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Crystal Palace vs Sunderland Odds – Saturday 4th February 2017 – 15:00
Palace are 8/13 with the draw at 3/1 and Sunderland are 17/4
Betting tips and match preview | Premier League
Crystal Palace welcome Sunderland to Selhurst Park in the Premier League, with Sam Allardyce and Patrick van Aanholt returning to their former club.
Crystal Palace come into this fixture on the back of a 2-0 win, against Bournemouth at the Vitality Stadium.
Scott Dann opened the scoring early in the second half (46), after a drab and fairly evenly contested first half.
Christian Benteke (90+2) scored right at the death to double the advantage, giving Palace and Allardyce a priceless away win.
It was Big Sam's first win in the Premier League with Crystal Palace, they will need plenty more to survive though.
Allardyce Turns Corner
Crystal Palace remain in dismal form, despite winning that vital match away at Bournemouth.
They still find themselves in the relegation zone, with Swansea still two points above them after their win against Southampton.
He has never been relegated from the Premier League, but his talented squad will need to continue winning.
Palace will be delighted with that performance, they have scored two but crucially they didn't concede.
Eagles Favourites
Crystal Palace come into this match as the favourites, with home advantage informing those odds.
This will be a tough fixture for Allardyce's men, with his former side fighting tooth and nail at the bottom as well.
Palace will be looking to complete a double over Sunderland, with the Eagles winning 3-2 at the Stadium of Light.
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Winning Draw
The Black Cats come into this match on the back of a 0-0 draw at home against Tottenham, a display that will give them confidence.
That draw saw them move off the bottom of the table, with Hull City away at Old Trafford on Wednesday night.
Moyes will ultimately be delighted with a point, given how well Spurs have been playing of late.
He will rue the hatful of chances missed from his players in the first half, with Borini missing a glaring opportunity in the first half.
Sunderland Winless
David Moyes will be targeting a much-needed win in this fixture, with Sunderland without a win in their last eight matches.
They have lost four of their last six Premier League fixtures, with West Brom, Stoke and two defeats against Burnley.
Those results mean that the match against Palace is a huge game, a relegation six pointer and a win would open the door for the Black Cats.
The Black Cats will be looking for their fifth win of the season, in turn avoiding a fourth defeat in five matches.
Black Cats Underdogs
Sunderland come into this match as underdogs, with their mixed recent form informing the bookies.
This will be a tough fixture for the Black Cats, with Palace finally getting off the mark with a win against Bournemouth.
David Moyes' side will be looking to make it 12 wins in 26 meetings against Palace.
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Both teams are 4/5 on to score. The first goalscorer odds for Crystal Palace are Christian Benteke at 7/2 with Loic Remy at 4/1. For Sunderland, Jermain Defoe is at 13/2 with Joel Asoro and Fabio Borini at 10/1.
The last time that these two sides met Crystal Palace won 3-2 and the odds of the same result are 25/1.
Crystal Palace vs Sunderland Odds
Tip 1 – Benteke to score first @ 7/2
Tip 2 – Crystal Palace to win 3-2 @ 25/1


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Simply Ming, Vol. 3 (2005)Genres - Culture & Society, Leisure Arts | Sub-Genres - Cooking & Food, Hobbies & Games, Home Entertaining, Lifestyle Show [TV] | Run Time - 156 min. | Countries - USA |
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Synopsis by Cammila Collar
Chef Ming leads this instructional program on cooking meals that combine elements of Eastern and Western food. Highlights from the program include recipes for rubs, pastes and vinaigrettes to serve as the basis for flavoring dishes, as well as tips on pairing foods with wines.


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1995-1996 Mazda Millenia Workshop Service Repair Manual Instant Download (1995 1996) INSTANT DOWNLOAD This is the most complete Service Repair Manual for the 1995-1996 Mazda Millenia .Service Repair Manual can come in handy especially when you have to do immediate repair to your 1995-1996 Mazda Millenia.Repair Manual comes with comprehensive details regarding technical data. Diagrams a complete list of 1995-1996 Mazda Millenia parts and pictures.This is a must for the Do-It-Yours.You will not be dissatisfied. This Manual Covers: General Information Engine Lubrication System Cooling System Fuel and Emission Control Systems Engine Electrical System Automatic Transaxle Front And Rear Axles Steering System Brakes System and traction control system Wheels and tires Suspension Body Body Electrical System Heater And Air Conditioner Systems Downloadable: YES File Format: PDF Compatible: All Versions of Windows & Mac Language: English Requirements: Adobe PDF Reader
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Published on May 11, 2013


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The Bustling Housewife
Tapestry panel woven with linen, wool and metal thread wefts and linen warps depicting The Wandering Housewife. A woman in a white veil and red gown sits side-saddle on a brown donkey with a baby tied in her kerchief, spinning a distaff, a basket with two ducks on her back, and a cooking pot, accompanied by a dog, two boars, a young donkey suckling his mother, and two goats, with a scroll Hausrat habe ich genus, wenn ich nur sonst zurecht käme gut (I have plenty of household goods; otherwise I would not be so important). Background imitates a navy blue silk woven with pomegranates and leaves.
This is one of Burrells small but select group of Swiss tapestries. It depicts a secular theme, which can be linked to satirical prints of the time. These prints and the tapestries would have provided decorative talking points for their owners, as they have moral content, usually with a humorous slant. The original messages often translate well to modern times the woman who boasts that she can do it all is still a familiar figure.
A similar tapestry, Wandering Housewife, also has a man on the right with a second inscription (Museum für Angewandte Kunst, Cologne).


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Digging DiamondsFriv games Play > Minecraft Games
Digging Diamonds
Digging Diamonds is a cool puzzle game made by GamesGames.com. Throw your pickaxe at matching mineral blocks of 2 or more to remove them from the playing field. Smash as many diamonds simultaneously as you can to get a higher score. Much Fun!


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VideoHive Black Business Colleagues Arguing 2758905
Stock Footage \ Business \ Corporate
Background \ Conflict \ Arguing \ Easily \ Another \ Subjects \ Repositioned
Stock Footage - Black Business Colleagues Arguing 2758905 by uche40 @ VideoHive
Stock Footage \ Business \ Corporate
A pair of black female and male colleagues are arguing against a white background, They look displeased, They are dramatically raising their hands at one another. Subjects can be easily repositioned to accomodate text, etc. This clip can be used for many concepts including but not limited to disagreement and conflict.
Last Update: ; Looped Video: No; Frame Rate: 29.97; Resolution: 1920x1080; Video Encoding: QuickTime MOV- PhotoJPEG, HD 1080p; File Size: 254mb; Total Clip(s) Length: 0:25.
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Jack S.
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Numerology Widget is a simple to use tool for numerological analysis. Numerological analysis is not limited only to personal names and birthdays. It can also be used for the analysis of a company name, date of the establishment of a company, the name and date of a special event or occasion, etc. Numerology Widget features name numerology, calculation of key and subkey for a given date, description of basic and compound numbers (up to number 52), automatic matching/harmony analysis between keys and names, a table of matching/harmonic numbers, and full numerological reports that can be emailed or printed.
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Project VDW is a an attempt to further research into van der Waerden sequences. The software consists of a client that generates sequences, and a utility to generate unique starting seeds. The ultimate goal of this project is to develop a BOINC-based client that can supply the massively parallel computing resources necessary to solve currently untouched sequences.
The Labyrinth of Time is a classic first-person adventure game that takes place in a wondrous maze built by the spirit of Daedalus, master craftsman of the ancient world. This maze stretches though space and time, and the power-mad King Minos intends to use it to rule the universe. The player must discover how to destroy this labyrinth of time and stop Minos' nefarious plot.
E-List Distributor for Mac is an application for sending personalized mass emails using templates. It makes it possible to communicate quickly and reliably with your customer base and subscribers and can automate tasks such as notifying subscribers about new products and promotions, mailing invoices and tracking numbers to online customers, and sending a daily or weekly newsletter to your subscribers. It can schedule mailings during the night to avoid overutilizing networks during business hours. Unsubscription and bounce processing allows you to comply with the CAN-SPAM act.
A simple but relatively effective trojan scan tool.
A command line FOURCC changer for MPEG4 or DivX files.


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North Rockdale Collision Center
Review for North Rockdale Collision Center
Sammy W. on 03/11/2014
Sammy said this business is top notch and on top of everything. The work they did was phenomenal. He has already recommended them to others. He will definitely use them in the future.
Category: Collision
Service Date: 02/17/2014
Review Created: 03/11/2014
This review was collected via phone interview by Customer Research Inc.


