The difference between IA Responsible Officer(RO) and technical representative (TR)

June 30, 2021

Regulatory Organisation

 

Before explaining the difference between Responsible Officer and Technical Representative, you must first know that there is only one regulatory agency that regulates companies engaging in insurance business: the Insurance Authority (IA). All the powers concerning licensing matters, supervision tasks, sanctions and investigations of intermediaries of insurance intermediaries, insurance companies and insurance brokers fall on the Insurance Authority. 

 

Responsible Officer 

 

Insurance businesses that require licensing can be divided into three categories: general business, long-term business (excluding investment-linked), and long-term business (including investment-linked). If an insurance company or an insurance broker firm wants to conduct these businesses, they must appoint at least one Responsible Officer (RO) as a senior manager to supervise the operation of such activities as well as monitor whether employees are legally compliant. This position was formerly known as Chief Executive (CE). Each RO can be responsible for more than 1 business. In other words, if an insurance company sells both general insurance and long-term insurance, they need to arrange at least one person who holds or is eligible to apply for general and long-term business licenses to be a responsible officer and supervise the two businesses at the same time.

 

However, before you want to become the responsible officer of an insurance company or a brokerage firm, there are certain conditions that must be met. Assuming a person has no previous experience in being a responsible officer within an insurance or insurance brokerage firm, but now wishes to become a responsible officer; he/she then needs to meet the requirements of certain academic qualifications and work experience. The minimum academic qualification required to become a responsible officer is to hold a bachelor’s degree from a recognized university or higher education institution. As for work experience, prospective applicants must have at least 5 years of relevant insurance business work experience, of which 2 years must have experience in managing subordinates. Such work experience does not necessarily need to be obtained in Hong Kong, and overseas experience can be recognized as long as sufficient proof can be provided.

 

What is a licensed representative/ Technical Representative

 

In licensed corporations and registered institutions, employees who are not responsible or in charge of supervisory roles but need to obtain licenses to conduct regulated activities are called Technical Representatives (Rep).

 

How to find the IA record to verify the identity of Responsible Officers/ Technical Representatives /independent agents?

 

You can visit Insurance Authority’s Register of Licensed Insurance Intermediaries (Individual)

  1. Link: https://iir.ia.org.hk/#/search/individual
  2. Enter their full name in Chinese or English, or license number
  3. Enter verification code (Captcha code)
  4. Search 
  5. The fifth column from left to right displays the license type of the licensee. Click the row to display more information

 

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

Latest Article

Categories

過往文章

Contact US

Interesting Articles

What Is the Difference Between SFC License And HKMA License?

May 4, 2021

Which license should a bank employee apply for? Will it be supervised by the SFC or HKMA? What is a SFC license? The full name of SFC is the Securities and Futures Commission, and it is the statutory regulator of the securities industry in Hong Kong. The Securities and Futures Commission was established in accordance…

What is the validity period of the HKSI LE Hong Kong Securities Examination results?

May 4, 2021

If you ever asked the questions above, then this article is specially written for you! In order to better comprehend the specification of HKSI’s licensing details, we must first clarify the relationship between the various institutions. HKSI is the abbreviation for Hong Kong Securities and Investment Institute. If you ever considered obtaining license(s) for securities-related…

HKSI LE Exemption

May 4, 2021

Let’s talk about Exemptions: Hong Kong Securities and Investment Institute (HKSI) Licensing Examination Paper 7,8,9,11,12 – Common Misunderstandings we all have when it comes to comprehending the Hong Kong Securities and Investment Institute’s (HKSI) exemption methods and requirements.  Able to Have Exemptions from HKSI Examination Papers 7 to 12 By fulfilling any of the following…

What exactly is a Hong Kong securities license?

May 4, 2021

What is the 178 license?  We often hear people mention the 178 license, what does that mean exactly? In fact “178 license” is perhaps a common misnomer. 178 does not refer to a license, but a combination of exam papers that need to be taken; that is, a combination of three exam papers, paper 1,…

What is the validity period of the EAQE/SQE exam?

April 28, 2021

As a city with a dense population, Hong Kong’s property prices continue to be extremely lucrative. With each buying and selling transaction involves several million, being a real estate agent is a way for many people to make a fortune. Imagine how selling only one deal monthly can already enable you to have a comfortable…

What is the validity period of IIQE test results?

April 28, 2021

“If you have money, buy insurance, if you don’t have money, you can sell insurance.” I wonder if you have heard of this saying. Many people rely on insurance to support themselves and their families. Before entering the industry to sell insurance, you need to take at least 2 Insurance Intermediaries Qualifying Examination (IIQE) exam…