Insurance Broker License Application
香港上環干諾道中168-200號 信德中心西座16樓1605室
電話：+852 3955 0277
With effect from 23 September 2019, the Insurance Authority (“IA”) is the sole regulator to license and supervise all insurance intermediaries in Hong Kong. The IA is responsible for supervising insurance intermediaries’ compliance with the provisions of Insurance Ordinance (Cap.41) (“IO”),
and the relevant regulations, rules, codes and guidelines issued by the IA.
Licensed insurance intermediaries are divided into two main categories: insurance agencies and insurance broker companies.
Licensed insurance broker company is more popular among the two. It means a company which is granted a license by the IA under section 64ZA of the IO to carry on regulated activities in one or more lines of business, and to perform the act of negotiating or arranging an insurance contract
as an agent of any policy holder or potential policy holder.
Major Requirements on
Licensed insurance broker company
Requirements for licensed insurance broker company:
✔ Capital and Net Assets: Brokerage firms need to have a sufficient capital base to support their business operations and risk-taking.
✔ Professional Indemnity Insurance: Protects the company from potential risks encountered while providing services, thereby more effectively safeguarding the interests of clients.
✔ Keeping of separate client accounts: The company must have sufficiently transparent deposit rules and implement separate management of customer funds to prevent misuse or commingling of funds and ensure the safety of customer funds.
✔ Keeping of proper books and accounts: The company needs to establish and implement effective financial controls and compliance checks.
Requirements for responsible officer of the licensed insurance broker company:
Responsible officer, in relation to a licensed insurance broker company, means an individual who is approved by the IA under section 64ZF of the IO as a responsible officer of the licensed insurance broker company. A responsible officer of a licensed insurance broker company is also a licensed technical representative (broker) of that company.
Test of Competence for RO：
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Education
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Work Experience
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Management Experience
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Insurance Intermediaries Qualifying Examination
What ComplianceOne can do for you
ComplianceOne offers end-to-end licensing assistance, including: Incorporation of a Hong Kong limited company, Recruitment of Responsible Officers (RO) and other staff, Drafting business plan and internal control policies, Submission of license applications to regulators on behalf of applicants, Communication with regulators on behalf of applicants, Assistance with bank account opening, Work visa processing, and more.
Before You Start:
➤Incorporate a Hong Kong limited company
➤Appoint a Responsible Officer (RO) who fits the competence requirements
➤Decide your business plan and line of business
Timeline
Under normal circumstances, the entire process takes approximately 4 to 7 months.ComplianceOne will assist in addressing inquiries from the regulatory authority throughout the process.
申請程序 Application Procedure | 需時 Time required |
|---|---|
Preliminary preparations | 1 to 2 months |
Recruiting a suitable Responsible Officer | 1 to 2 months (if needed) |
Processing the application from regulatory authority | 3 to 4 months |
External Reference
1. 《保險業條例》(第 41 章) 有關持牌保險中介人“適當人選” 的準則指引
2. IA Guideline on “Fit and Proper” Criteria for Licensed Insurance Intermediaries Under the Insurance Ordinance (CAP.41)
Contact Us
For more information or to request a quotation, please feel free to contact us:
WhatsApp: +852 39550277
WeChat: ComplianceOneHK
Email: info@complianceone.hk
Disclaimer
Please refer to the page: https://www.complianceone.hk/disclaimer