text: 1 Regulatory Updates Asia Pacific Insurance Edition 5 | June 2015 > > Welcome to the fifth edition of the Baker & McKenzie Asia Pacific Insurance Newsletter. This edition presents a round-up of insurance regulatory developments in the region. China relaxes its policies on overseas investment rules, allowing Hong Kong investors of mainland insurers to invest in 45 countries. Hong Kong amends an anti-money laundering ordinance to allow financial institutions to carry out relevant due diligence measures through intermediaries. Japan proposes amendments to its personal information protection guidelines. Indonesia's insurance sector faces uncertainty with the enactment of a new Insurance Law. Malaysia's enforcement of two financial services acts has brought changes to the regulatory and supervisory landscape of financial institutions. Taiwan issues Draft Amendments specifying requirements for banks to engage in insurance agency or insurance brokerage business. Thailand's insurance sector is undergoing reform with new proposals for regulations on foreign shareholding limit, incorporation and license application, among other policies. Vietnam includes a new provision on insurance fraud in its proposed amendments to the Criminal Code. > To ensure these articles are relevant and interesting to you, we'd like to hear your view on future content and topics. For comments and suggestions, or to subscribe to future editions, send an email to Karla Maquiling. > > Multinational players setting their sights on Indonesia's insurance industry may find our newest Indonesian Insurance Guide a handy reference. Prepared by lawyers in our Jakarta office, this publication offers guidance on foreign investment restrictions, establishing and acquiring insurance companies in Indonesia, and general operating issues, including the following: OJK reporting and approval requirements Bancassurance Product approval Consumer data protection Please click here to get an electronic copy. >> 2 Read about the significant developments in the Asia Pacific Regulatory Landscape for each jurisdiction. > China Liberalization on Rules Governing Overseas Investments of Chinese Insurance Companies CIRC further regulates related parties transactions of Chinese insurance companies Hong Kong Progress of Establishment of Independent Insurance Authority Amendment of Anti-money laundering and Counter-terrorist Financing Ordinance – Customer Due Diligence Measures Indonesia Insurance Law and Changes to Various Insurance Regulation Japan Amendments to the Guidelines Related to Personal Information Protection in the Financial Sector Amendment to Notice Regarding Amount to be Accumulated as Claims Reserve by Small-amount and Shortterm Insurance Providers Malaysia Regulatory Changes Brought by FSA and IFSA Singapore Anti-money Laundering and Counterterrorist Financing Amendments to MAS Act Launch of Direct Purchase Insurance Sales and Web Portal to Compare Life Insurance Products Online Stronger Anti-money Laundering and Terrorism Financing Regulations in Place Consultation Paper on Review of Accident & Health Insurance Regulatory Framework Taiwan Regulatory Changes Brought by FSA and IFSA Thailand Reform of Insurance Acts Vietnam Draft of Revised Criminal Code Proposes Criminalization of Insurance Fraud Proposed Amendments to Regulations on Voluntary Pension Insurance Products Provided by Life Insurers > > >> 3 China/Hong Kong Martin Tam Partner +852 2846 1629 email@example.com > Singapore Stephanie Magnus Partner +65 6434 2672 email@example.com >>>> Indonesia Mark Innis Foreign Legal Consultant +62 21 2980 8618 email@example.com Thailand Sorachon Boonsong Partner +66 2636 2000 ext. 4038 email@example.com Japan Jiro Toyokawa Partner +81 3 6271 9457 email@example.com Thailand Sivapong Viriyabusaya Partner +66 2636 2000 ext. 4041 firstname.lastname@example.com Malaysia Brian Chia Partner +60 3 2298 7999 firstname.lastname@example.com Taiwan Hao-Ray Hu Partner +886 2 2715 7281 firstname.lastname@example.com >> Philippines Felix Sy Partner +63 2 819 4963 email@example.com Vietnam Oanh Nguyen Partner +84 8 3520 2629 firstname.lastname@example.com Privacy Policy Baker & McKenzie International is a Swiss Verein with member law firms around the world. In accordance with the common terminology used in professional service organizations, reference to a "partner" means a person who is a partner, or equivalent, in such a law firm. Similarly, reference to an "office" means an office of any such law firm. This may qualify as "Attorney Advertising" requiring notice in some jurisdictions. Prior results do not guarantee a similar outcome. Before you send e-mail to Baker & McKenzie, please be aware that your communications with us through this message will not create a lawyerclient relationship with us. Do not send us any information that you or anyone else considers to be confidential or secret unless we have first agreed to be your lawyers in that matter. Any information you send us before we agree to be your lawyers cannot be protected from disclosure. This e-mail was sent to: This e-mail was sent by Baker & McKenzie. www.bakermckenzie.com 4 Regulatory Updates Asia Pacific Insurance Edition 5 | June 2015 China/Hong Kong > China < Liberalization on Rules Governing Overseas Investments of Chinese Insurance Companies By Martin Tam and Jacques Yue > On 27 March 2015, the China Insurance Regulatory Commission (CIRC) issued a notice relaxing the overseas investment rules it originally issued in 2012. Such initiative expands the scope and diversity of the investment portfolios of Chinese insurance companies. Under the notice, the Hong Kong investment management arms of Chinese insurance companies or institutions which are responsible for the management of their group insurance funds are allowed to invest in the financial markets in 45 countries and regions listed under Schedule 1 to the "Detailed Rules for the Implementation of the Interim Measures for the Administration of Overseas Investment with Insurance Funds." Previously, such Hong Kong investment arms were only allowed to invest in the Hong Kong market. Overseas stocks that Chinese insurance companies can invest in has also been extended to stocks listed on the Growth Enterprise Market of the Hong Kong Stock Exchange. Previously, the Chinese insurance companies were only permitted to invest in stocks listed on the Main Board of the Hong Kong Stock Exchange. Bond credit rating requirements have also been relaxed, with insurers now able to invest in bonds with a credit rating of BBB- or above (compared with the previous credit rating threshold of BBB or above), which is in line with international standards. The overseas investment rules have been adjusted in view of the renminbi internationalization trend and the "One Belt One Road" plan, which promotes insurers to have more overseas exposure. Announced in late 2013, the "One Belt One Road" plan is one of the most important strategic plans of the PRC Government to create an economic bloc with the central Asian countries along the ancient Silk Road, linking all the way to the south and Southeast Asia, with far-reaching potential to regions like Africa and Europe. It serves as a roadmap for how China wants to further integrate itself into the world economy and strengthen its influence in these regions. < < CIRC Further Regulates Related Parties Transactions of Chinese Insurance Companies By Martin Tam and Jacques Yue > The CIRC issued the "Circular on Issues Concerning Further Regulating the Related Party Transactions of Insurance 5 Companies" on 7 April 2015 to tighten regulations on connected party transactions of Chinese insurance companies. These regulations aim to minimize risks associated with connected party transactions and prevent unwarranted transfer of benefits and risks among related companies. In recent years there has been a rise in connected party transactions of insurance companies resulting from the use of insurance assets becoming more versatile and the widening of investment avenues. This is particularly prevalent for small to medium-sized insurance companies. The new rules specify that the following percentage requirements shall be met in regard to an insurance company's use of its capital in related party transactions: The amount of investment of the insurance company in the unlisted equity assets, real estate assets or other financial assets of a related party shall not exceed 50% of the investment limit prescribed for the corresponding item of investment; Related party investments are subject to a cap of 30% of the insurance company's total assets at the end of the previous quarter. Such investments should also not exceed the value of the net assets of the insurer at the end of the previous quarter; Any investment in a single related party should not exceed 15% of the insurance company's total assets or 5% of the related party's total assets at the end of the previous quarter, whichever is greater. Insurance companies having investments that exceed the above limits are prohibited from carrying out any more transactions that would increase such holdings. Quarterly reports on related party transactions have to be submitted to the CIRC. Finally, any major related party transaction that an insurance company wishes to conduct shall be subject to the prior approval of two-thirds of the directors who are not affiliated with the relevant related party. > > Hong Kong Progress of Establishment of Independent Insurance Authority By Martin Tam and Jacques Yue > In the last edition of this newsletter, we reported on the progress of the Legislative Council (Legco) in relation to the policy discussion of the Insurance Companies (Amendment) Bill 2014 (Bill). In the past few months, a number of the key provisions of the Bill have been examined in detail at the Legco. Some of the key issues are set out below. Offenses by Bodies Corporate and Partners The proposed new Section 122(4) and (5) of ICO provides that an offense under the Insurance Companies Ordinance (ICO) committed by a body corporate or a partner of a partnership "is presumed to have been committed with the consent or connivance of, or to be attributable to neglect or omission on the 6 part of" any other person, if it has been proved that, at the time the offense was committed, the other person was concerned in the management of the body corporate or the management of the partnership. Some Legco members are concerned about the excessive scope of the provision creating an enormous burden on the management of insurers and insurance intermediaries. On the other hand, some Legco members have stressed the need for the Bill to provide sufficient sanctions for breaches of requirements under the ICO and misconduct of insurers and insurance intermediaries. In the Legco meetings, the Government was requested to (i) explain the policy objectives and considerations in drafting the relevant offense provisions in ICO; and (ii) examine the need of amending such provisions having regard to the Legco members' views. In the Government's response, it was indicated that the new Section 122 added by the Bill makes the necessary updates to the existing Section 57 of ICO, which provides that if a body corporate or a partner of a partnership commits an offense and it is proven that the offense was committed with the consent or attributable to any neglect on the part of the body corporate's controller, director or manager, or any other partner of the partnership etc., the individual concerned also commits the offense. This new Section 122 is similar to relevant provisions in a number of newly enacted Ordinances, including Section 44 of the Mandatory Provident Fund Schemes Ordinance (Cap. 485). One of the Legco members opined that the provisions were too stringent as the senior management of insurers or licensed insurance intermediary companies (such as controllers, key persons in control functions or responsible officers) would already be subject to certain requirements under the Bill like "fit and proper" requirements and the duties to maintain proper internal controls. In its response, the Government was, however, of the view that the consequences of falling short of such "fit and proper" requirements is disciplinary sanctions by the IIA, whereas Section 122 is about circumstances under which a body corporate's controller, director or manager or any partner of a partnership should not be allowed to hide behind the corporate veil and escape his criminal liability for offenses committed by a body corporate or a partner of a partnership as a result of his consent, connivance, negligence or omission. Such difference in the consequences of the breaches of the requirements of the ICO is specifically highlighted by the Government. > Conduct Requirements for Licensed Insurance Intermediaries The proposed new Section 89(a) of the ICO provides that "when carrying on a regulated activity, a licensed insurance intermediary must act . . . in the best interests of the policyholder concerned or the potential policyholder concerned" (the best interest requirement). The Legco members note that the industry is mainly concerned about (i) the implications of specifying the best interest requirement in the legislation, including creating new causes of legal action against insurance intermediaries; (ii) the current approach in the Bill which applies the same requirement on insurance brokers and insurance agents despite the different nature and responsibilities expected of the two parties; and (iii) the best interest requirement may conflict with the agency agreements entered into between insurers and insurance agents. 