What is an insurance broker in Hong Kong?
In Hong Kong, the business of promoting, advising on, and servicing insurance products is regulated by the Insurance Authority of Hong Kong.
“According to Section 64G of the Insurance Ordinance, no person may carry on a regulated activity or hold himself out as carrying on a regulated activity in the course of his business or employment or for reward unless the person is a licensed insurance intermediary or a person exempt under the Insurance Ordinance. Any person who contravenes Section 64G of the Insurance Ordinance commits an offense.” Therefore, anyone in Hong Kong must obtain a license from the Insurance Authority of Hong Kong to become a licensed insurance intermediary in order to engage in insurance sales and promotion activities.
Licensed insurance intermediaries in Hong Kong refer to professionals who are engaged in the promotion, advising, and servicing of insurance products. Their main responsibilities include understanding customer needs, promoting insurance products, providing after-sales service, and coordinating communication with insurance companies.
Individual licensed insurance intermediaries are divided into three categories: licensed individual insurance agents, licensed business representatives (agents), and licensed business representatives (brokers). The information of licensed insurance intermediaries can be found in the “Register of Licensed Insurance Intermediaries” of the Insurance Authority.
How to become a licensed insurance intermediary in Hong Kong?
The Insurance Authority stipulates that, regardless of whether they are licensed individual insurance agents, licensed business representatives (agents), or licensed business representatives (brokers), applicants must:
Meet the educational requirements stipulated in the “Guidelines on the ‘Fit and Proper’ Criteria for Licensed Insurance Intermediaries under the Insurance Ordinance (Cap. 41)” (Guideline 23);
Unless exempted, meet the requirements of the Insurance Intermediary Qualifying Examination;
Have credible reputation and financial status.
Therefore, if you want to enter the insurance industry in Hong Kong, you must pass the Insurance Intermediary Qualifying Examination and apply for the corresponding license from the Hong Kong Insurance Authority within the valid period of the exam results. Only then can you officially carry out insurance business as a licensed insurance intermediary.
What is the Insurance Intermediary Qualifying Examination in Hong Kong?
The Insurance Intermediaries Qualifying Examination (IIQE) is an examination stipulated by the Insurance Authority of Hong Kong, the regulatory authority of the Hong Kong insurance industry. It aims to ensure that insurance intermediaries have the necessary professional knowledge and skills, thereby protecting consumer interests and maintaining the stability and fairness of the insurance market.
Passing the IIQE is a necessary condition for insurance intermediaries in Hong Kong to obtain a license, and it is one of the entry thresholds for the Hong Kong insurance industry.
What is the minimum educational requirement to apply to become a licensed insurance intermediary?
According to the Insurance Ordinance, a licensed insurance intermediary must be a “fit and proper” person. According to the “Guidelines on the ‘Fit and Proper’ Criteria for Licensed Insurance Intermediaries under the Insurance Ordinance (Cap. 41)” (“Guideline 23”), applicants for individual licensed insurance intermediaries (i.e., licensed individual insurance agents, licensed business representatives (agents), or licensed business representatives (brokers)) must obtain one of the following educational or professional qualifications:
1.Hong Kong Diploma of Secondary Education (HKDSE) or Hong Kong Certificate of Education Examination (HKCEE) – passing in five subjects including Chinese Language/English Language and Mathematics.
2.International Baccalaureate Diploma.
3.Yi Jin Diploma – applicants should complete the Extended Mathematics elective.
4.For Mainland China’s college entrance examination, the score should be at or above the “second-line” in the relevant province/city; or the scores for Chinese/English and Mathematics should reach 50% or above; and the total score of the college entrance examination should reach 50% or above; and the official certification of the college entrance examination results should be obtained from the “XueXin Net”.
The Insurance Intermediaries Qualifying Examination consists of five papers: Principles and Practice of Insurance (Paper I, IIQE Paper 1), General Insurance (Paper II, IIQE Paper 2), Long Term Insurance (Paper III, IIQE Paper 3), Investment-Linked Long Term Insurance (Paper V, IIQE Paper 5), and Travel Insurance Agents Examination (Paper VI, IIQE Paper 6).
