Launch of APFinSA Awards
The Asia Pacific Financial Services Association (APFinSA) has launched its very own APFinSA Awards which aim to celebrate the endowment and recognition among over a million financial services professionals internationally along with the entire financial community across the Asia Pacific region. The APFinSA Awards showcase prestigious awards in the life insurance industry for top producers to be endorsed and recognised, not only in their respective countries but in the entire Asia Pacific.
The APFinSA Awards reward and recognise your achievement in the industry, and pave the way to guide you to greater heights and success. Take up the challenge and be the first among esteemed top producers in Asia Pacific to shine.
The Awarding Body
The Asia Pacific Financial Services Association (APFinSA) is the largest financial services council in Asia Pacific, represented by 9 member associations across Asia Pacific region, namely Australia, Hong Kong, India, Malaysia, the Philippines, Singapore, Taiwan and Thailand. Established in 1991, we serve as the pre-eminent cross-border association to address the critical needs and opportunities of the financial advice profession in the region. APFinSA is also the organizer of the biennial Asia Pacific Life Insurance Congress (APLIC).
| Award | Requirements | Annual Membership Fee |
|---|---|---|
| APFinSA Award | (Refer Table) | SGD 288 |
| Pinnacle Award | 10x FYP Credits | SGD 388 |
| Leadership Award – Diamond | 5 Qualifiers | SGD 388 |
| Leadership Award – Platinum | 10 Qualifiers | SGD 388 |
Production Requirements
The production requirements include the production, number of lives and persistency rate.
Delivering the minimum first year premium credits is required to qualify for the award. Production credit must come from at least twelve (12) different lives from the individual life policy, net of lapses. A 13th month persistency rate of at least 80% is also required to qualify. The qualification period 1 January 2019 to 31 December 2019.
Eligible Products & Credits
| Products (Individual) | Premium Credit |
|---|---|
| Individual Life Insurance | 100% of first year premium |
| Individual Annuities | 100% of first year premium |
| Individual Critical Illness | 100% of first year premium |
| Individual Disability Income | 100% of first year premium |
| Accidental Death and Dismemberment (Individual) | 100% of first year premium |
| Long-Term Care (Individual) | 100% of first year premium |
| Endowment Plans/Products (For 5 years to pay and up) | 100% of first year premium |
| Individual Health Insurance | 100% of first year premium |
| Financial Planning Fees | 100% of first year premium |
| Products (Group) | Premium Credit |
| Premium Deposit Fund | 10% of first year premium |
| Top Up | 10% of first year premium |
| Single Premium (Whole Life and Investment) | 10% of first year premium |
| Mutual Funds/Asset Management Accounts | 10% of first year premium |
| Accidental Death and Dismemberment (Group) | 100% of first year premium |
| Critical Illness (Group) | 10% of first year premium |
| Temporary and Permanent Disability Income (Group) | 10% of first year premium |
| Group Life Insurance | 10% of first year premium |
| Corporate/Group Health Insurance Long-Term Care (Group) | 10% of first year premium |
| Annuities (Group) | 10% of first year premium |
Eligibility
1. Qualification
Any licensed life insurance agent, financial practitioner, or financial advisor who is able to deliver the required First Year Premium Credits may apply for membership.
2. APFinSA Award Status
APFinSA membership is valid for one year only and those who qualified by delivering the eligible premium required must apply renew their membership to maintain their status.
3. Hall of Fame Member
An individual becomes a Hall of Fame member when he or she was able to meet the minimum of 8 years as APFinSA awardee. Years of membership may or may not be in consecutive years.
4. APFinSA Pinnacle Award
An individual becomes an APFinSA Pinnacle Awardee when he or she was able to deliver 10 times of First Year Premium (FYP) Credits.
5. APFinSA Leadership Awards
An individual qualifies for a Leadership Diamond Award or Leadership Platinum Award if he/she has 5 and 10 APFinSA Award qualifiers respectively in his/her team.