7 In the Legco meetings, the Government was requested to provide a written response to the submission of Hong Kong Federation of Insurers (the HKFI) on the industry's concern about the proposed new Section 89(a), and consider measures to address the concerns with reference to legislation and practices of other jurisdictions; and provide information on the legislation and practices of other jurisdictions in handling the "best interest requirement" on insurance intermediaries. On this issue, the HKFI forwarded to the Financial Services and the Treasury Bureau (FSTB) an independent legal advice from internationally renowned London counsel Richard Gordon QC on the issues of best interests and the disciplinary process. The HKFI also had a meeting with the FSTB and the Insurance Authority (IA) on such independent legal advice. The Government undertook to provide the HKFI with a written response to the suggested solutions in the upcoming Legco meetings. > > Amendment of Anti-money Laundering and CounterTerrorist Financing Ordinance – Customer Due Diligence Measures By Martin Tam and Jacques Yue < The Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Cap. 615) (AMLO) was amended to enable financial institutions to continue carrying out relevant customer due diligence measures by means of specified intermediaries. This takes effect 1 April 2015. The AMLO stipulates a set of customer due diligence (CDD) and record-keeping measures to be undertaken by financial institutions, in line with recommendations from the Financial Action Task Force, the standard-setting body for global efforts in anti-money laundering and counter-terrorist financing. The CDD requirements are set out in Schedule 2 to the AMLO. The AMLO came into operation on 1 April 2012. At the time of enactment, Section 18 of Schedule 2 contained an interim provision to enable a financial institution to carry out CDD measures by means of intermediaries (including solicitors, certified public accountants and a current member of the Hong Kong Institute of Chartered Secretaries practicing in Hong Kong, as well as a registered trust company carrying on trust business in Hong Kong), on the condition that these intermediaries have adequate procedures in place to prevent money laundering and terrorist financing. This interim provision expired after 31 March 2015. The Government amended Schedule 2 to the AMLO to extend the expiry date of Section 18 until 31 March 2018, so that relevant financial institutions may continue to leverage it to carry out the CDD measures by means of a relevant intermediary. As a result of such amendment, the "Guideline on Anti-Money Laundering and Counter-Terrorist Financing" published by the Office of the Commissioner of Insurance" (the GN 3) was revised to reflect the consequential changes. GN 3 applies to 8 authorized insurers, reinsurers, appointed insurance agents and authorized insurance brokers carrying on or advising on longterm business. The continuation of such interim arrangement will facilitate the long-term insurers, reinsurers and insurance intermediaries to continue to work together to comply with the CDD requirements under the AMLO. < > 9 Regulatory Updates Asia Pacific Insurance Edition 5 | June 2015 Indonesia >> Insurance Law and Changes to Various Insurance Regulations By Mark Innis and Zaki Jaihutan Law No. 40 of 2014 on Insurance (Insurance Law), which was enacted on 17 October 2014 to replace Law No. 2 of 1992 on Insurance, introduced various changes which have a significant impact on the insurance sector. The Insurance Law introduced several new concepts that require implementing regulations to be issued by either the government or the Financial Services Authority (OJK). Until such time as these implementing regulations are issued, the existing implementing regulations are still deemed effective to the extent they do not contradict the Insurance Law. Consequently, the insurance sector is facing certain uncertainties given the OJK's ambivalence on various insurance issues. > OJK Letters While the letters are not legally binding (but most companies comply for relationship reasons), the OJK has sent letters to insurance companies asking them to a) move reinsurance on onshore; b) outline how insurance companies will comply with the single-presence policy (by October 2017), the mandatory Indonesian-owned shareholding requirement (by October 2019); c) seek OJK approval for any changes in the capital of a company (even if subscription on a pro rata basis). > Issues for Further Regulation The key issues under the Insurance Law that require further implementing regulations are as follows: a) new foreign shareholding limitation; b) single-presence requirement and the concept of "controlling shareholder"; c) concept of controller; d) insurance experts; e) insurance companies cooperation (distribution agreement, marketing agreement etc.); f) insurance agents and insurance brokers and their registration at the OJK; g) change of ownership in insurance companies; h) liquidation of insurance companies; i) policy security program; j) supporting professionals and their registration at the OJK; and k) statutory management concept. 10 Further to the above, the OJK indicated that it will issue the following regulations in 2015: OJK Regulation on Business Operations of Insurance/Sharia Insurance Companies and Reinsurance/Sharia Reinsurance Companies; OJK Regulation on Business Operations of Insurance Brokerage Companies, Reinsurance Brokerage Companies and Insurance Loss Adjuster Companies; OJK Regulation on Business Licenses of Insurance Supporting Companies, Reinsurance Supporting Companies and Insurance Activities Supporting Companies; OJK Regulation on Insurance Business in Form of Cooperatives and Mutual Companies; OJK Regulation on Business Licenses of Insurance/Sharia Insurance Companies and Reinsurance/Sharia Reinsurance Companies; OJK Regulation on Requirements and Procedures for Registration of Professionals in Insurance Business; OJK Regulation on Statutory Management; OJK Regulation on Fit and Proper Test; OJK Regulation on Financial Soundness of Insurance/Sharia Insurance and Reinsurance/Sharia Reinsurance Companies; OJK Regulation on Regulatory Audit; OJK Regulation on Procedure and Steps for Imposing Administrative Sanctions and Blocking Assets of Insurance/Sharia Insurance and Reinsurance/Sharia Reinsurance Companies; OJK Regulation on Corporate Governance in Insurance Business Companies; OJK Regulation on Implementation of Mandatory Insurance Program; OJK Regulation on Dissolution, Liquidation and Bankruptcy of Insurance Business Companies; OJK Regulation on Mediation Board; and OJK Regulation on Know Your Customer Principles for Non-Bank Financial Institutions. There is no specific time line on when the implementing regulations will be issued. However, the OJK has provided on its website for public consultation a draft OJK Regulation on Dissolution, Liquidation and Bankruptcy of Insurance Business Companies and a draft OJK Regulation on Statutory Management. > Foreign Shareholding Requirements > The OJK has indicated that the new regulation on foreign shareholding limitations will be issued shortly. The OJK is expected to remove the current right of foreign shareholders to increase their shareholding above the maximum 80% shareholding if this is by way of dilution. The maximum 80% foreign shareholding limitation is also currently under review. However, the OJK has not issued any draft for public comment. > 11 Draft of Reinsurance Regulation The OJK has provided a draft of a new reinsurance regulation. The regulation provides that insurance companies must reinsure all their risk on shore. The OJK has now accepted comments on the draft, and the OJK is currently considering these comments. The OJK has indicated that it is open to issuing new licenses for reinsurance companies and reinsurance brokers provided that these licensed entities are not allowed to place reinsurance with their affiliates (as a means for getting around onshore reinsurance). In the absence of the new regulations, the OJK's policies change rapidly and clients should consider consulting with the OJK for any significant corporate actions. Clients that plan to invest either through new joint ventures with fresh licenses or through subscription or acquisition of existing shares in existing insurance companies will have to consult with the OJK. The OJK has taken an ambiguous stand as to whether it is willing to issue new licenses, and in what circumstances. It is a very challenging time for the insurance sector, and we are anticipating various new regulations within the next three or four months. > 12 Regulatory Updates Asia Pacific Insurance Edition 5 | June 2015 Japan Amendments to Guidelines Related to Personal Information Protection in the Financial Sector By Jiro Toyokawa, Seiji Tomimoto and Daisuke Wakamatsu > On 6 April 2015, the Financial Services Agency (the FSA) published drafts of amendments to (i) the Guidelines for Personal Information Protection in the Financial Sector (the FSA Notice No. 63 of 2009) and (ii) the Practical Guidelines for Security Control Measures Provided in the Guidelines for Personal Information Protection in the Financial Sector (the FSA Notice No. 1 of 2005) (collectively, the Guidelines). These amendments are yet under the public comment process, however, if implemented as proposed by the FSA, they will include, among other things, the following: < > 1. Proper acquisition of personal information from third parties The amended Guidelines will recommend that business operators handling personal information in the financial sector (including the insurance sector) (the Business Operators), when they acquire personal information from third parties, assess legal compliance by such third parties in their collection and handling of the personal information and appoint an appropriate party as provider of personal information. The amended Guidelines will also recommend that if the Business Operators cannot verify any lawful acquisition of personal information by any third party through reasonable measures to confirm how the third party obtained the relevant personal information, the Business Operators not acquire such personal information from such third party or take other prudent actions. 2. Supervision of outsourcees of personal data handling In the amended Guidelines, detailed descriptions will be added regarding (i) actions to be taken when the Business Operators appoint outsourcees of personal data handling, (ii) assessment of compliance of security control measures to be taken by the outsourcees, (iii) actions to be taken by the outsourcees when such outsourcees appoint further outsourcees and (iv) contents to be included in the outsourcing agreement with the outsourcees. 