Will individual insurance licenses issued by the Hong Kong Insurance Authority expire? What is the validity period?
In Hong Kong, once insurance intermediaries (including insurance agents and brokers) have successfully obtained a license, it remains valid as long as the license is not terminated or revoked.
However, maintaining the license’s validity is not a one-time effort; the following requirements must be met:
1.Renewal
Licenses issued by the Insurance Authority to licensed insurance intermediaries under the Insurance Ordinance (Chapter 41) have a validity period of 3 years (except in special circumstances), so they need to be renewed every 3 years.
Licensed insurance intermediaries must apply to the Insurance Authority for renewal no less than 45 days before the expiration date of their current license.
Individual licensees (i.e., licensed individual insurance agents, licensed business representatives (agents), and licensed business representatives (brokers)) can submit license renewal applications electronically through the Insurance Intermediaries Portal.
For details on the Insurance Intermediaries Portal license renewal process, please refer to:
2.Renewal fees
The Hong Kong Insurance Authority took over the regulatory duties of the insurance industry on September 23, 2019. Under the new insurance intermediary regulatory system, license application fees have been waived for the first five years (i.e., from September 23, 2019, to September 22, 2024). The fees for subsequent licenses have not yet been announced.
3.Continuing Professional Development (CPD)
The “Guidelines on Continuing Professional Development for Licensed Insurance Intermediaries” stipulate the following requirements for the continuing professional development of licensed insurance intermediaries:
“Individual licensed insurance intermediaries should engage in continuing professional development to ensure their professional and regulatory knowledge, as well as understanding of ethical standards, are kept up-to-date, ensuring they possess the professional competence to conduct regulated activities.” Therefore, individual licensees (i.e., licensed individual insurance agents, licensed business representatives (agents), and licensed business representatives (brokers)) must participate in qualified continuing professional development activities during each assessment period (usually from August 1 of the previous year to July 31 of the current year) to obtain a minimum of 15 continuing professional development hours, including at least 3 hours related to “ethics or regulations”, and submit a “Continuing Professional Development Declaration”.
Travel insurance agents, on the other hand, must obtain a minimum of 3 continuing professional development hours each year. There is no mandatory requirement to participate in continuing professional development hours related to “ethics or regulations”.
4.Continuously meeting the “fit and proper person” criteria
The “Guidelines on Fit and Proper Criteria for Licensed Insurance Intermediaries” stipulate:
Licensed insurance intermediaries should continue to maintain their status as fit and proper persons.
Therefore, licensed insurance intermediaries must meet the requirements of the guidelines not only before applying for a license but also after obtaining a license, such as possessing appropriate abilities and a reliable reputation.
How can we help?
2CExam provides HKSI LE, IIQE, EAQE and SQE related exam preparation materials. We sell mock question banks for HKSI LE Papers 1, 2, 3, 5, 6, 7, 8, 9, 12 in Chinese and English; and bibles for HKSI LE Papers 1, 2, 6, 7, 8 in Chinese. We also offer 1 on 1 tutorial services. Besides, we have also made free tutorial videos for HKSI LE Papers 1, 2, 6, 7, 8, 12 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
How to check the results of HKSI Paper?
How to check the results of HKSI LE Paper? How to check the results of HKSI LE paper? There are two situations for this. The first one is that if you take the exam in Hong Kong, most of them are computer-based exams, and you will know your results immediately after you finish the exam.…
What exam should I take if I want to be a sponsor?
In Hong Kong, unless an individual or company is exempted, If they wish to conduct the ten “regulated activities” defined by the Securities and Futures Ordinance, they need to apply for a license/registration with the Securities and Futures Commission. Type 1: Dealing in securities Type 2: Dealing in future contracts Type 3: Leveraged…
What exam should I take if I want to help customers buy and sell futures and options?
In Hong Kong, unless an individual or company is exempted, if they wish to conduct the ten “regulated activities” defined by the Securities and Futures Ordinance, they need to apply for a license/registration with the Securities and Futures Commission. Type 1 Dealing in securities Type 2 Dealing in futures contracts Type 3 Leveraged foreign…
What exam should I take if I want to help clients buy and sell Hong Kong stocks, US stocks, and bonds?
In Hong Kong, unless an individual or company is exempted, if they wish to conduct ten “regulated activities” defined by the Securities and Futures Ordinance, they need to apply for a license/registration with the SFC. Type 1 Dealing in securities Type 2 Dealing in futures contracts Type 3 Leveraged foreign exchange trading Type…
What exam should I take if I want to sell group insurance, accident insurance and disability insurance with death compensation?
Are group insurance, accident insurance and disability insurance with death compensation general insurance policies or long-term policies? In fact, there is no absolute answer, because an insurance policy with both accident/disability compensation and life insurance components can be general policies or long-term policies, depending on the plan. As in death compensation accident insurance: It…
What exam should I take if I want to sell life insurance, savings life insurance, annuities, and critical illness insurance?
Life insurance, endowment insurance, annuities, and critical illness insurance are all insurances that are particularly related to human life. Life insurance and endowment life insurance are types of insurance that pay consolation money to the beneficiary after the death of the insured. Annuities are closely related to the life of the insured. Basically for…
What exam should I take if I want to sell accident insurance, domestic helper insurance, and medical insurance?
Accident insurance, domestic helper insurance, and medical insurance are all medical-related insurances that are purchased in order to avoid burdening huge (medical) expenses. According to Hong Kong’s “Insurance Ordinance”, general business protection covers 17 categories, including accidents, sickness, and general legal liability. Therefore, if you want to sell accident insurance, domestic helper insurance, and medical…
What exam should I take if I want to sell engineering insurance and liability insurance?
Engineering insurance and liability insurance are insurances designed to avoid huge financial burdens caused by huge losses. Part of the engineering insurance will protect the legal liabilities of causing the third party to be injured or have property losses; while the liability insurance is to compensate for the liabilities derived from causing injuries or losses…
What exam should I take if I want to sell car insurance, water damage insurance, home insurance, property insurance, and marine cargo insurance?
Car insurance, water damage insurance, home insurance, property insurance, and marine cargo insurance are all property insurances that are purchased to cover losses caused by accidents. According to Hong Kong’s “Insurance Ordinance”, general business insurance covers 17 major categories, including land vehicles, ships, fires and natural forces, damage to property, etc. Therefore, if you want…
What is the Use for IIQE Certificates?
Is there any difference between notification of results and a certificate? Do I need to submit both at the same time when I apply for a license? The IIQE notification of results and certificate are two different kinds of proof. The Vocational Training Council (VTC) Institute of Professional Education and Knowledge (PEAK) is responsible…