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

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

Can a Masters degree graduate in Management, literature subjects graduate, top up degree graduate in finance and law or associate degree holder waive some of the HKSI LE securities exam papers?

May 20, 2021

Earlier we shared that there are some circumstances where students who wish to join the industry as securities practitioners can possibly be exempted from certain exams based on their academic qualifications and/or work experience. If you meet certain academic and/or work experience requirements, students may not have to take HKSI LE Papers 7-12. In other…

How can I verify the identity of past insurance brokers and insurance agents? How to check the insurance intermediary license records expired before September 23, 2019?

May 20, 2021

Where can I verify the identity of insurance brokers and insurance agents?   For information on insurance intermediaries that are still valid after September 23, 2019, or newly applied after that day, you can find them on the public search on the website of Insurance Authority:  https://iir.ia.org.hk/#/index   The development history of insurance brokers and…

Can a holder of an original SFC type 1 license be a type 4 and the type 9 license R.O.?

May 13, 2021

Why do fund managers/asset management companies need to obtain a Type 4 license? There is a type 1 regulated activity (Dealing in Securities) license holder who has many years of experience. This person has passed the Paper 6 of the Licensing Examination for Securities and Futures Intermediaries (HKSI LE). Can he become the RO responsible…

What is the difference between an insurance agent and an insurance broker?

May 13, 2021

Isn’t every business that sells insurance policies called an insurance company? Can an insurance broker mean  both an individual and a company? What are the main differences between insurance brokers and insurance agents? An insurance broker (Broker) selects suitable insurance products on behalf of the client. It can refer to an individual or a company.…

What is the difference between a licensed corporation and a registered institution?

May 12, 2021

  Which licensing exam should a bank staff patake in? Is it regulated by the SFC or HKMA? What does it mean by the commonly mentioned term “SFC license”?  The Securities and Futures Commission, also known as SFC, is the statutory regulator of the securities industry in Hong Kong.The Securities and Futures Commission was established…

What is the difference between an estate agent and a real estate salesperson?

May 12, 2021

Should I take EAQE or SQE to get into the real estate industry? The EAQE/SQE real estate examination result itself does not mean a license Passing the EAQE/SQE exam is just one of the conditions for applying for a license. Passing the exam does not mean obtaining a license, nor can you start your real…

How long is the validity period of the EAQE/SQE license?

May 12, 2021

Do I need to renew my license every year? Where should I apply for a license renewal? Huh? Isn’t the EAQE/SQE test result a license?! Passing the EAQE or SQE is one of the licensing conditions for obtaining a real estate agent/salesperson license. The EAQE and SQE exams are held by the Institute of Professional…

How long is the IA license valid for?

May 12, 2021

Do I need to renew my license every year? Where should I apply for a license renewal? Isn’t the IIQE exam score a license?! Obtaining passing results in the IIQE (Insurance Intermediaries Qualifying Examination) held by the Institute of Professional Education and Knowledge (VTC PEAK) is one of the requirements for applying for an insurance…

How long is the SFC license valid for?

May 11, 2021

Do I need to renew my license every year? Where should I apply for renewal? Will the SFC license become invalid? We often hear people mention the 178 license. What does that mean exactly? In fact, “178 license” is a common misnomer. 178 does not refer to a license, but a combination of exam papers…

What is an IIQE license?

May 11, 2021

How to register for the exam? How to prepare? Isn’t the IIQE test score a license?! Obtaining a passing score in the IIQE (Insurance Intermediaries Qualifying Examination) held by the Institute of Professional Education and Knowledge (VTC PEAK) is one of the requirements for applying for an insurance practitioner license. Since PEAK is a statutory…