Hong Kong Insurance Intermediary License Application Guide
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 by governing the conduct of insurance intermediaries through a licensing system.
Therefore, individuals who want to enter the insurance industry need to apply for a license from the IA after passing the insurance intermediary examination. Since the IA does not conduct examinations itself, aspiring Hong Kong insurance intermediaries need to take the entrance examination at the PEAK Continuing Education Center of the Vocational Training Council (VTC) in Hong Kong. VTC PEAK is only responsible for administering the examination and does not handle licensing matters.
How to apply for an IA Hong Kong insurance license?
To work in the Hong Kong insurance industry, one must hold a license. So, how can one apply for a Hong Kong insurance license?
The IA’s requirements for individual license applications are as follows:
1.Meet the educational requirements stipulated in the “Guidelines on the ‘Fit and Proper’ Criteria for Licensed Insurance Intermediaries under the Insurance Ordinance (Chapter 41)”, such as at least graduating from Form 5, achieving a pass in 5 subjects in the Hong Kong Certificate of Education Examination (HKCEE) or Diploma Examination (HKDSE), with 2 of the subjects including Chinese, Mathematics or English, Mathematics, etc.
2.Meet the requirements for the insurance intermediary qualification examination, unless exempted;
3.Have a credible reputation and financial status.
Generally, most license applicants can meet the educational and credit requirements, and only need to pass the insurance intermediary qualification examination administered by the Vocational Training Council. After passing the examination, the license applicant also needs to find an insurance company or insurance brokerage to act as their appointing principal, which is also known as “listing.”
Once everything is ready, you can start preparing to apply for a license from the IA. The application process involves submitting the “Insurance Intermediary Form” in writing by the company or submitting the license application electronically to the IA through the online platform “Insurance Intermediary One-Stop Service” (currently only applicable to individual license applications).
Is the insurance license issued for a limited period? When do I need to retake the insurance intermediary qualification examination?
Once you pass the insurance intermediary qualification examination and successfully obtain a license, the license will remain valid as long as you do not leave the insurance company or brokerage that applied for the license on your behalf and meet the renewal requirements. You do not need to retake the Insurance Intermediary IIQE examination you have already passed.
However, if you leave your affiliated insurance company or brokerage and do not find another insurance company or brokerage to list you within two years after leaving, you will need to retake the relevant insurance intermediary examination.
Is there a fee for applying for a license?
As the Hong Kong Insurance Authority took over the supervision of the insurance industry on September 23, 2019, the license application fees have been waived for the first five years (from September 23, 2019, to September 22, 2024) under the new insurance intermediary regulatory regime. The license fees for the subsequent period have not been announced yet.
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:
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