How to apply for an insurance intermediary IA license in Hong Kong?

June 24, 2021

 

Many students who have no experience in the insurance industry feel puzzled about the procedures regarding applying for a license. This article mainly teaches students how to prepare to apply for a insurance license.

 

First of all, to apply for an insurance license, you need to meet the requirements of the “Fit and Proper” Guidelines (GL23/Guideline 23) and the Guidelines on  Continuing Professional Development for Licensed Insurance Intermediaries  ” (GL24/Guideline 24) under the Insurance Ordinance (Chapter 41) issued by the Insurance Authority . For example, it is necessary for you to take the IIQE (Insurance Intermediaries Qualifying Examination) relevant examination papers and obtain passing results, to have qualification equivalent or higher than Hong Kong’s Form 5 academic level , and to have no recent records of bankruptcy, and also to possess appropriate ability and skills etc; or else it will affect your ability to continue working in the insurance industry. 

 

Guideline on “Fit and Proper” Criteria Under The Insurance Ordinance”(GL23/Guideline 23)

https://www.ia.org.hk/en/legislative_framework/files/GL4.pdf

 

Guidelines on “Continuing Professional Development for Licensed Insurance Intermediaries” (GL24/Guideline 24)

https://www.ia.org.hk/english/supervision/reg_ins_intermediaries/files/GuidelineonContinuingProfessionalDevelopmentforLicensedInsuranceIntermediaries.pdf

 

Whether you decide to look for a job or take the exams first, both decisions are actually doable without any particular order. Taking the exams first can show your sincerity towards your perspective employer; whereas finding a job before applying to partake in the exam can ensure that your effort is not wasted. Although the two approaches do not have any particular order, they are indeed indispensable. Let’s talk about the exams first. After successfully obtaining the relevant exam results, you need to download or keep a printed copy of the score notice, and pay attention to the validity period of the score. As for finding a job, you need to find a company to hire you before you can apply for a license. Because the Insurance Authority will only process individual applications with the circumstance that that person is appointed by a company, and will not accept applications that are submitted by individuals on their own; as the individual licenses cannot be valid without a company (Principal). Therefore, to obtain a license, either find a job or open a company on your own. 

 

After passing the exam and obtaining a job, you need to check with the HR or the compliance department on what documents are required to be submitted. If you wish to be more meticulous, you can even prepare some necessary documents in advance. For example, you will need to prepare your academic qualifications proof, IIQE relevant exam passing result notice. You are required to provide your result notifications / employment proof / professional qualification proof, if you wish to be exempted from taking the IIQE. You also need to hand over personal information to the colleague who is going to submit your license application form, including the company information you currently act as a director, criminal record, bankruptcy record, MPFA, SFC and HKMA CE Number/License Number (if any).

 

After submitting all the documents to the HR and compliance department, your duties in applying for your license are complete, the rest of the application procedure will be done by your HR or compliance colleagues. They will submit your application to the Insurance Authority, as well as answering any questions raised by IA; in saying that, your colleagues may also need your help in the process. The application may take several weeks to ten weeks, depending on your background or the complexity of the certification and the workload of the Insurance Authorities staff.

 

How can we help?

2CExam provides HKSI LE, IIQE, EAQE and SQE related exam preparation materials. We sell mock question banks for IIQE Papers 1, 2, 3, 5 and MPFE in Chinese and English; and bibles for IIQE Papers 1, 2, 3, MPFE in Chinese. We also offer 1 on 1 tutorial services. Besides, we have also made free tutorial videos for IIQE Papers 1, 2, 3 and MPFE and posted on public channels such as Youtube/ Bilibili/ Tencent/ Iqiyi. 2CExam has been an exam training expert for years. Should you need any help please visit www.2cexam.com or contact us through:

Phone +852 2110 9644 Email: [email protected] Wechat: hk2cexam WhatsApp: +852 9347 2064

Please support us by leaving comments and likes if you think this article helps you!

