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.

The APFinSA Awards recognizes life insurance agents and financial advisors in the region for their achievements. The Asia-Pacific region is constantly showing signs of growing affluence, it is therefore time for us to have our very own awards.
The APFinSA Awards feature awards for both Life Insurance Agents / Financial Advisors as well as Agency Leaders. Qualifications for the Life Insurance Agent / Financial Advisor uses life insurance premiums, number of cases and persistency rate in performance measurement. While an Agency Leaders’ qualification depends on the number of agents who applied successfully for the current year APFinSA Awards.

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.
An Agency Leader’s main role is to recruit, train and develop agents. An Agency Leader may apply for the Life Insurance Agent/Financial Adviser using his/her own personal production, however his qualification will not be counted for the Agency Leader’s category.

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.

In general, life insurance companies usually have a report their own agents’ persistency rate at the end of the year or on 31 December. It will be a 13-month persistency rate (meaning life insurance premium has been collected for at least 13 months from the first day of the policy date).

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.

The fee is counted equal to the annual insurance premium. But there must be endorsement from the company or financial institution that pays the fee. A letter must be enclosed to confirm the fee payment.
The respective National Associations will request a list of those who are already eligible for awards from the Insurers. You may also download an Application Form from APFinSA website, fill it up accordingly, and have it endorsed by your company’s official.

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.

In the event of a postponement or errors on the plaque, the Local National Association may render help to resolve the issues.
Every Awardee will be given a Plaque and a Certificate of Award and be invited to attend the awards presentation event where there will be a guest speaker (likely to be in English) with Refreshments. As much as possible, we will endeavour to give out all the awards on stage.

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.

The Insurance and Financial Practitioners Association of Taiwan (IFPAT) has been assigned to organise the APFinSA Awards 2021 event and they are currently still working towards hosting the event in Taipei. Due to the ongoing covid-19 pandemic situation, you may not be able to travel easily to attend the event. APFinSA have allocated a budget for all Local National Associations to enable them to organise an appropriate event to give out the Awards to all awardees from their respective countries.
Your Local National Association is accepting applications from January 1, and applications will close on March 15, 2021.
APFinSA Awards are endorsed by 9 National Associations in Asia Pacific and we are committed to promote it and make it a much sought-after award in the region.

Closing Date of Submission: 28 February 2021

Application Form will be available and downloadable through APFinSA website www.apfinsa.org from 15 December 2020. All application forms must be properly filled and submitted together with the Certification Letter of the verified production credits, along with proof of payment of the membership fee to APFinSA via email at info@apfinsa.org by 28 February 2021.

DOWNLOAD INFORMATION
Download APFinSA Awards Application Form 2021