormous (and well-recognised by both ourselves and our share-holders), but the general public continues to under-value the role that insurance plays in underpinning their daily activities, and ensuring they can continue to maintain their way of life.

Clearly the insurance industry is an essential component of the Hong Kong economy, provides an income for hundreds of thousands of people through employment and shareholdings, and delivers a critical service to the Hong Kong community by securing its assets and way of life. Yet, surprisingly, the community appears not to recognise the service that the insurance industry provides in underpinning virtually every aspect of our society.

There are number of strategies that will influence consumers views about the business of insurance, its contribution to the community and the importance of its role in their lives - and their spending habits.

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Message from the Australian and New Zealand Institute of Insurance and Finance

3

I believe that professional associations such as The IIHK and our own ANZIIF can play a vital role, along with the industry and regulators, to improve the perception that consumers hold of our industry.

There must be a multi-faceted approach to enhancing consumer confidence in our industry, throughout Hong Kong by:

1. ensuring appropriate legislative controls, regulatory standards and good corporate governance are in place

2. ensuring the long-term sustainability of the industry 3. implementing strong education, training and high ethical

standards for industry practitioners to ensure that they are all times deliver the highest standard of products and services to the public

4. better data gathering about the insurance and finance sector resulting in better communication to the general public about the contribution that insurance makes to our community

5. communication to the community about the benefits of insurance, starting at an early age with improved financial literacy in schools.

6 further work on improving the language and terminology used when describing insurance products.

Clearly, the industry, government and regulators need to work in partnership across these issues.

While there are many factors to improving the professional standing of the industry, I would say that the most significant key to ensure that we meet our obligations both to regulators and to our community is to continue to provide the best possible education and training for our employees, in a cost-effective manner.

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4The reason is simple: If we want economic growth and we want our positive contribution to society to be recognised; we need an increasingly well-trained labour force. We wont achieve economic growth without the skills and abilities of our people and our economic contribution wont be recognised by the broader community unless it is delivered with professionalism. It doesnt take much to work out that these are pretty powerful incentives for investment in further education and training.

There are significant other benefits of a well-trained labour force: reduction of churn of our employees, improving their satisfaction within their roles to improve or further realise the talent already existing in

our employees to impact positively on returns for shareholders, and to improve the capacity of the industry to attract the

best potential employees to the industry when they enter the employment market.

But as you know, education for our industry goes far beyond training or the primary education that a person gets in school or university before they join the industry.

Our industry requires a high level of technical skill in an environment that is complex, diverse and ever-changing. We are an industry composed of a complex web of diverse professional skills which interact to fulfil the insurance transaction.

The challenge to ensure that Hong Kong insurance and financial sector employees continue to receive the education, training and professional development they need will be an ongoing requirement throughout their working lives.

Our commitment to the education training and continuing professional development needs of Hong Kong employees will ensure that each company is best equipped to nimbly respond to the continuing challenges that face the industry.

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Message from the Australian and New Zealand Institute of Insurance and Finance

5

A good professional development program can become a point of differentiation for an employer and helps to manage growth when there is a skills shortage in the industry.

As an industry, we are recognising the benefits of increased professionalism of our people, not just in their technical skills, but in their communications, their ethical stance and in ensuring that employees have a commitment to their ongoing professional development so that they can provide the highest level of service to their clients. All of these factors directly impact upon the perception in which the industry is held by the community.

There will be other long term benefits to the industry in attracting the best possible people to the insurance sector if we can demonstrate the value of insurance to the community and also convince potential insurance sector employees that they can have a financially, intellectually and emotionally rewarding career in our industry while making an important contribution to secure the economic well-being of our society.

We have positioned our Institute (ANZIIF) so that it is perfectly placed to assist industry to meet its education and professional development goals. The Australian and New Zealand Institute of Insurance and Finance is acutely aware of both our members needs: our individual members expect us to promote their professionalism, develop their skills and enhance their employment options. Our corporate members expect us to provide the products and services to them effectively and efficiently that ultimately enable them to deliver enhanced value to their shareholders.

In summary, the industry needs to continue to work co-operatively with associations such as IIHK and ANZIIF and demonstrate to the community as an industry the important work were doing. We need to better communicate the importance and sustainability of our industry to the public, and we need to continue to invest in building the professionalism of our people, who are at the coalface of interaction with the public.

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6The Institute believes that professional associations such as ours make a vital contribution to the industry and we can continue, with our industry leaders and regulators, to play our part in developing educational tools and products to allow your people and the insurance industry to continue to excel both when your results are announced, and in the industrys contribution to our community.

One again please accept our heartfelt congratulations to the Insurance Institute of Hong Kong upon the occasion of its 40th

birthday!

