2. What are the requirements for an individual to be a licensed insurance intermediary or responsible officer of licensed insurance agencies or insurance broker companies under the new regime?
Under the new regulatory regime, any person who carries on a regulated activity must possess a valid licence under the Insurance Ordinance, unless exempted. The Insurance Authority considers various key criteria in determining whether an applicant is a fit and proper person, including the academic qualifications, professional qualifications and working experience of the applicant; the reputation, character, reliability and integrity of the applicant and the applicant’s financial status or solvency. An applicant must be fit and proper in order to be licensed, and this requirement is ongoing.
The Guideline on “Fit and Proper” Criteria for Licensed Insurance Intermediaries under the Insurance Ordinance, issued by the IA, sets out the relevant licensing requirements under the new regime. The licensing requirements under the new regime are more stringent than the previous self-regulatory regime which is aimed to enhance the standards of professionalism and conduct of insurance intermediaries:
|Minimum academic requirements
|Level 2 or above in five subjects (including Chinese or English, and Mathematics) in the Hong Kong Diploma of Secondary Education Examination (HKDSE)
|Responsible officers of licensed insurance agencies or insurance broker companies
|Continuing Professional Development (CPD) training
|Minimum CPD hours
|New training courses
|At least 3 CPD hours related to ethics or regulations