Premium Production Requirement For Membership in the 2020 Asia Pacific Financial Services Association Award (APFinSA Awards)
Based on 2019 production, expressed in local currency
| Countries | First Year Premium |
|---|---|
| Australia (Australian Dollar) | 180,000 |
| Bangladesh (Bangladeshi Taka) | 2,000,000 |
| Brunei (Bruneian Dollar) | 120,000 |
| Combodia (Combodian Riel) | 202,000,000 |
| Chile (Chilean Peso) | 43,000,000 |
| Fiji Island (Fijian Dollar) | 100,000 |
| Hong Kong (Hong Kong Dollar) | 900,000 |
| India (Indian Rupee) | 25,000,000 |
| Indonesia (Indonesian Rupiah) | 379,000,000 |
| Japan (japanese Yen) | 23,600,000 |
| Macau (Macanese Pataca) | 600,000 |
| Malaysia (Malaysian Ringgit) | 316,000 |
| Nepal (Nepalese Rupee) | 2,000,000 |
| New Zealand (New Zealand Dollar) | 190,000 |
| P.R. China (Chinese Yuan) | 410,000 |
| Pakistan (Pakistani Rupee) | 2,200,000 |
| Philippines (Philippine Peso) | 1,700,000 |
| Republic of Korea (South Korean Won) | 130,200,000 |
| Singapore (Singapore Dollar) | 170,000 |
| Sri Lanka (Sri Lanka Rupee) | 3,500,000 |
| Taiwan (New Taiwan Dollar) | 1,800,000 |
| Tonga (Tongan Pa’anga) | 170,000 |
| Thailand (Thai Baht) | 1,500,000 |
| Vietnam (Vietnamese Dong) | 459,000,000 |
Verifications
1. Verifying Production Credits
First year premium production credits can be verified by a certification coming from any of the officer of the company, brokerage, agency, bank, or mutual company, being represented by the licensed agent, financial practitioner, or financial advisor.
2. Application Forms
Application form for membership in the APFinSA Awards will automatically be sent every January to all previous members via email. Those who were not able to receive their application form because they change their email address may request it by phone, email or by downloading the forms at APFinSA website (www.apfinsa.org). Since we are on our first year, application forms will be available from 15 December 2019 in APFinSA website. The properly filled out and signed application form must be sent to APFinSA Secretariat office via email at info@apfinsa.org on or before 15 February 2020.
3. Certification Letters
Application for membership must come with a certification letter signed and endorsed by the President of the respective local national association that is a member of APFinSA, or the absence of such, by an official of the company, brokerage, agency, bank, or mutual company which is being represented by the licensed agent, financial practitioner, or financial advisor.
Membership & Requirements
1. Professional Association Membership Requirement
Applicant for APFinSA Award must be a member in good standing of any Life Underwriters Association or Financial Practitioners Association.
2. Annual Membership Fee (for the year 2020)
Annual membership fee is SGD 288 which should be paid directly to APFinSA via telegraphic or wire transfer on or before the 15 February 2020. Delayed payment will be accepted up to the last day of February with an additional fee of SGD18. The fee of SGD 288 is inclusive of the banquet and APFinSA Awards plaque/trophy.
3. Membership Fee for Hall of Fame Members
Hall of Fame members will pay a reduced annual fee of SGD 188 every year to maintain their status (ie. it is SGD100 lower than normal fees).
4. Waiver on Disability
Hall of Fame members who has been declared disable for at least 6 months must send a doctor’s certification for his/her disability. This will waive his/ her payment of annual membership fee, and still enjoy the status of his/her Hall of Fame membership.
Definition of Terms
1. Lives
Refers to the number of policyholders whose policies were paid, approved, issued, and remains to be in force from January 1 to December 31, 2019. Lives in the group insurance policy shall not be included in the count of lives.
2. Good Standing
A Licensed life insurance agent, financial practitioner, or financial advisor who does not engage or commit unprofessional practices such as twisting, knocking, forgery, concealment, misappropriation of premiums, misrepresentation, delay in premium remittances, or any violation of the Code of Ethics of their company and their governing Insurance Regulator.
3. First Year Premium Credits (FYPC)
For the purpose of APFinSA Awards membership, First Year Premium Credits refers to the Eligible Premium Credits found under Eligible Products and Credits.
4. 13th Month Persistency Rate of 80%
Refers to the 1st premium due for the 2nd policy year of any individual life insurance policy.
Venue
