What is the difference with the IIQE examination after the Insurance Authority (IA) takes over the insurance industry?

July 26, 2021

 

The long-standing self-regulatory method of the insurance industry officially ended on September 23, 2019. Beginning on September 23, 2019, the Insurance Authority (IA) took over the management of all compliance, licensing, monitoring and disciplinary matters for the entire insurance industry. After taking over, the Insurance Authority (IA) has also made changes to some of the regulations; With that said, has the content of the Insurance Intermediaries Qualifying Examination changed?

 

The answer is: of course there are. Because part of the content of IIQE is about the regulatory framework and the qualifications of intermediaries. 

 

After the Insurance Authority (IA) took over, the IIQE study notes mainly has the following 3 changes:

 

  • Regulatory Institution

The regulatory and licensing work that was previously carried out jointly by the OCI, PIBA, CIB, and HKFI has now all fallen to the Insurance Authority. Therefore, all parts related to supervision, licensing, reporting, investigation, and sanctions have been changed to be carried out by the Insurance Authority (IA)

 

  • Insurance related regulations

The Insurance Companies Ordinance has been renamed to the Insurance Ordinance, therefore all parts of the manual that mentioned the word ”Insurance Companies Ordinance” will be changed to ”Insurance Ordinance”. In addition, there is also a new requirement within the Insurance Ordinance: Insurance practitioner(s) must keep records separately for each category of long-term business, and the assets maintained for long-term insurance cannot be used for purposes other than thatf.

 

  • Fit and Proper requirements

The Insurance Authority has also made a few changes to the “Fit and Proper Guidelines“, adding requirements such as academic qualifications, and extending the scope of application of the guidelines to more key management employees. This information will also be presented in the study notes. 

 

In sum, as long as candidates be aware of the regulatory framework change, the takeover actually has a little influence to the exam.

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