Insurance Intermediaries in Hong Kong
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1 Insurance Intermediaries in Hong Kong Office of the Commissioner of Insurance
2 Introduction Insurance intermediaries play an important role in the insurance industry. Insurance intermediaries provide advice to the insuring public and help them analyze their insurance needs and choose the suitable insurance products. This booklet is produced to help you better understand the roles of insurance intermediaries and how they are regulated in Hong Kong. Who are Insurance Intermediaries? An insurance intermediary can either be an insurance agent or an insurance broker. Under the Insurance Companies Ordinance (Cap. 41) ( ICO ), an insurance agent is defined as a person who holds himself out to advise on or arrange contracts of insurance in or from Hong Kong as an agent or subagent of one or more insurers ( i.e. insurance companies). An insurance broker is defined under the ICO as a person who carries on the business of negotiating or arranging contracts of insurance in or from Hong Kong as the agent of the policy holder or potential policy holder or advising on matters related to insurance. How are Insurance Intermediaries Regulated? The regulatory framework for insurance intermediaries is set out in Part X of the ICO. The Insurance Authority has the overall responsibility for the effective operation of this regulatory system. 9
3 Under the ICO, a person is not allowed to hold himself out as an insurance intermediary unless he is an appointed insurance agent or an authorized insurance broker. A person shall not act as an appointed insurance agent and an authorized insurance broker at the same time. Besides, it is an offence under the ICO for an insurer to effect a contract of insurance through, or accept any insurance business referred to it by, an insurance intermediary who has not been properly appointed as its insurance agent or authorized as an insurance broker. Insurance Agents Registration of Insurance Agents To act as an insurance agent, a person is required to be appointed by an insurer and registered with the Insurance Agents Registration Board ( Registration Board ) established under The Hong Kong Federation of Insurers ( Federation ). An appointed insurance agent shall not represent more than four insurers, of whom no more than two shall be long term business (or life business) insurers. The appointments of the responsible officer 1 and technical representative 2 of an insurance agent are also required to be confirmed by and registered with the Registration Board. In order to be registered as an appointed insurance agent, a responsible officer or a technical representative, a person has to satisfy the Registration Board that he is fit and proper and 1 The responsible officer of an insurance agent is a person who is responsible for the conduct of the insurance agency business of such insurance agent. 2 A technical representative of an insurance agent is a person ( not being an insurance subagent) who provides advice to a policy holder or potential policy holder on insurance matters for such insurance agent, or arranges contracts of insurance in or from Hong Kong on behalf of that insurance agent. 10
4 that he meets all the requirements, including those on qualifications and experience. These requirements are specified in the Code of Practice for the Administration of Insurance Agents issued by the Federation with the approval of the Insurance Authority. Under the ICO, an insurer is held responsible for the actions of their appointed insurance agents in the dealings for the issue of insurance contracts and related insurance business. Register of Insurance Agents The Registration Board maintains a register of appointed insurance agents and a sub-register of insurance agents responsible officers and technical representatives. Any person who wishes to confirm whether an insurance agent, his responsible officer or technical representative is properly registered with the Registration Board or appointed by the insurer(s) or insurance agent concerned, as appropriate, may inspect the register and sub-register respectively. They are available for public inspection at the registered office of the Federation or at its homepage ( Complaint and Enquiry Complaints or enquiries regarding appointed insurance agents, responsible officers or technical representatives should be addressed to the Registration Board. The Registration Board has the powers to investigate complaints and take disciplinary actions against appointed insurance agents, their responsible officers and technical representatives. 11
5 Insurance Brokers Authorization of Insurance Brokers An insurance broker may seek authorization directly from the Insurance Authority under section 69 of the ICO or apply to become a member of a body of insurance brokers approved by the Insurance Authority under section 70 of the ICO. At present, there are two approved bodies of insurance brokers in Hong Kong, namely, The Hong Kong Confederation of Insurance Brokers and Professional Insurance Brokers Association Limited. An insurance broker, whether he is directly authorized by the Insurance Authority or is a member of an approved body of insurance brokers, is subject to the same statutory requirements. In order to be authorized by the Insurance Authority or admitted as a member of an approved body of insurance brokers, a person must be fit and proper to be an insurance broker. His chief executive 3 and technical representative 4 must also be fit and proper and registered with the Insurance Authority or the approved body of insurance brokers as appropriate. Additionally, the insurance broker must satisfy the minimum requirements specified by the Insurance Authority with regard to qualifications and experience, capital and net assets, professional indemnity insurance, keeping of separate client accounts and keeping proper books and accounts. 3 The chief executive of an insurance broker is a person who is responsible for the conduct of the insurance broking business of such insurance broker. 4 A technical representative of an insurance broker is a person who provides advice to a policy holder or potential policy holder on insurance matters for an insurance broker, or negotiates or arranges contracts of insurance in or from Hong Kong on behalf of an insurance broker for a policy holder or potential policy holder. 12
6 An insurance broker is required to prove annually to the Insurance Authority or the relevant approved body of insurance brokers, as appropriate, that he is able to continue to comply with the requirements. Register of Insurance Brokers The Insurance Authority maintains a register of insurance brokers directly authorized by him and a sub-register of their chief executives and technical representatives as well as a register of approved bodies of insurance brokers. The registers are available for public inspection. The approved bodies of insurance brokers each maintains a register of its own members and a sub-register of their chief executives and technical representatives which are available for public inspection. Complaint and Enquiry Complaints or enquiries regarding insurance brokers authorized directly by the Insurance Authority, their chief executives or technical representatives should be addressed to the Insurance Authority. Complaints or enquiries regarding an insurance broker who is a member of an approved body of insurance brokers, as well as their chief executives or technical representatives should be addressed to the relevant body. Insurance Intermediaries Quality Assurance Scheme From 1 January 2000 onwards, all insurance intermediaries, their responsible officers /chief executives and technical representatives are required to pass the Qualifying Examination (administered by the Vocational Training Council) as a condition for registration or authorization unless otherwise exempted. 13
7 Transitional arrangements are made for those who were already in the insurance intermediary business immediately before 1 January They will also be required to attend the Continuing Professional Development Programme to upkeep and enhance their professional knowledge as a prerequisite for the renewal of their registration or authorization. Further Information For further information about the regulation of insurance intermediaries, you may contact us at the following address : The Insurance Authority Office of the Commissioner of Insurance 21st Floor Queensway Government Offices 66 Queensway Hong Kong Telephone : Facsimile : address : iamail@oci.gov.hk You may also visit our homepage on the Internet for further information on the Hong Kong insurance industry and the work of our office. Our website is http :// Related Organizations The Hong Kong Federation of Insurers Room 902 First Pacific Bank Centre 56 Gloucester Road Wanchai Hong Kong Telephone : Website : 14
8 Insurance Agents Registration Board Room 902 First Pacific Bank Centre 56 Gloucester Road Wanchai Hong Kong Telephone : Website : The Hong Kong Confederation of Insurance Brokers 22nd Floor Prince s Building 10 Chater Road Hong Kong Telephone : Website : http :// Professional Insurance Brokers Association Limited Room 905 9th Floor Hip Kwan Commercial Building 38 Pitt Street Yaumatei Kowloon Telephone :
9 This booklet is a general guide only and is not a full and authoritative statement of the law. We have made every effort to ensure that the information in this booklet is correct at the date shown below. However, changes in law or other administrative practice may make the booklet become gradually less accurate. Office of the Commissioner of Insurance July 2000
10 Designed by the Information Services Department Printed by the Printing Department Hong Kong Special Administrative Region Government Printed on paper made from woodpulp derived from renewable forests
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