Asia Pacific Financial Services Awards 2023
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Asia Pacific Financial Services Awards 2023
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. Since its inaugural APFinSA
Awards in 2020, Asia Pacific Financial Services Association has recognized and celebrated the success of 6,000 winners
across the Asia Pacific region.
We are now into the qualification period for the exciting Asia Pacific Financial Services Awards 2023 to be held in
Singapore. As most countries in the world are re-opening its borders, the 4th APFinSA Awards 2023 is set to welcome
the coming together of all Asia Pacific countries on 23 May 2023 in Singapore!
The Awarding Body
The Asia Pacific Financial Services Association (APFinSA) is the largest financial services council in Asia Pacific,
represented by nine member associations from Australia, Hong Kong, India, Macau, Malaysia, Philippines, Singapore,
Taiwan and Thailand. Established in 1991, APFinSA serves as the pre-eminent cross-border association to address the
critical needs and opportunities of the financial advisory profession in the region. APFinSA is also the organizer of the
biennial Asia Pacific Life Insurance Congress (APLIC).
An An n u al Reco gn it ion E ven t B y :
As i a Pac i f ic Fin an c ia l Se r v ice s As so c ia ti on
Awards Categories
Award Categories Requirements Application Fee
APFinSA Award (FYP Credits as per table) SGD 288
APFinSA Excellence Award 2x FYP Credits 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
Eligibility Verifications
1. Qualification 1. Verifying Production Credits
Any licensed financial practitioner who is able to deliver the required First Year
First year premium production must be verified
Premium Credits may apply for the respective awards.
and endorsed by the financial organization you
represent and also by the local association which
2. APFinSA Award Status must be a member of APFinSA.
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.
2. Application Forms
The Application Form will be available on
3. APFinSA Excellence Award APFinSA website (www.apfinsa.org) from 15
An individual shall be conferred an APFinSA Excellence Award upon meeting 2 times
December 2022. The application form must be
the respective First Year Premium (FYP) Credits.
properly filled, duly signed and sent to
respective local national association that is a
4. APFinSA Star Award
member of APFinSA. Closing date of submission
An individual shall be conferred an APFinSA Star Award upon meeting 5 times the
is 28 February 2023.
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.
7. 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).
Eligible Products & Credits Production Requirements
APFinSA Awards 2023 Premium Production Requirement For
Membership (Premiums based on 2022 production)
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) 1,300,000
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
Membership & Requirements Definition of Terms
1. Professional Association Membership Requirement 1. Good Standing
Applicants for APFinSA Award must be a member of the local A licensed financial practitioner should not engage or commit
association who is a member of APFinSA unprofessional practices such as twisting, knocking, forgery,
concealment, misappropriation of premiums, misrepresentation,
2. Registration Fee (for the year 2022) delay in premium remittances, or any violation of the Code of
Registration fee is SGD 288 for APFinSA Award and Excellence Award, Ethics of their company and their governing Insurance Regulator.
and SGD 388 for the other awards, which should be paid directly to
APFinSA Member Association via telegraphic or wire transfer on or 2. First Year Premium Credits (FYPC)
before 15 March 2023. Delayed payment will be accepted up to the For the purpose of APFinSA Awards qualifiers, First Year Premium
last day of March 2023 with an additional fee of SGD18. The fee is Credits refers to the Eligible Premium Credits found under Eligible
inclusive of the Award/Certificate and a recognition ceremony. Products and Credits.
3. Fee for Hall of Fame Members 3. 13TH Month Persistency Rate of 80%
Hall of Fame awardees will pay a reduced annual fee of SGD 188 every In addition to meeting first year premium requirement, you must
year to maintain their status (ie. it is SGD100 lower than normal fees). also attain a minimum of 80% persistency and be of good standing
during the qualifying period.
FAQ
1. Who is APFinSA? 7. If a Financial Practitioner earns fees from other financial institutions,
The Asia Pacific Financial Services Association (APFinSA) is the largest financial how will this be counted as credit?
services council in Asia Pacific, represented by nine member associations from The fee is counted equal to the annual insurance premium. But there must
Australia, Hong Kong, India, Macau, Malaysia, Philippines, Singapore, Taiwan and
be endorsement from the company or financial institution that pays the
Thailand. Established in 1991, APFinSA serves as the pre-eminent cross-border
association to address the critical needs and opportunities of the financial fee. A letter must be enclosed to confirm the fee payment.
advisory profession in the region.
8. What documents will be used to apply for these qualifications?
2.What is the APFinSA Awards? The respective National Associations will request a list of those who are
The APFinSA Awards recognizes licensed financial practitioners in the region for already eligible for awards from the Insurers. You may also download an
their achievements. The Asia-Pacific region is constantly showing signs of Application Form from APFinSA website, fill it up accordingly, and have it
growing affluence, it is therefore time for us to have our very own awards. endorsed by your company's official.
3. Can the Agency Leader's Personal productions be used for the Agency Leader
9. To whom may I submit my application?
Award?
An Agency Leader's main role is to recruit, train and develop agents. An Agency You may submit your application via your respective National Association
Leader may apply for the APFinSA Award using his/her own personal production. who is a member of APFinSA. If you belong to a country who is not an
However, his qualification will not be counted for the Agency Leader's category. APFinSA Member, you may submit your application directly to
APFinSA. Further information such as Membership Fees and Qualifications
4. Are there any other requirements for award applicants? can be found on our website, www.apfinsa.org.
All awardees must be members of the respective National Associations who are
members of APFinSA. To be eligible to apply, the management or representative 10. Why should I apply through the local National Association?
of the life insurance company must endorse the application form and there The local National Association is the voice of Financial Practitioners and
should not be any unethical conduct, otherwise APFinSA reserves the right to
also serves as the liaison with APFinSA.
disqualify the application.
11. What are the benefits for the awardees?
5. How is the policy persistency rate measured?
Every Awardee will be given a Plaque and a Certificate of Award and be
In general, life insurance companies usually have a report their own life
invited to attend the awards presentation event where there will be a
practitioners’ persistency rate at the end of the year or on 31 December. It will
guest speaker (likely to be in English) with refreshments. As much as
be a 13-month persistency rate (meaning life insurance premium has been
possible, we will endeavour to present all the awards on stage.
collected for at least 13 months from the first day of the policy date).
6. How to measure the life insurance premium and the credit equivalent to 12. Do you have a Hall of Fame qualification? (Life membership)
qualify the award? Anyone who qualified for a total of 8 times (need not to be consecutive)
Life insurance plans with premium term of 5 years and above, 100% of the will be admitted as a Hall of Fame member and will enjoy special
premium is counted. Policies with premiums term of 4 years and below, 10% membership rate.
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.
See you in Singapore 2023 !
Closing Date of Submission: 28 February 2023
Application Form will be available in APFinSA website www.apfinsa.org from 15 December 2022. All application forms
must be properly filled, submitted together with the verified production credits, endorsed by respective local national
association (APFinSA Member) along with proof of payment by 28 February 2023.
In conjunction with the 19th Asia Pacific Life Insurance Congress (APLIC 2023), all APFinSA Awards
qualifiers of 2022 and 2023 receive a one-time 30% discount off the APLIC registration fee (30% off
SGD 398 per ticket, valid until 28 February 2023).
The Organiser Asia Pacific Financial Services Association (APFinSA)
Website: www.apfinsa.org Email: awards@apfinsa.org
Supported by Insurance & Financial Practitioners Association of Singapore (IFPAS)
Website: www.ifpas.org.sg Email: admin@ifpas.org.sg
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