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.
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
-
Phone:
+852 2110 9644
-
Email:
-
WhatsApp
+852 9347 2064
-
WeChat
hk2cexam
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?
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?
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.?
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?
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?
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?
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?
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?
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?
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?
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…