To apply for an insurance license, you need to meet the “Fit and Proper” Guidelines issued by the Insurance Authority (IA). The IA will look into your past criminal records, the Monetary Authority / Securities and Futures Commission / MPFA / other relevant agencies’ sanction records, as well as whether there are any places where the court has ruled that your commercial entity is liable for fraud/misconduct, etc.
In other words, past criminal records will affect license applications. However, it is not absolutely impossible to successfully apply for a license with a criminal record. When processing the license applications, IA staff will also consider whether the criminal record is related to professional character. For example, accidental driving and fighting when young may not necessarily affect the success of the application. However, there is no explicit stipulation on what can and cannot affect the application. Instead, it depends on the judgment of the staff of the IA. After knowing that you have criminal records, the IA may also give you a chance to explain your circumstance, hence having a criminal record does not necessarily mean you can never gain a license.
However, if you really have a criminal record, you must declare it. Do not deliberately conceal it. If you do not declare but they are discovered by the Insurance Authority, you may be rated as unreliable and unsuitable to become a licensee, and you may even commit another crime.
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