3. Establishment of supervision department or committee Under the amended Guidelines, the Business Operators will be encouraged to establish a department or committee to supervise the review and improvement of personal data handling. 4. Contents to include in handling regulations regarding security control of personal data 13 The amended Guidelines will provide for a more detailed list of matters in connection with access control of personal data recommended to be provided in various handling regulations regarding security control of personal data. The Guidelines originally set for the matters to be provided in various handling regulations regarding security control of personal data, which the Business Operators need to draw up under the Guidelines, and the amended Guidelines will elaborate the matters to be provided in connection with access control of personal data. > The amended Guidelines will require the Business Operators to be more thorough in complying with requirements under the Act on Protection of Personal Information and will provide for concrete measures to be taken by the Business Operators. The comment period in the public comments procedures finished on 8 May 2015 and the results are expected to be issued in midJune. These amendments may be adjusted as a result of the public comments procedures. It has not yet been determined when these amendments will finally become effective. ><< > Amendment to Notice Regarding Amount to be Accumulated as Claims Reserve by Small-Amount and Short-Term Insurance Providers< By Jiro Toyokawa, Seiji Tomimoto and Daisuke Wakamatsu > On 13 January 2015, the FSA published a draft of amendment to the FSA Notice No. 17 of 2006 which defines the amount to be accumulated as claims reserve by small-amount and shortterm insurance providers. The draft notice was promulgated on 24 March 2015 and became effective on 31 March 2015 after the public comments procedures (the Amended Notice). The Amended Notice expands the range of claims reserve for incurred but not reported losses (IBNR claims reserve) to be accumulated by small-amount and short-term insurance providers. Before the enforcement of the Amended Notice, small-amount and short-term insurance providers were required to accumulate claims reserve only for liability insurance and overseas travel insurance in the non-life insurance area as well as claims reserve for life insurance. However, the Amended Notice requires small-amount and short-term insurance providers to accumulate claims reserve for all types of non-life insurance. This amendment is expected to improve both financial health and credibility of small-amount and short-term insurance providers. > 14 Regulatory Updates Asia Pacific Insurance Edition 5 | June 2015 Malaysia Regulatory Changes Brought by FSA and IFSA By Brian Chia and Sue Wan Wong The coming into force of the Financial Services Act 2013 (FSA) and the Islamic Financial Services Act 2013 (IFSA) heralded a change to the regulatory and supervisory landscape of financial institutions in Malaysia. Effective 30 June 2013, a licensed insurer and licensed takaful operator is not allowed to carry on a composite business. Existing composite insurers and takaful operators were granted a 5-year grace period to reorganize their operations. The Central Bank of Malaysia (BNM) has in more recent times requested for such composite insurers and takaful operators to outline their reorganization plans. After the reorganization, mergers and acquisitions of the stand-alone lines of businesses are expected. BNM is also concurrently seeking feedback concerning its proposal to establish a financial ombudsman scheme to ensure effective and just handling of disputes and complaints in relation to financial products and services. > Reorganization Plans by Composite Insurers and Takaful Operators Composite insurers and takaful operators (Licensed Entities) are required to reorganize their businesses with each line of business housed within a single entity. The Licensed Entities have a further three years before the reorganization must be completed. Notwithstanding this, BNM recognized that the reorganization of businesses in the financial services sector is complex — capital adequacy, shared resources and talent management must be managed carefully. The Licensed Entities have therefore been requested to submit preliminary reorganization plans to BNM for review. The reorganization plan is meant to be a high-level submission detailing the plans of the Licensed Entities to comply with the separate legal entity requirement. We anticipate that the Licensed Entities would engage with BNM before finalizing the specific reorganization plan, which will likely have to detail the direction of each of line of business, the shareholding and capital structure, the estimated timeline for completion (including whether the reorganization can complete by 30 June 2018), and resourcing. There may be a marked increase in mergers and acquisitions in this sector in the period leading up to 2018, and immediately after 30 June 2018, especially if the existing shareholders have a lower appetite for funding the capital requirements of the separate lines of business and the capital requirements for the financial holding company (i.e., the entity that is the direct shareholder of the general and life insurers, and/or the general 15 and family takaful operators). > Establishment of the Financial Ombudsman Scheme The FSA and IFSA have consumer protection as one of their key pillars. This included the establishment of a Financial Ombudsman Scheme (FOS). However, industry players were concerned as to how the FOS would interact with the existing Financial Mediation Bureau (FMB). BNM has recently issued a Concept Paper (Concept Paper) setting out its proposed framework for the establishment of an FOS. The FOS is intended to assist in the dispute resolution arrangements for users of financial services against financial service providers, such as insurers (FSP). Specifically, it is envisaged that the FMB, which operates by way of a voluntary arrangement, would be converted to an approved FOS, with expanded services. The FOS framework also aims to ensure that financial consumers are provided with an inexpensive and effective independent redress mechanism that will enable them to resolve disputes with FSPs swiftly. The underlying principles upon which the framework is formulated are independence, fairness and impartiality, accessibility, accountability, transparency and effectiveness (Principles). These Principles will not only provide for the redress mechanism described above but will also enable the FOS to undertake a developmental role within the Malaysian financial system by recommending policy changes to BNM pursuant to dispute trends alongside highlighting to BNM cases that may give rise to systemic issues. Although the Concept Paper is not final, the expectation is that BNM would issue a policy document on the FOS in the second half of 2015 broadly tracking the framework set out in the paper. > > 16 Regulatory Updates Asia Pacific Insurance Edition 5 | June 2015 Singapore > Anti-money Laundering and Counter-terrorist Financing Amendments to MAS Act By Stephanie Magnus and Eunice Tan > To enhance and also align Singapore's anti-money laundering (AML) and countering the financing of terrorism (CFT) regime with the international standards set by the Financial Action Task Force, the Act establishing the Monetary Authority of Singapore (MAS), Singapore's central bank and prudential regulator, will be amended to: consolidate at the level of primary legislation MAS' AML/CFT powers to require financial institutions to conduct customer due diligence (CDD) and retain such records; > remove technical barriers to international supervisory cooperation with foreign counterpart AML and CFT agencies; provide strong safeguards for sharing of information with domestic and foreign AML/CFT agencies; and bring non-bank entities, such as holding companies of banks and non-bank issuers of credit or charge cards, under MAS' supervisory powers. The amending Bill had its first reading in Parliament on 13 April 2015. These amendments are expected to come into force mid- 2015. Our earlier summary of the Monetary Authority of Singapore (Amendment) Bill, and the recent AML/CFT amendments to other important legislation, can be found at our Global Compliance News platform. > MAS' Response to Public Feedback on Draft Amendments MAS earlier held a public consultation on the draft amending Bill and, just prior to tabling the Bill in Parliament, it issued the following reassurances in response to the feedback it received: As the amendments will have minimal operational impact, Financial Institutions (FI) should not be concerned over the early implementation date and absence of a transition period; > Safeguards will be in place and requests for information must only be relevant for AML/CFT supervision. Any generic "fishing expeditions" or requests in support of criminal investigations will be excluded; While MAS may share a suspicious transaction with a foreign AML/CFT supervisor, this will strictly be MAS' decision and such cooperation will not bypass established channels; and Protected client information will not be shared with a 17 foreign AML/CFT supervisor if the FI does not have a presence in that jurisdiction and cannot be used for investigations into specific clients of the FI. > > Launch of Direct Purchase Insurance Sales and Web Portal to Compare Life Insurance Products Online By Stephanie Magnus and Eunice Tan > From 7 April 2015, consumers will benefit from (i) access to an interactive online web portal (compareFIRST) that compares the life insurance products of various companies and (ii) being able to carry out Direct Purchase Insurance (DPI) transactions directly from customer service counters or websites of life insurance companies without commissions or financial advice. Both compareFIRST and DPI are initiatives under the Financial Advisory Industry Review aiming to improve practice standards in the financial advisory industry and efficiency in the distribution of life insurance and investment products in Singapore. (See also our earlier alert, Buying Life Insurance Products Directly from Insurance Companies Without Commission on DPIs). > compareFIRST Accessible at www.comparefirst.sg, this interactive online portal will make information on life insurance more transparent and accessible. The site allows consumers to compare the key features and premiums of four classes of life insurance: term life insurance, whole life insurance, endowment policies and the new DPI. compareFIRST is an information portal aimed at helping consumers make better informed choices about which policy to buy and how much coverage to get by comparing the premiums and features of similar life insurance products offered by different insurance companies. This portal will not facilitate purchases of life insurance products. Consumers who wish to purchase life insurance products should approach their financial advisory representative or life insurance company. > Direct Purchase Insurance DPI is a class of basic standardized life insurance policies, sold without commissions and financial advice. Lauded as the world's first direct-purchase life insurance scheme, the DPI offers premiums lower than comparable life insurance as no commissions will be charged. Consumers will be able to identify DPIs from the prefix "DIRECT" in the product name. The sale of these DPIs are available from 7 April 2015. Consumers can find out more about the features and pricing of DPIs from various life insurance companies in the MoneySENSE website (www.moneysense.gov.sg/dpi). As DPIs are sold without financial advice, consumers are encouraged to read the DPI factsheet, benefit illustration, product summary, policy contract and product brochures, and also complete the checklist provided by insurance companies. They are also encouraged to use