You can scan or click on the QR codes to visit our social media.

Latest Article

Categories

過往文章

Contact US

Interesting Articles

Why can’t you learn the practise questions by rote when studying for the IIQE Insurance Exam?

May 25, 2022

Students who have taken/ who are going to take the IIQE should know the study note is a several-hundred pages, paragraph form booklet illustrating the exam coverage. Not to mention the length of the text, the expression of concepts requires readers’ intense concentration. So some candidates think that doing only the practise questions should be…

Why can’t you learn the practise questions by rote when studying for the HKSI Licensing Examination (LE)?

May 18, 2022

Students who have taken/ who are going to take the HKSI LE should know the HKSI study note is a several-hundred pages, paragraph form booklet illustrating the exam coverage. Not to mention the length of the text, the expression of concepts requires readers’ intense concentration. So some candidates think that doing only the practise questions…

How to register for the IIQE Insurance Intermediary Qualifying Examination?

May 11, 2022

The IIQE exam should be registered at PEAK instead of the Insurance Regulatory Bureau. The IIQE exam places are quite sought-after. If students have an urgent need to take the exam, students should decide to register as soon as possible. The test period will be issued on a day between the 12th to 17th of…

How to register for the HKSI LE Securities and Futures Practitioner?

May 4, 2022

The HKSI LE exam must be registered at HKSI, but not the SFC. There are two methods for registration. The most popular one is online registration, followed by in-person registration. How to register for HKSI exam Register online: 1. To register for the exam, you must first register as a member of HKSI 2. Click…

Losing Friends and Family Is Inevitable Once Joined the Insurance Industry? 10 Benefits of Working in The Insurance Industry That Can Overturn Your Stereotypes

April 20, 2022

Must people in the insurance industry lose their friends and family? NO! It is not that you won’t have friends when you join the insurance industry. In fact, it depends on whether you use the correct method to sell. When you only care about commissions and don’t care about the needs of your customers, selling…

What kind of jobs can I get after I pass the IIQE Hong Kong Insurance Exam?

April 13, 2022

After passing the IIQE (Insurance Intermediary Qualifying Examination) in Hong Kong, students can start looking for jobs. What job options are there? Bank Relationship Manager (RM) / General Banking Officer (GBO) / Personal Banking Officer / Assistant Relationship Manager (ARM) Some sales positions in the bank, including Relationship Manager (RM) and their assistant – Assistant…

What job opportunities can I get in Hong Kong after passing the HKSI LE securities exam?

April 7, 2022

First, I would like to clarify that some people do not take the HKSI Licensing Examination (also known as LE exam) to find a job, but just to learn more about the financial/ securities market and equip themselves with the necessary knowledge in a compact and more organised way. This article will not cover information…

10 Benefits of Working in the Securities Industry Which Can Bring You a Whole New Perspective

March 30, 2022

Is there an insufficient supply of positions in the securities industry? There are contradictory opinions on the internet. Some say that the financial industry is in demand for talents; others say that the financial industry has burst, and there are too many monks with only a little porridge. From my experience in the recruitment industry…

Is the Securities, Insurance or Real Estate Industry Better? Comparing Incomes amongst Finance Industries

March 22, 2022

Securities and Banking  According to statistics on the Internet and our experience, in Hong Kong, even for some common junior or middle-level positions in the financial/ securities industry, such as risk analyst, research analyst, and compliance officer, the average base salary is between HK$20,000 and 30,000 per month. Many people who have sufficient work experience…

What is updated in 2022 in IIQE Paper 1 Insurance Exam Study Manual? Is the 2017 or older version sufficient for the upcoming exams?

March 18, 2022

The 2021 version of IIQE Paper 1 was officially applicable to exams in 2022 Insurance Authority has taken over the supervision of the insurance industry for more than two years. The IIQE Paper 1 (Insurance Intermediary Qualification Examination) finally put the new regulatory structure in the study manual, and the new study manual can be…