Comprehensive Analysis: Hong Kong Insurance Intermediaries Qualifying Examination

“Buy insurance when you have money, and sell insurance when you don’t have money.” 

In the past, insurance agents were often viewed as salespeople with a lack of professionalism and skills. As insurance becomes an increasingly integral part of our lives, more and more highly-educated and professional individuals are entering the insurance industry.

These high-quality insurance agents possess rich professional knowledge and experience, not only providing clients with better insurance solutions but also offering more comprehensive financial services. They help clients plan their finances reasonably, achieve financial freedom, and ensure family security. At the same time, they also create a better life for themselves and their families through their hard work and dedication.

Do you know that in Hong Kong, before you can sell insurance, you need to pass at least 2 Insurance Intermediaries Qualifying Examinations (IIQE) and apply for a license from the Insurance Authority within the valid period of your exam results?

Where can you register for the Hong Kong insurance exam?

The Insurance Intermediaries Qualifying Examination (IIQE) in Hong Kong is organized by the PEAK Institute of the Vocational Training Council (VTC) of Hong Kong.

Insurance Intermediaries Qualifying Examination registration website: https://www.peak.edu.hk/exam/econline/zh/ 

Insurance Intermediaries Qualifying Examination study manual download website: https://www.peak.edu.hk/exam/tc/studynotes 

How many papers are there in the Hong Kong insurance exam?

The Hong Kong Insurance Intermediaries Qualifying Examination (IIQE) has a total of 5 papers, which are:

The name of the exam is the Insurance Intermediaries Qualifying Examination (IIQE)	Number of questions	Exam time	Passing score
IIQE Paper 1: Insurance Principles and Practice	75 questions	120mins	53 questions
IIQE Paper 2: General Insurance	50 questions	75mins	35 questions
IIQE Paper 3: Long Term Insurance	50 questions	75mins	35 questions
IIQE Paper 5: Investment-linked Long Term Insurance	80 questions	120mins	56 questions
IIQE Paper 6: Travel Insurance Agent Examination	80 questions	120mins	56 questions

Please note that the Mandatory Provident Fund (MPF) exam is not part of the qualification exam for insurance intermediaries.

The Mandatory Provident Fund (MPF) exam can be registered at both the Vocational Training Council PEAK (Professional Education And Knowledge) Exam Centre and the Hong Kong Securities and Investment Institute (HKSI).

Registration links are:

PEAK Exam Centre: https://www.peak.edu.hk/exam/econline/zh/ 

HKSI: https://oes.hksi.org/enrol/listActivity?activity_type=X&category=MPF%20Intermediaries%20Examination 

The study guide for the MPF exam can be downloaded from this website: https://www1.mpfa.org.hk/tch/supervision/mpf_intermediaries/intermediaries_examination/Study_Notes_9th_Chi.pdf 

What is the validity period of the IIQE exam results for Hong Kong insurance intermediaries? How long until they expire?

According to the Insurance Authority’s “Insurance Ordinance” (Chapter 41) and the Guidelines on “Fit and Proper Criteria” for Licensed Intermediaries, Annex 1 – Insurance Intermediaries Examination, the validity period for IIQE exam results for insurance intermediaries in Hong Kong is 2 years.

If an individual passes the relevant exam, the validity period starts from the date of the exam. If the person fails to obtain a license within two years, the qualification exam results will expire. If the individual still intends to enter the industry, he or she will need to pass the relevant exam of the qualification exam again.

What if someone needs to take more than one exam, how is the validity period of the exam results calculated?

If you need to take more than one exam to obtain a license, you need to be aware that all exams passed should be within the 2-year validity period on the day of the license application. If the exam results are more than 2 years old, you will need to retake the exam for the expired papers.

For example, if you need to take IIQE Paper 1 and Paper 3 to obtain a Long Term Insurance license, and you take and pass Paper 1 on January 1, 2023, you will need to pass Paper 3 and submit the license application before January 1, 2025, so that your Paper 1 exam will not be in vain. Please note that the results of the IIQE written exam will be announced at the earliest after 7 days, but the 2-year validity period starts from the day of the exam, not the date of the result announcement. So be careful not to get confused!

What exams do I need to take to become an insurance intermediary in Hong Kong?

It depends on the type of insurance business you will be conducting, in other words, what types of insurance products you plan to sell.

If you plan to sell long-term insurance such as whole life, critical illness, medical and health insurance, etc., you will need to pass Paper 1 and Paper 3 of the IIQE exam.

If you plan to sell general insurance such as home protection, travel insurance, personal accident insurance, group insurance, motor insurance, employee compensation insurance, etc., you will need to pass Paper 1 and Paper 2 of the IIQE exam.

如果你不仅想销售长期保险，还想销售客户可以自选基金和投资比例的投资相连寿险，就需考卷1、卷3和卷5。

If you need to sell travel insurance policies, you can choose to take IIQE Papers 6 or IIQE Papers 1+2.

Does passing the insurance exam in Hong Kong mean you can start working directly in the industry?

The answer is no!

In Hong Kong, you need to be licensed to work in the insurance industry.

This means you must first obtain an insurance license from the Insurance Authority in Hong Kong before conducting any insurance business.

The IIQE insurance intermediary qualification exam in Hong Kong is an important test to ensure the quality of insurance industry practitioners, and it is also one of the important conditions for insurance professionals to obtain a license or registration.

In addition to passing the exam, you also need to meet other requirements, such as educational qualifications, professional qualifications, work experience, reputation, character, financial status, solvency, criminal records, and other requirements related to “fit and proper persons,” before you can apply for a license.

Therefore, passing the exam only fulfills one of the requirements for obtaining a license, and the exam results notification itself is not a license.

Where can I apply for an insurance intermediary license in Hong Kong?

According to the Insurance Ordinance (Chapter 41), one of the main functions of the Insurance Authority (IA) is to regulate and supervise the insurance industry, and through the licensing system, regulate the conduct of insurance intermediaries.

Therefore, individuals who want to enter the insurance industry need to apply for a license from the IA after passing the insurance intermediary exam. Since the IA does not hold exams itself, the insurance intermediary entrance exam in Hong Kong must be taken at the PEAK Institute of Vocational Training Council (VTC) in Hong Kong.

VTC PEAK is only responsible for organizing the exam and is not responsible for licensing matters.

Location, types of exams, validity period, and how to apply for a license for the IIQE insurance intermediary examination in Hong Kong.

What should be noted when taking the IIQE insurance intermediary examination in Hong Kong?

How can we help?

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