compareFIRST to determine 18 which products are suitable for them. A copy of the DPI factsheet and checklist are available in the MoneySENSE website. Different insurers may continue to have different exclusion clauses addressing the areas where benefits under the DPI are not payable. If, after having read all the available information, the consumers are still unable to ascertain which DPI to buy and how much coverage is suitable, they are encouraged to seek advice from a financial advisory representative. Where such advice is sought, the insurance companies may charge a fee or commission for the advice provided. The Monetary Authority of Singapore has also issued several notices to direct life insurers and financial advisers (in relation to their financial advisory services solely incidental to the distribution of DPIs), imposing requirements in relation to the manufacture, pricing, offer, distribution and provision of advice on DPIs. A summary of the standardized benefits and features of DPI is set out below. Term DPI Whole Life DPI Policy Coverage Period · 5 years* (renewable) · 20 years*(nonrenewable) · Up to age 65 (non-renewable) * Total and Permanent Disability (TPD) and Optional Critical Illness (CI) benefits cover up to age 65; Death and Terminal Illness benefits cover up to age 85. Policy coverage of DPI will be up till death of insured or up to a specified maturity age (e.g., 99), except for TPD benefits which will be up to age 65. Premium Paying Periods The same as the Policy Coverage Period 2 options: · payment up to age 70 · payment up to age 85 Death Benefit 100% of Sum Assured Surrender Benefit N.A. Applicable TPD Benefit 100% of Sum Assured (Definition of TPD is standardized across the industry) CI Rider Benefit · 100% of Sum Assured for the 30 standardized CIs across the industry. · (Note for Angioplasty & Other Invasive Treatment for Coronary Artery, a payout of 10% of the coverage amount of the main policy or SGD25,000, whichever is 19 lower, will be made.) · Non-guaranteed premium of CI acceleration rider. (Upon contracting a CI, the CI benefits will be paid out and the main policy will terminate). Minimum Sum Assured SGD50,000 per policy Maximum Sum Assured SGD400,000 (with a sub-limit of SGD200,000 for whole life DPI) per person per insurer Minimum Entry Age 18 years Maximum Entry Age 60 or 65 depending on the type of DPI purchased > > Stronger Anti-money Laundering and Terrorism Financing Regulations in Place By Stephanie Magnus and Eunice Tan > The Monetary Authority of Singapore has issued revised supervisory notices to financial institutions (FIs) on anti-money laundering (AML) and counter-terrorism financing (CFT) on 24 April 2015. This comes around nine months after the MAS issued the Consultation Paper P009 - 2014 which proposed comprehensive revisions to its previous supervisory notices for various financial institutions (and introduced a new notice for non-bank credit and charge card licensees) to keep pace with international AML/CFT best practices and the latest Financial Action Task Force recommendations. (See also our earlier Client Alert on "A snapshot of Singapore's anti-money laundering regulations including proposed sweeping anti-money laundering and counter-terrorist financing revisions to supervisory notices"). Key changes that are now in place include the following: more comprehensive enterprise-wide AML/CTF risk assessment to complement risk assessment of individual customers; > elaboration on the requisite steps to identify and verify the beneficial ownership of companies, LLPs and trusts; introducing a new category of Politically Exposed Persons; and additional requirements for cross-border wire transfers exceeding SGD1,500. In relation to Notice 626 (applicable to banks), MAS appears to have taken on board feedback that the expanded definition of "relationship management" may be overly broad and construed as applying these AML requirements to include the bank's provision of a wide range of incidental services to overseas customers. As such, MAS has retained the current approach of leaving the definition of "relationship management" in the applicable guidelines to avoid applying the requirements of the Notice beyond what is intended. MAS has also clarified the scope of the enterprise-wide risk assessment that needs to be 20 carried out — for example, for banks incorporated in Singapore, this includes overseas branches and subsidiaries of the Singapore entity. Further, in response to comments that it is unclear what constitutes "reasonable suspicion," MAS has provided further detail on examples of types of suspicious transactions in the relevant guidelines. The applicable AML/CFT guidelines have also been fleshed out to specify the types of customer due diligence information to be obtained. In this regard, MAS has also clarified that it expects banks to obtain the full residential addresses of customers when performing its customer due diligence. As such, the addresses of banks for "hold mail" customers or addresses of other third parties (e.g., corporate service providers) will not be acceptable. Save for non-bank credit card or charge card licensees, the following FIs have been given lead time until 24 May 2015 to comply with the applicable revised notices, with the exception of certain specific provisions: banks > merchant banks finance companies capital markets intermediaries money-changers and remittance businesses life insurers financial advisers approved trustees trust companies stored value facility holders For certain provisions, namely on assessing risks and applying a risk-based approach, new products, practices and technologies, correspondent accounts and group information sharing requirements, as may be applicable, these FIs have until 24 July 2015 to comply. Non-bank credit card or charge card licensees have until 24 July 2015 to comply with the requirements of the new Notice 626A (applicable to credit card or charge card licensees). MAS has also specifically provided in the notices for certain FIs (including banks, capital market intermediaries, direct life insurers and non-bank credit card or charge card licensees) that the remediation of high-risk customers should be completed by 25 October 2015. These FIs are also reminded to ensure that enhanced customer due diligence measures are performed on the high-risk customers identified within their existing customer base. As these latest changes are fairly comprehensive, please contact us for further details should you have any questions on how they may apply to your company. > > Consultation Paper on Review of Accident & Health Insurance Regulatory Framework By Stephanie Magnus and Eunice Tan The Monetary Authority of Singapore (MAS) recently issued a 21 Consultation Paper on Review of Accident & Health Regulatory Framework (P008-2015) further to its joint review (together with the Ministry of Health) of the regulatory framework for accident and health (A&H) insurance. The review proposes changes to the regulatory framework for A&H insurance introduced in 2004 to govern the underwriting and distribution of insurance policies that contain A&H benefits. It seeks to improve clarity of communication between insurers and policyholders; and >> · develop industry-wide tools and efforts to improve professional conduct of A&H insurance intermediaries. > To this end, the proposals are recommended to (i) enhance disclosure; (ii) strengthen protection measures for policyholders; and (iii) improve the quality of intermediaries' conduct. The thrust of the proposed changes concern Medisaveapproved Integrated Shield Plans (IPs), which are hospitalization insurance plans that comprise: (i) the basic MediShield portion (which will become MediShield Life1 in end 2015); and (ii) an additional private insurance coverage portion, although some of the proposed changes are of general application. > I. Enhance Disclosure Requirements > Restriction on Use of Term "Shield" As consumers often mistakenly assume that a policy with "Shield" in its name is approved and endorsed by MOH, MAS proposes that the term "Shield" is only allowed to be used in the names of A&H policies that are Medisave-approved. This proposal will apply to new A&H products that are not Medisaveapproved and are launched after 1 November 2015; and for existing A&H products that are not Medisaveapproved, including IP riders, insurers will be given a 2-year transition period from 1 November 2015 to effect the change. > Standardized disclosures for MediShield Life and IPs In response to complaints that many policyholders are unaware of the risks of upgrading or switching their IPs, MAS proposes to enhance disclosure requirements for IPs to highlight clearly, where appropriate the distinction between premiums payable to MediShield Life and the additional private insurance coverage; the distinction between claims paid out from MediShield Life and the additional private insurance coverage; the risks and limitations of upgrading or switching; the option for policyholders to downgrade their existing IP policies should the premiums become unaffordable; 22 the universal coverage under MediShield Life that would continue should the policyholders decide not to take up or renew the IP; and the applicable free look and reinstatement period for IPs. Consequently, MAS proposes to amend MAS Notice 120 on Disclosure and Advisory Process Requirements for Accident and Health Insurance Products (MAS Notice 120) to require insurers offering IPs to adopt a list of standardized disclosures for the IPs, the form of which is set out in Appendix A of the Consultation Paper. Additionally, MAS proposes that all insurers be required to include a statement in the acceptance letter clarifying that acceptance does not constitute start of policy coverage and indicating the policy inception date. If the inception date is dependent on the successful deduction of Medisave monies, the insurer should state that the policy inception date will be reflected in the policy schedule, which will be sent after a successful deduction. > Proposed enhanced disclosure requirements for other A&H policies In respect of individual medical expense policies, MAS proposes the inclusion of standardized disclosures for greater transparency to consumers: A statement that coverage under MediShield Life continues should the policyholder decide not to take up or renew the individual medical expense policy in the conditional letter of offer; and A statement that coverage under MediShield Life continues in the termination letter. It is also proposed that these disclosures be exempt for individual medical expense policies that are sold only to non-Singapore citizens/permanent residents. MAS also suggests that for A&H policies that are not Medisave-approved, insurers should be required to set out clearly in the product summary that the premium for the product is not payable using Medisave monies. > Standardized disclosure statement for short-term A&H policies In relation to short-term A&H policies (A&H policies that are not guaranteed renewable with a duration greater than five years), MAS proposes that MAS Notice 120 be amended to include a standardized disclosure statement in the Product Summary and Premium Notification Letter of the short-term A&H policy that the plans are not guaranteed renewable and that the policyholder may be subject to additional underwriting at renewal. Such a standardized disclosure statement is set out in Appendix D of the Consultation Paper. > 23 Alignment with changes to Financial Advisers Act (FAA) Given the similarities in market conduct risks between long-term A&H policies with investment products and life policies, MAS proposes to align disclosure requirements of the long-term A&H policies to that which are applicable to investment products under the FAA, including the following: Insurance intermediaries are expected to review the documents given to the insured at least annually; A&H insurance intermediaries are required to provide information on their remuneration upfront; Additional disclosures are required on free look period, termination or claim, warnings, exclusions