Closing Date extended to 15 March 2021
The 2nd APFinSA Awards 2021 is now open!
The exciting 2nd APFinSA Awards 2021 is now open for application!
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 region. Take up the challenge and be ready to embrace a great future ahead.
The Asia Pacific Financial Services Association (APFinSA) has had a successful launch of its very 1st APFinSA Awards 2020 in Bangkok Thailand. APFinSA gave honor to and celebrated with 1,600 winners who are esteemed top producers across the Asia Pacific.
We look forward to an equally if not more exciting 2nd APFinSA Awards 2021, see you in Taipei!
The Awarding Body
The Asia Pacific Financial Services Association (APFinSA) is the largest financial services council in Asia Pacific. 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 Fee |
|---|---|---|
| APFinSA Award | (FYP Credits as per table) | SGD 288 |
| APFinSA Star Award | 5x FYP Credits | SGD 388 |
| APFinSA Pinnacle Award | 10x FYP Credits | SGD 388 |
| APFinSA Leadership Award – Gold | 3 Awardees | SGD 388 |
| APFinSA Leadership Award – Diamond | 5 Awardees | SGD 388 |
| APFinSA Leadership Award – Platinum | 10 Awardees | SGD 388 |
APFinSA Awards 2021 Premium Production Requirement For Membership (Premiums based on 2020 production and adjusted due to impact of COVID-19)
| Countries | First Year Premium (in local currency) |
|---|---|
| Australia (Australian Dollar) | 120,000 |
| Hong Kong (Hong Kong Dollar) | 670,000 |
| India (Indian Rupee) | 18,000,000 |
| Macau (Macanese Pataca) | 390,000 |
| Malaysia (Malaysian Ringgit) | 250,000 |
| Philippines (Philippine Peso) | 1,400,000 |
| Singapore (Singapore Dollar) | 110,000 |
| Taiwan (New Taiwan Dollar) | 1,800,000 |
| Thailand (Thai Baht) | 1,200,000 |
| Brunei (Bruneian Dollar) | 95,000 |
| Cambodia (Cambodian Riel) | 160,000,000 |
| Indonesia (Indonesian Rupiah) | 300,000,000 |
| Japan (Japanese Yen) | 16,000,000 |
| New Zealand (New Zealand Dollar) | 140,000 |
| P.R. China (Chinese Yuan) | 325,000 |
| Sri Lanka (Sri Lanka Rupee) | 2,700,000 |
| Vietnam (Vietnamese Dong) | 360,000,000 |
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 the respective awards.
2. APFinSA Award Status
An award when conferred shall be valid for one year only. Fresh applications based on attained eligible premiums, shall be submitted for each of the subsequent years.
3. Hall of Fame
An individual shall be admitted into the Hall of Fame when he/she qualified for the award for a minimum of 8 years (need not be consecutive years).
4. APFinSA Star Award
An individual shall be conferred an APFinSA Star Award upon meeting 5 times the respective First Year Premium (FYP) Credits.
5. APFinSA Pinnacle Award
An individual shall be conferred an APFinSA Pinnacle Award upon meeting 10 times the respective First Year Premium (FYP) Credits.
6. APFinSA Leadership Awards
An individual qualifies for an APFinSA Leadership Award in the following categories:
– “APFinSA Leadership Award – Gold” if he/she has 3 awardees in his/her team.
– “APFinSA Leadership Award – Diamond” if he/she has 5 awardees in his/her team
– “APFinSA Leadership Award – Platinum” if he/she has 10 awardees in his/her team.
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 the APFinSA Awards will automatically be sent every January to all previous awardees via email. Those who did not receive their application form may request it by phone, email or by downloading the forms at APFinSA website (www.apfinsa.org). Application forms will be available from 15 December 2020 in APFinSA website. The application form must be properly filled, duly signed and sent to APFinSA Secretariat office via email at info@apfinsa.org on or before 28 February 2021.
3. Certification Letters
Application for the APFinSA Awards must enclose a certification letter signed and endorsed by the President of the respective local national association that is a member of APFinSA, or in 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.
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 |
| Regular Pay Variable Unit Linked Products | 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 gross service fee |
| 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 |
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 is 1 January 2020 to 31 December 2020.
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 Fee (for the year 2021)
Annual fee is SGD 288 which should be paid directly to APFinSA via telegraphic or wire transfer on or before the 15 March 2021. Delayed payment will be accepted up to the last day of March 2021 with an additional fee of SGD18. The fee of SGD 288 is inclusive of the banquet and APFinSA Awards plaque/trophy.
3. Fee for Hall of Fame Members
Hall of Fame awardees 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 awardees who has been declared disabled for at least 6 months must send a doctor’s certification for his/her disability. This will waive his/ her payment of annual fee, and still enjoy the status of his/her Hall of Fame.
Definition of Terms
1. Lives
Refers to the number of policyholders whose policies were paid, approved, issued, and remains to be in force from 1 January to 31 December 2020. 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 qualifiers, 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.
APFinSA Awards 2021 – Frequently Asked Questions
APFinSA, or Asia Pacific Financial Services Association, is an association of Life Insurance and Financial Advisers in the Asia Pacific region, currently with nine member countries in Taiwan, Hong Kong, Macau, India, Thailand, Malaysia, Singapore, the Philippines, and Australia. We take care of over 2 million life insurance agents and financial advisors across the Asia Pacific region.
There are 3 Levels of Awards for the Life Insurance Agent / Financial Advisor Award category.
- APFinSA Award, with Life Insurance Premiums or Credit Equivalent of a minimum of SGD110,000.
- APFinSA Star Award, Life Insurance Premium or Credit Equivalent of a minimum of SGD550,000.
- APFinSA Pinnacle Award, Life Insurance Premium or Credit Equivalent of a minimum of SGD1,100,000.
All 3 levels must also have written a minimum number of 12 policies (lives) with a minimum of 80% in 13-month persistency rate.
The job of a life insurance agent / financial advisor is not just to have high productions, our mission is also to help provide security for as many families as possible, we therefore set a minimum of 12 lives to maintain as a standard for professionalism, while the policy’s persistency rate of a minimum of 80% as a measurement of the quality of our work.
There are also 3 Levels of Awards for the Agency Leader Award category.
- APFinSA Leadership Award-Gold, a minimum of 3 Agents / Advisers from his/her own direct agency who applied successfully for the APFinSA Awards in the current year
- APFinSA Leadership Award-Diamond, a minimum of 5 Agents / Advisers from his/her own direct agency and/or his/her next two downlines/tiers who applied successfully for the APFinSA Awards in the current year.
- APFinSA Leadership Award-Platinum, a minimum of 10 Agents / Advisers from his/her own direct agency and/or his/her next two downlines/tiers who applied successfully for the APFinSA Awards in the current year.
All awardees must be members of the respective National Associations who are members of APFinSA. To be eligible to apply, the management or representative of the life insurance company must endorse the application form and there should not be any unethical conduct, otherwise APFinSA reserves the right to disqualify the application.
Life insurance plans with premium term of 5 years and above, 100% of the premium is counted. Policies with premiums term of 4 years and below, 10% multiply by premium term (Eg. 3 years premium term. 10% x 3 years = 30%). All unit-linked policy will be counted the same as like a typical whole life policy.
You may submit via your respective National Association who is a member of APFinSA. If you belong to a country who is not an APFinSA Member, you may submit your application directly to APFinSA. Further information such as Membership Fees and Qualifications can be found on our website, www.apfinsa.org.
Anyone who qualified for a total of 8 times (need not to be consecutive) will be admitted as a Hall of Fame member and will enjoy special membership rate.