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
Is the IIQE paper based exam or computer based exam easier? Which exam is better to partake in?
Many people are curious about the differences between the IIQE’s computer-based exam and the paper-based exam. As per the two exams’ content, they are pretty much identical. The two exams use the same Study Guide, the exam questions are drawn in the same question bank. Some people say that they have taken a…
Is the HKSI paper-based exam or the computer-based exam easier? Which is better to partake in?
Many people are curious about the differences between the HKSI LE’s computer-based exam and the paper-based exam. As per the two exams’ content, they are pretty much identical. The two exams use the same Study Guide, the exam questions are drawn in the same question bank. Some people say that they have taken…
What are the differences between a computer-based and paper-based exam for the Estate Agents / Salespersons Qualifying Examinations?
There are differences between the computer-based exam and the paper-based exam? Some people say that the computer-based exam / paper-based exam will be easier? Many people are curious about the differences between the EAQE/SQE’s computer- based exam and the paper- based exam. As per the two exams’ content, they are pretty much…
What is the difference between the computer-based exam and the paper-based exam of the Insurance Intermediaries Qualifying Examination
Many people are curious about the difference between the IIQE’s computer-based exam and the paper-based exam. First of all, IIQE does not hold many paper-based examinations. In many cases, it will only hold paper-based examinations for Paper 1. If you have special needs, such as not being proficient with computers, or having a vision…
What are the differences between the computer-based exam and the paper-based exam of the Licensing Examination for Securities and Futures Intermediaries (LE)?
There are differences between the computer-based exam and the paper-based exam? Some people say that the computer-based exam / paper-based exam will be easier? Many people are curious about the differences between the HKSI LE’s computer-based exam and the paper-based exam. First of all, HKSI does not hold many paper-based examinations. In many…
Which Licensing Examination for Securities and Futures Intermediaries exam paper should I partake in?
If you want to work in the front line of the securities industry, you have a good chance of needing to take The Licensing Examination for Securities and Futures Intermediaries. As for what test papers you need to take, first of all, you need to know that the number of the exam paper has…
If I have an overseas professional qualification, can I obtain a SFC securities license simply by recognising my prior qualification
Some students have worked in the securities finance industry outside of Hong Kong, and now they also need to obtain a securities business license in Hong Kong. Can work experience in the securities industry abroad help you waive the exam and allows a candidate to directly apply for the securities license from the Securities…
In order to obtain exemption from the HKSI LE exam or SFC’s academic requirement, how is relevant industry experience considered?
After reading the “Competency Guidelines” issued by the Securities Regulatory Commission, some students may have a big question mark on “Relevant Industry Experience”, “have X years of experience in the past X years”, and then ask us what kind of experience are counted as industry experience so they can be exempted from the Licensing Examination…
Which insurance intermediary qualifying examination paper should I take?
If you want to work in the front line of the insurance industry, you have a good chance of needing to take the Insurance Intermediaries Qualifying Examination (IIQE). As for what exam papers you need to take, first you can check whether you meet certain conditions to be exempted from specific exam paper combinations…
The difference between IA Responsible Officer(RO) and technical representative (TR)
Regulatory Organisation Before explaining the difference between Responsible Officer and Technical Representative, you must first know that there is only one regulatory agency that regulates companies engaging in insurance business: the Insurance Authority (IA). All the powers concerning licensing matters, supervision tasks, sanctions and investigations of intermediaries of insurance intermediaries, insurance companies and insurance…