and disclaimers; and A&H insurance intermediaries are required to disclose in writing any switching fee or charge. > II. Strengthen Protection Measures For Policyholders > Proposed Amendments to the Insurance (General Provisions) Regulations The current free look period of 14 days does not allow the insurer the flexibility to give a longer time. It is proposed that the provision under the Insurance (General Provisions) Regulations be amended to state a minimum free look period of 14 days for the issuance of a life policy or an A&H policy with duration of one year or more. > III. Improve Quality of Conduct of Intermediaries Selling A&H Insurance > Information to be obtained to provide financial advice In order to identify a client's needs, MAS proposes that A&H insurance intermediaries should be required to collect information on the client's financial commitment and affordability consideration, as well as his/her preference for wards for hospital stays. The intermediary should also give clear explanation to the client on the costs and subsidies of varying ward classes. > Only insurer-approved marketing materials to be used Currently, intermediaries acting for a life insurer to promote IPs may use their own marketing materials in their promotion. To ensure that clear and accurate information is disseminated about the IPs being marketed, MAS proposes to impose the requirement that intermediaries may only use marketing materials approved by the insurer of the IPs. > Conduct during telemarketing MAS also proposes that in the context of telemarketing, 24 intermediaries arranging long-term A&H policies should follow a script approved by the insurer, which includes a statement that no advice was provided and the policyholder may wish to seek advice accordingly. > Continuous training for intermediaries selling IPs Currently, A&H insurance intermediaries are required to pass a one-off Health Insurance module prior to selling A&H policies. MAS proposes that A&H insurance intermediaries selling IPs should undergo a minimum of 2 hours of training pertaining to MediShield Life and IP annually to keep abreast of latest developments. For A&H intermediaries selling IPs that are licensed or exempted under the FAA, it is proposed that such time may be deducted from the 30 hours of mandatory Continuous Professional Development required under the FAA. > 25 Regulatory Updates Asia Pacific Insurance Edition 5 | June 2015 Taiwan FSC Promulgates Draft Amendments to Regulations Governing Insurance Agents and Regulations Governing Insurance Brokers By Hao-Ray Hu, Fang-Yi Jen and Jun Chen > The Financial Supervisory Commission of Taiwan (the FSC) has promulgated the draft amendments to Regulations Governing Insurance Agents and Regulations Governing Insurance Brokers last 12 May 2015 (collectively, the Draft Amendments). The Draft Amendments were made in accordance with the amendment to the Insurance Act effective 6 February 2015 allowing a bank to establish an insurance brokerage or agency department to engage in such business. The Draft Amendments specify several key qualifications and requirements for a bank to be able to concurrently engage in insurance agency or insurance brokerage business: > 1. Qualifications and procedures to obtain a license of concurrently engagement in insurance agency or insurance brokerage business Pursuant to the Draft Amendments, a bank applying a license of concurrently engaging in insurance agency or insurance brokerage business shall meet the regulatory requirement of Capital Adequacy Ratio and shall not have been imposed or found material defects in internal control, or such defects shall have been corrected. The bank shall submit its business plan and other required documents to the FSC with evidence of deposit of bond. The FSC has the right to revoke the license if it discovers any false information in the submitted documents when a license has been issued. The bank shall also appropriate a fund at amount of NTD30,000,000 (approximately equivalent to USD973,500) exclusively for insurance agency or brokerage business operations and establish a dedicated department in charge of such business. Operation and accounting of such department shall be independent from the bank's other businesses. 2. Requirements of establishing internal operation and compliance procedures In order to ensure the sound operation of insurance agency or insurance brokerage business, a bank concurrently engaging in such business is required to establish an adequate internal operation procedure and relevant rules in accordance with FSC's requirement. In addition to the operation procedure, the bank shall also prepare a compliance manual, appoint compliance officers to conduct a compliance plan and report to the board of directors and/or shareholders periodically. At least one of the appointed compliance officers shall hold an insurance agent or broker license or be experienced in the insurance 26 business. 3. Restrictions on sales of insurance products To protect the customers, the Draft Amendments set forth restrictions on the sales of insurance products by a bank. A bank conducting an insurance agency or brokerage business shall show the name of the insurance agency or brokerage business at its business areas, explain the distinction between banking and insurance to its customers, disclose the risks and terms while selling the insurance products and designate a department to handle consumer disputes. A bank is prohibited from utilizing its customers' information to solicit insurance products or promote insurance products in any improper manners. Under the Regulations Governing Insurance Brokers, a bank conducting an insurance brokerage business is further required to complete a phone interview (call-back requirement) of its customers to ensure each customer has understood the terms and risks of purchased insurance product before it is approved by the insurer. The record of phone interview shall be kept for a term of not less than two years. > < 27 Regulatory Updates Asia Pacific Insurance Edition 5 | June 2015 Thailand Reform of Insurance Acts By Sorachon Boonsong and Sivapong Viriyabusaya > In June 2012, Thailand's Office of Insurance Commission (OIC) held a public hearing on the draft Life and Non-Life Insurance Acts (the Draft Acts), which aimed to replace the existing acts of the same name. Thereafter, the Draft Acts underwent the consideration process by the OIC and other related authorities, but due to the ensuing political crisis over the past years, the consideration process was suspended and amendments under the Draft Acts never materialized. Recently, the OIC revisited the existing provisions under the Draft Acts to ensure that the new legislation would raise the standards of the Thai insurance industry. According to the OIC, key objectives of the Draft Acts are as follows: a) to enhance the standards of supervision over the insurance business to comply with the Insurance Core Principles (ICP) issued by the International Association of Insurance Supervisors; b) to resolve issues arising from the enforcement of the current Life and Non-life Insurance Acts; and > c) to adjust the law to be in line with those that govern other financial institutions. Another public hearing on the Draft Acts was held in April 2015 in order to gather comments from insurance companies and other relevant parties. Below are certain key proposed changes under the Draft Acts. 1. Incorporation and License Application The Draft Acts introduce another form of legal entity which would be qualified to obtain an insurance business license, i.e., a subsidiary of a foreign insurance company (a public company limited incorporated in Thailand with at least 95% of its shares held by a foreign insurance company, either directly or indirectly). Unlike a branch office of a foreign insurance company, a subsidiary of a foreign insurance company will be entitled to open a branch office in Thailand. 2. Foreign Shareholding Limit Foreign shareholding in general cases will be limited to up to 49% of the company's total shares (instead of being less than 25% under the current Acts, which requires OIC's approval to go beyond the 25% threshold and up to 49%). However, as with the current Act, the foreign shareholding beyond 49% still requires approval from both the Ministry of Finance and the OIC. However, this requirement does not apply to a subsidiary of a foreign insurance company, which must have a foreign insurance company holding at least 95% of its shares, directly or indirectly. 28 3. Representative Office Upon receiving approval from the OIC, foreign insurers will be allowed to establish representative offices in Thailand and Thai insurers will be allowed to establish representative offices outside Thailand. 4. Reporting and Approval Requirements for Shareholders Any shareholder holding more than 5% of shares in an insurance company, either directly or indirectly, is required to report such shareholding to the OIC. Prior approval is acquired before a shareholder can hold more than 10% of shares in an insurance company, either directly or indirectly. 5. Supervision of the Business Operation The OIC may prescribe different levels of supervisory measures for each insurance company by considering its financial standing, business operation, level of risk and protection of the insured. 6. Business Transfer and Amalgamation In principle, a business transfer or amalgamation between insurance companies requires the Board of Directors of the transferring and acquiring entities to prepare the project plan and submit to the OIC for approval. When granting approval, the OIC may prescribe any conditions deemed necessary to protect the interest of the insured or the company. However, under the current Acts, business transfers faced a significant legal obstacle in that the transfer of each insurance policy requires individual consent of the respective policyholder under the general principle of novation, which can be problematic in practice. The Draft Acts now exempts this onerous requirement by merely requiring the transferee to send a notice to inform the insured of the transfer. If there is no objection within one month, then it is deemed that the policy has duly been transferred. In addition, the Draft Acts include the provision allowing for pending or settled court cases to be transferred to the transferee. These changes would significantly facilitate the business transfer from an insurance company to another insurance company, or from a foreign branch to an incorporated entity. 7. Agents and Brokers Under the Draft Acts, an individual broker is no longer allowed to act by themselves, and must act only in the name of a corporate broker. It is also worth noting that the Draft Acts empower the OIC to issue a notification prescribing the number of insurance companies from which a broker may sign up customers for new insurance policies. This is basically aiming at restricting or governing an exclusive arrangement between an insurance company and a broker. 