Joan Fitzpatrick CEOANZIIF

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SARS

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Message from the Hong Kong Chamber of Insurance Intermediaries

Incorporated with Limited Liability G. P. O. Box 6542, Hong Kong

Message from The Hong Kong Chamber of Insurance Intermediaries On behalf of The Hong Kong Chamber of Insurance Intermediaries, I would extend our heartiest congratulations on the 40th Anniversary of The Insurance Institute of Hong Kong. Being one of the beneficiaries of The Insurance Institute of Hong Kong, I am indeed indebted to the contributions in terms of education and training during these past decades that the esteemed Institute had bestowed upon insurance practitioners like me as where I am now a professional insurance broker Through scholarship donations, prize awards, seminars and courses as well as local and international conferences, The Insurance Institute of Hong Kong had provided a valuable platform for local and oversea insurance personnel to enhance their proficiency in insurance and attain their professional qualifications. The achievement of the Institute as an insurance educational body is what we, as insurance professionals, are proud of and what we need to treasure. We earnestly hope that The Insurance Institute of Hong Kong will continue to play a key role to foster the quality of our insurance practitioners through insurance education and training in the years ahead. Roger Tsang President 2007 The Hong Kong Chamber of Insurance Intermediaries

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C M Y CM MY CY CMY K

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Message from the Past President - Mr Jack Mallee (1975-1976)

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Message from the Past President - Mr Andrew Young (1979-1980)

Message from the Past President - Mr Howard Tsang (1987-1988)

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Message from the Past President - Mr Alex Wong (1988-1989)

Message from the Past President - Mr Leo Ma (1998-1999)

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Message from the Past President - Mr Michael Haynes (2001-2003)

Message from the Past President - Mr Kelvin Cheung (2004-2005)

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The Insurance ProfessionBy Mr. D. S. Hansell(Past Council Member and Examination Director)

One dictionary definition of a profession is an employment not mechanical and requiring some degree of learning. An old quotation much favoured by the CII and other institutions says I hold every man a debtor to his profession. (and for women too). These were words of Francis Bacon, who died in 1626, but the sentiment still holds good today.

To be a debtor to ones profession means that the true professional feels an obligation to put something in as well as taking something out. This will include such things as conducting oneself with industry and total integrity in ones business dealings, in belonging to and supporting ones professional association, and encouraging colleagues, especially young colleagues in the early stages of their career. It goes without saying that such resolutions will inevitably include endeavours to obtain professional qualifications oneself and to encourage others to do the same.

All of the above objectives are explicit or implicit in the constitution and functioning of the Insurance Institute of Hong Kong (IIHK). It is therefore my pleasure, as an insurance professional myself, to contribute these words in the celebrations of the 40th anniversary of the IIHK

My own association with the insurance industry began as long ago as 1953. I qualified as an ACII in 1956 and FCII in 1959. Since those days I have been much involved, in both a part-time and full-time capacity, with insurance education and training. Some will doubtless remember me as Centre Manager of the VTC Insurance Training Centre from 1986 to 1996, also as the IIHK Education Director for most of those years. In my retirement I still maintain a link, helping with the IIHK Diploma examination papers, and meeting old friends and colleagues on my annual visit to Hong Kong at Chinese New Year.

What, then, has changed with our industry over the years, particularly in the field of training and education? The French have a saying which translates The more things change, the more they stay the same. To a degree this is true of insurance. Just as in my youth, we still have young people saying Whats the point of all this studying and taking examinations?, especially when they are sometimes urged to do this by people who

32 33

are themselves not qualified. But there are many differences, not least with the relative insecurity of tenure with jobs. In my day, an insurance job was for all your working life and people who switched companies more than once were regarded as slightly suspect.

Not any more. In the U.K. particularly, there is great concern that people are being made redundant with their jobs going to places like India, where well-educated young people are happy to do the job at a fraction of the U.K. salary. With many posts relegated to supplying only information that is on the computer screen in front of you, it is not surprising that jobs may easily be transferred. However, it has to be said that relocating jobs to India has not been an unqualified success and moves are afoot to bring some jobs home again.

Moreover, one thing is certain: there will always be a need for people who know more than what they can read from the screen. Somebody has to know what to put on the screen, for instance, and technical ability will always command a premium, if you will pardon the pun.

Perhaps I may end these few remarks with another quotation, this time from the late lamented Past-President of the IIHK, Peter Fong. I count it a privilege to have shared time and thoughts with that gentle gentleman and I always remember at an Institute gathering that he made a remark worthy of Confucius. Talking on the theme of why seek qualifications he said I never found that having my ACII was a disadvantage. Right on, Peter.

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Pictorial ReminiscenceMeeting guests of the General Insurance Association of Japan and Non-Life Insurance Institute of Japan

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THE COUNCIL

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CERTIFICATE OFAPPRECIATION

2006 FAREWELLTO WILLIAM NG

2004 IIHK COCKTAIL

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Hang seng

Congratulations to

The Insurance Institute of Hong Kong

on its 40th Anniversary

With the Compliments of

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Agents for Trade Marks and Patents

With Compliments

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