8. Actuary The Draft Acts requires an insurer to have at least one actuary. The actuary must be appointed by the Board of Directors and must be able to work full time for the company. Appointment and removal of the actuary must be reported to the OIC. An actuary is also required to report to the OIC if there is any suspicion that fraud has been 29 committed in the company. In addition, insurance policies and all their riders must be certified by an actuary prior to issuance, except in the case of certain policies which may require the approval of the OIC itself before issuance. The OIC aims to finalize the Draft Acts as soon as possible, in order for the Draft Acts to pass the parliamentary approval process within the term of this current government before the next General Election in Thailand, which is now aimed to be held early 2016. < < 30 Regulatory Updates Asia Pacific Insurance Edition 5 | June 2015 Vietnam Draft of Revised Criminal Code Proposes Criminalization of Insurance Fraud By Oanh H. K. Nguyen, Dang Chi Lieu and Nguyen Thanh Hai > Recent Developments Vietnam is in the process of finalizing its draft of the amended Criminal Code. In relation to the insurance industry, the draft of the amended Criminal Code has added a new provision which considers insurance fraud as a crime subject to monetary sanctions or imprisonment. It is reported that situations giving rise to fraud in the insurance industry have become increasingly popular and complicated in Vietnam. Moreover, the current regulations seem to be insufficiently strict and incomplete to effectively prohibit and sanction fraud in the insurance industry. Thus, this development when adopted is expected to form an effective legal basis to contribute to the protection of insurers' interests, as well as the development of the insurance market in Vietnam in general. Specific Regulations Proposed by Revised Criminal Code Draft 1. Those who commit one of the following acts appropriating insurance proceeds valued from VND20,000,000 to VND100,000,000 (approximately USD920 to USD9,200) shall be subject to a fine between three and five times of the amount of the appropriated money or non-custodial reform for up to three years: a) Falsifying the information when an insured event occurred; b) Intentionally causing damages to their own health and properties to benefit from an insurance policy; c) Creating fake records, fake scenes or modifying the details about a loss or an insured event; and d) Overly or falsely declaring the extent of damages or of an insured event. 2. In the event of crime committed in one of the following circumstances, the offenders shall be subject to a fine between three and five times of the amount of the appropriated insurance proceeds, or between one and five years of imprisonment: a) In an organized manner; b) Abusing their positions and/or powers; c) Employing treacherous and dangerous tricks; and d) Earning the amount of insurance proceeds valued between VND100,000,000 and under VND500,000,000 31 (approximately USD920 to USD4,600) for their personal profits. 3. In the event of crimes committed in one of the following circumstances, the offenders shall be subject to between five and ten years of imprisonment: >> a) Earning the amount of insurance proceeds valued over VND500,000,000 (approximately USD4,600); and b) Dangerous recidivism. 4. Offenders shall be exempt from criminal liability if they fall into one of the following circumstances: >> a) Crimes are committed by first-time offenders and they report themselves to the authorities; b) Having paid all the amount of appropriated insurance proceeds before trial; and c) Actively providing remedies to all or a part of the occurred damages. 5. The offenders shall also be subject to a fine of between VND10.000.000 and VND100.000.000 (approximately USD460 to USD4,600), and/or a ban from holding certain posts, practicing certain occupations or doing certain jobs from one to five years. Please let us know if you have any comment on these proposed regulations. We can assist you with reviewing and sending your suggested changes to the drafting team of the Government of Vietnam accordingly. > > Proposed Amendments to Regulations on Voluntary Pension Insurance Products Provided by Life Insurers By Oanh H. K. Nguyen, Dang Chi Lieu and Nguyen Thanh Hai > Recent Developments The Ministry of Finance (MOF) recently released the preliminary draft of a circular (Draft Circular) on voluntary pension insurance and the pension fund. The overarching aim is to encourage growth for this type of pension scheme, making voluntary pension products provided by life insurers more attractive to customers in Vietnam. The proposed Circular will amend the current regulations enacted on 20 August 2013, under Circular No. 115. Circular No. 115 was previously issued as part of a government initiative to provide an alternative pension scheme to ensure pension benefits for employees. However, two years from when it was issued, few insurance companies and employers have opted to adopt this scheme. Specific Amendments Proposed by Draft Circular 1. Amendment to the conditions for insurance agents Under Circular No. 115, for a life insurer to sell pension insurance products, its agents must have at least six consecutive months of experience as life insurance agents, or six (6) consecutive months working in finance, banking 32 and insurance. The Draft Circular proposes to ease this requirement with the substitution of a new condition of "being trained to sell voluntary pension insurance products." Accordingly, under the Draft Circular, to be permitted to sell pension insurance products, insurance agents will need to satisfy the three following conditions: a) Having an insurance agent certificate, issued by a training organization approved by the MOF; b) Not having violated the rules on agent occupational ethics of the life insurer while practicing as an agent; and c) Having been trained to sell voluntary pension insurance products. 2. Withdrawal in advance of pension insurance account Under Circular No. 115, an insured person is entitled to request the life insurer for a withdrawal in advance of a part of, or the whole of, the value of a pension insurance account in the following cases: a) The insured person has a reduced working capacity of 61% or more; and b) The insured person suffers a dangerous disease. In addition to the above circumstances, the Draft Circular supplements a new case allowing insured persons who lawfully reside in foreign countries to withdraw, fully or partly in advance, their pension insurance account. 3. Age threshold for eligibility to receive pension insurance In terms of the age threshold for eligibility to receive pension insurance, the MOF proposes to make this voluntary pension insurance regime more consistent with Vietnamese law on retirement age, as well as the pension regime of compulsory social insurance. Specifically, while Circular No. 115 provides for a standard age of retirement (which is not lower than 60 for men and 55 for women), the Draft Circular supplements an exception "where provided otherwise by law regarding retirement age" in order to cover any special circumstances. Please let us know if you have any comments on these proposed amendments by the MOF, or any other changes you would like to make to Circular No. 115. We can assist you with reviewing and sending your suggested changes to the drafting team of the MOF accordingly. > >


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"A MIRACULOUS tradition, something like that connected with the labarum of Constantine, hallows the Ancient Cross of St. Andrew. Hungus, who in the ninth century reigned over the Picts in Scotland, is said to have seen in a vision, on the night before a battle, the Apostle Saint Andrew, who promised him the victory; and for an assured token thereof, he told him that there should appear over the Pictish host, in the air, such a fashioned cross as he had suffered upon. Hungus, awakened, looking up at the sky, saw the promised cross, as did all of both armies; and Hungus and the Picts, after rendering thanks to the Apostle for their victory, and making their offerings with humble devotion, vowed that from thenceforth, as well they as their posterity, in time of war, would wear a cross of St. Andrew for their badge and cognizance.
John Leslie, Bishop of Ross, says that this cross appeared to Achaius, King of the Scots, and Hungus, King of the Picts, the night before the battle was fought betwixt them and Athelstane, King of England, as they were on their knees at prayer.
Every cross of Knighthood is a symbol of the nine qualities of a Knight of St. Andrew of Scotland; for every order of chivalry required of its votaries the same virtues and the same excellencies.
Humility, Patience, and Self-denial are the three essential qualities of a Knight of St. Andrew of Scotland. The Cross, sancti fied by the blood of the holy ones who have died upon it; the Cross, which Jesus of Nazareth bore, fainting, along the streets of Jerusalem and up to Calvary, upon which He cried, "Not My will, O Father! but Thine be done," is an unmistakable and eloquent symbol of these three virtues. He suffered upon it, because He consorted with and taught the poor and lowly, and found His disciples among the fishermen of Galilee and the despised publicans. His life was one of Humility, Patience, and Self-denial.
The Hospitallers and Templars took upon themselves vows oi obedience, poverty, and chastity. The Lamb, which became the device of the Seal of the Order of the Poor Fellow Soldiery oi the Temple of Solomon, conveyed the same lessons of humility and self-denial as the original device of two Knights riding a single horse. The Grand Commander warned every candidate not to be induced to enter the Order by a vain hope of enjoying earthly pomp and splendor. He told him that he would have to endure many things, sorely against his inclinations; and that he would be compelled to give up his own will, and submit entirely to that of his superiors.
The religious Houses of the Hospitallers, despoiled by Henry the Eighth's worthy daughter, Elizabeth, because they would not take the oath to maintain her supremacy, had been Alms-houses, and Dispensaries, and Foundling-asyla, relieving the State of many orphan and outcast children, and ministering to their necessities, God's ravens in the wilderness, bread and flesh in the morning, bread and flesh in the evening. They had been Inns to the wayfaring man, who heard from afar the sound of the Vesperbell, inviting him to repose and devotion at once, and who might sing his matins with the Morning Star, and go on his way rejoicing. And the Knights were no less distinguished by bravery in battle, than by tenderness and zeal in their ministrations to the sick and dying.
The Knights of St. Andrew vowed to defend all orphans, maidens, and widows of good family, and wherever they heard of murderers, robbers, or masterful thieves who oppressed the people, to bring them to the laws, to the best of their power.
"If fortune fail you," so ran the vows of Rouge-Croix, "in divers lands or countries wherever you go or ride that you find any gentleman of name and arms, which hath lost goods, in worship and Knighthood, in the King's service, or in any other place of worship, and is fallen into poverty, you shall aid, and support, and succor him, in that you may; and he ask of you your goods to his sustenance, you shall give him part of such goods as God hath sent you to your power, and as you may bear."
Thus CHARITY and GENEROSITY are even more essential qualities of a true and gentle Knight, and have been so in all ages; and so also hath CLEMENCY. It is a mark of a noble nature to spare the conquered. Valor is then best tempered, when it can turn out a stern fortitude into the mild strains of pity, which never shines more brightly than when she is clad in steel. A martial man, compassionate, shall conquer both in peace and war; and by a twofold way, get victory with honor. The most famed men in the world have had in them both courage and compassion. An enemy reconciled hath a greater value than the long train of captives of a Roman triumph.
VIRTUE, TRUTH, and HONOR are the three MOST essential qualities of a Knight of St. Andrew. "Ye shall love God above all things, and be steadfast in the Faith," it was said to the Knights, in their charge, "and ye shall be true unto your Sovereign Lord, and true to your word and promise. Also, ye shall sit in no place where that any judgment should be given wrongfully against any body, to your knowledge."
The law hath not power to strike the virtuous, nor can fortune subvert the wise. Virtue and Wisdom, only, perfect and defend man. Virtue's garment is a sanctuary so sacred, that even Princes dare not strike the man that is thus robed. It is the livery of the King of Heaven. It protects us when we are unarmed; and is an armor that we cannot lose, unless we be false to ourselves. It is the tenure by which we hold of Heaven, without which we are but outlaws, that cannot claim protection. Nor is there wisdom without virtue, but only a cunning way of procuring our own undoing.
Peace is nigh
Where Wisdom's voice has found a listening heart.
Amid the howl of more than winter storms,
The halcyon hears the voice of vernal hours,
Already on the wing.
Sir Launcelot thought no chivalry equal to that of Virtue. This word means not continence only, but chiefly manliness, and so includes what in the old English was called souffrance, that patient endurance which is like the emerald, ever green and flow ering; and also that other virtue, droicture, uprightness, a virtueso strong and so puissant, that by means of it all earthly things almost attain to be unchangeable. Even our swords are formed to remind us of the Cross, and you and any other of us may live to show how much men bear and do not die; for this world is a place of sorrow and tears, of great evils and a constant calamity, and if we would win true honor in it, we must permit no virtue of a Knight to become unfamiliar to us, as men's friends, coldly entreated and not greatly valued, become mere ordinary acquaintances.
We must not view with impatience or anger those who injure us; for it is very inconsistent with philosophy, and particularly with the Divine Wisdom that should govern every Prince Adept, to betray any great concern about the evils which the world, which the vulgar, whether in robes or tatters, can inflict upon the brave. The favor of God and the love of our Brethren rest upon a basis which the strength of malice cannot overthrow; and with these and a generous temper and noble equanimity, we have everything. To be consistent with our professions as Masons, to retain the dignity of our nature, the consciousness of our own honor, the spirit of the high chivalry that is our boast, we must disdain the evils that are only material and bodily, and therefore can be no bigger than a blow or a cozenage, than a wound or a dream.
Look to the ancient days, Sir E.., for excellent examples of VIRTUE, TRUTH, and HONOR, and imitate with a noble emulation the Ancient Knights, the first Hospitallers and Templars, and Bayard, and Sydney, and Saint Louis; in the words of Pliny to his friend Maximus, Revere the ancient glory, and that old age which in man is venerable, in cities sacred. Honor antiquity and great deeds, and detract nothing from the dignity and liberty of any one. If those who now pretend to be the great and mighty, the learned and wise of the world, shall agree in condemning the memory of the heroic Knights of former ages, and in charging with folly us who think that they should be held in eternal remembrance, and that we should defend them from an evil hearing, do you remember that if these who now claim to rule and teach the world should condemn or scorn your poor tribute of fidelity, still it is for you to bear therewith modestly, and yet not to be ashamed, since a day will come when these who now scorn those who were of infinitely higher and finer natures than they are, will be pronounced to have lived poor and pitiful lives, and the world will make haste to forget them.
But neither must you believe that, even in this very different age, of commerce and trade, of the vast riches of many, and the poverty of thousands, of thriving towns and tenement houses swarming with paupers, of churches with rented pews, and theatres, opera-houses, custom-houses, and banks, of steam and telegraph, of shops and commercial palaces, of manufactories and trades-unions, the Gold-room and the Stock Exchange, of newspapers, elections, Congresses, and Legislatures, of the frightful struggle for wealth and the constant wrangle for place and power, of the worship paid to the children of mammon, and covetousness of official station, there are no men of the antique stamp for you to revere, no heroic and knightly souls, that preserve their nobleness and equanimity in the chaos of conflicting passions, of ambition and baseness that welters around them.
It is quite true that Government tends always to become a conspiracy against liberty; or, where votes give place, to fall habitually into such hands that little which is noble or chivalric is found among those who rule and lead the people. It is true that men, in this present age, become distinguished for other things, and may have name and fame, and flatterers and lacqueys, and the oblation of flattery, who would, in a knightly age, have been despised for the want in them of all true gentility and courage; and that such men are as likely as any to be voted for by the multitude, who rarely love or discern or receive truth; who run after fortune, hating what is oppressed, and ready to worship the prosperous; who love accusation and hate apologies; and who are always glad to hear and ready to believe evil of those who care not for their favor and seek not their applause.
But no country can ever be wholly without men of the old heroic strain and stamp, whose word no man will dare to doubt, whose virtue shines resplendent in all calamities and reverses and amid all temptations, and whose honor scintillates and glitters as purely and perfectly as the diamond–men who are not wholly ,he slaves of the material occupations and pleasures of life, wholly engrossed in trade, in the breeding of cattle, in the framing and enforcing of revenue regulations, in the chicanery of the law, the objects of political envy, in the base trade of the lower literature, or in the heartless, hollow vanities of an eternal dissipation. Every generation, in every country, will bequeath to those who succeed it splendid examples and great images of the dead, to be admired and imitated; there were such among the Romans, under the basest Emperors; such in England when the Long Parliament ruled; such in France during its Saturnalia of irreligion and murder, and some such have made the annals of America illustrious.
When things tend to that state and condition in which, in any country under the sun, the management of its affairs and the customs of its people shall require men to entertain a disbelief in the virtue and honor of those who make and those who are charged to execute the laws; when there shall be everywhere a spirit of suspicion and scorn of all who hold or seek office, or have amassed wealth; when falsehood shall no longer dishonor a man, and oaths give no assurance of true testimony, and one man hardly expect another to keep faith with him, or to utter his real sentiments, or to be true to any party or to any cause when another approaches him with a bribe; when no one shall expect what he says to be printed without additions, perversions, and misrepresentations; when public misfortunes shall be turned to private profit, the press pander to licentiousness, the pulpit ring with political harangues, long prayers to God, eloquently delivered to admiring auditors, be written out for publication, like poems and political speeches; when the uprightness of judges shall be doubted, and the honesty of legislators be a standing jest; then men may come to doubt whether the old days were not better than the new, the Monastery than the Opera Bouffe, the little chapel than the drinking-saloon, the Convents than the buildings as large as they, without their antiquity, without their beauty, without their holiness, true Acherusian Temples, where the passer-by hears from within the never-ceasing din and clang and clashing of machinery, and where, when the bell rings, it is to call wretches to their work and not to their prayers; where, says an animated writer, they keep up a perennial laudation of the Devil, before furnaces which are never suffered to cool.
It has been well said, that whatever withdraws us from the power of our senses, whatever makes the Past, the Distant, or the Future, predominate over the Present, advances us in the dignity of thinking beings. The modern rivals of the German Spa, with their flaunting pretences and cheap finery, their follies and frivolities, their chronicles of dances and inelegant feasts, and their bulletins of women's names and dresses, are poor substitutes for the Monastery and Church which our ancestors would have built in the deep sequestered valleys, shut up between rugged mountains and forests of sombre pine; and a man of meditative temper, learned, and of poetic feeling, would be glad if he could exchange the showy hotel, amid the roar and tumult of the city, or the pretentious tavern of the country-town, for one old humble Monastery by the wayside, where he could refresh himself and his horse without having to fear either pride, impertinence, or knavery to pay for pomp, glitter, and gaudy ornamentation; then where he could make his orisons in a church which resounded with divine harmony, and there were no pews for wealth to isolate itself within; where he could behold the poor happy and edified and strengthened with the thoughts of Heaven; where he could then converse with learned and holy and gentle men, and before he took his departure could exalt and calm his spirits by hearing the evening song.
Even Free-Masonry has so multiplied its members that its obligations are less regarded than the simple promises which men make to one another upon the streets and in the markets. It clamors for public notice and courts notoriety by scores of injudicious journals; it wrangles in these, or, incorporated by law, carries its controversies into the Courts. Its elections are, in some Orients, conducted with all the heat and eagerness, the office-seeking and management of political struggles for place. And an empty pomp, with semi-military dress and drill, of peaceful citizens, glittering with painted banners, plumes, and jewels, gaudy and ostentatious, commends to the public favor and female admiration an Order that challenges comparison with the noble Knights, the heroic soldiery encased in steel and mail, stern despisers of danger and death, who made themselves immortal memories, and won Jerusalem from the infidels and fought at Acre and Ascalon, and were the bulwark of Christendom against the Saracenic legions that swarmed after the green banner of the Prophet Mohammed.
If you, Sir E……, would be respectable as a Knight, and not a mere tinselled pretender and Knight of straw, you must practise, and be diligent and ardent in the practice of, the virtues you have professed in this Degree. How can a Mason vow to be tolerant, and straightway denounce another for his political opinions? How vow to be zealous and constant in the service of the Order and be as useless to it as if he were dead and buried? What does the symbolism of the Compass and Square profit him, if his sensual appetites and baser passions are not governed by, but domineer over his moral sense and reason, the animal over the divine, the earthly over the spiritual, both points of the compass remaining below the Square ? What a hideous mockery to call one "Brother," whom he maligns to the Profane, lends money unto at usury, defrauds in trade, or plunders at law by chicanery?
VIRTUE, TRUTH, HONOR !–possessing these and never proving false to your vows, you will be worthy to call yourself a Knight, to whom Sir John Chandos might, if living, give his hand, and whom St. Louis and Falkland, Tancred and Baldassar Castiglione would recognize as worthy of their friendship.
Chivalry, a noble Spaniard said, is a religious Order, and there are Knights in the fraternity of Saints in Heaven. Therefore do you here, and for all time to come, lay aside all uncharitable and repining feeling; be proof henceforward against the suggestions of undisciplined passion and inhuman zeal; learn to hate the vices and not the vicious; be content with the discharge of the duties which your Masonic and Knightly professions require; be governed by the old principles of honor and chivalry, and reverence with constancy that Truth which is as sacred and immutable as God Himself. And above all, remember always, that jealousy is not our life, nor disputation our end, nor disunion our health, nor revenge our happiness; but loving-kindness is all these, greater than Hope, greater than Faith, which can remove mountains, properly the only thing which God requires of us, and in the possession of which lies the fulfillment of all our duties."
by Albert Pike
(Morals and Dogma)