Unless exempted, those who intend to engage in:
- General insurance brokerage business must pass the Principles and Practice of Insurance Examination (Paper I, IIQE Paper 1) and General Insurance Examination (Paper II, IIQE Paper 2).
- Long-term insurance (excluding linked long-term insurance) brokerage business must pass the Principles and Practice of Insurance Examination (Paper I, IIQE Paper 1) and Long Term Insurance Examination (Paper III, IIQE Paper 3).
- Long-term insurance (including linked long-term insurance) brokerage business must pass the Principles and Practice of Insurance Examination (Paper I, IIQE Paper 1), Long Term Insurance Examination (Paper III, IIQE Paper 3), and Investment-Linked Long Term Insurance Examination (Paper V, IIQE Paper 5).
- Composite insurance (excluding linked long-term insurance) brokerage business must pass the Principles and Practice of Insurance Examination (Paper I, IIQE Paper 1), General Insurance Examination (Paper II, IIQE Paper 2), and Long Term Insurance Examination (Paper III, IIQE Paper 3).
- Composite insurance (including linked long-term insurance) brokerage business must pass the Principles and Practice of Insurance Examination (Paper I, IIQE Paper 1), General Insurance Examination (Paper II, IIQE Paper 2), Long Term Insurance Examination (Paper III, IIQE Paper 3), and Investment-Linked Long Term Insurance Examination (Paper V, IIQE Paper 5).
- Travel insurance agent business must pass the Travel Insurance Agents Examination (Paper VI, IIQE Paper 6).
| Exam PaperBusiness category | I | II | III | V | VI |
| General Insurance | ✓ | ✓ | |||
| Long Term Insurance (excluding linked) | ✓ | ✓ | |||
| Long Term Insurance (including linked) | ✓ | ✓ | ✓ | ||
| Composite Insurance (excluding linked) | ✓ | ✓ | ✓ | ||
| Composite Insurance (including linked) | ✓ | ✓ | ✓ | ✓ | |
| Travel Insurance Agent | ✓ |
保險中介人資格考試卷三《長期保險》考試在哪考？
The Insurance Intermediaries Qualifying Examination Paper 3 “Long Term Insurance” is conducted by the Peak Professional Education and Examination Center of the Vocational Training Council (VTC) in Hong Kong, and is offered in written, computer, and remote formats.
Exam Type: Multiple Choice Questions
Question Language: Bilingual (Chinese and English)
Number of Questions: 50
Exam Duration: 1 hour 15 minutes
Exam Fee: Computer Test $250; Written Test $185; Remote Test $850
Exam Result: “Pass” or “Fail”.
The pass score is 70%, which means candidates must answer correctly 35 questions to pass the exam. The score notification will not show the specific score, nor will it disclose the questions and their correct answers.
The syllabus for the Insurance Intermediaries Qualifying Examination Paper 3 “Long Term Insurance” is as follows:
| Chapter Title | Weight |
| Chapter 1: Introduction to Life Insurance | 10% |
| Chapter 2: Types of Life Insurance and Annuities | 20% |
| Chapter 3: Insurance Benefit Riders and Other Products | 24% |
| Chapter 4: Explanation of Life Insurance Policies | 24% |
| Chapter 5: Life Insurance Procedures | 22% |
| Total | 100% |
Link to register for the “Long Term Insurance” exam at the Peak Professional Education and Examination Center of the VTC: https://www.peak.edu.hk/exam/econline/zh/
Please note that students who pass the remote test will also need to complete the following within 18 months from the date of the examination:
1.Complete the designated training course for the relevant qualification examination papers managed by the Vocational Training Council (some Continuing Professional Training hours can be obtained after completing the course); or
2.Take the relevant papers of the original qualification exam and pass the exam.
Otherwise, the license will expire when the 18-month period ends.
How to get the score notification?
For candidates who take the “Long Term Insurance” exam at the Peak Professional Education and Examination Center of the Vocational Training Council,
1.Written Test: The written test results can be checked, downloaded, and printed from the “Check Exam Results” system on the exam center’s website starting from the fifth full working day after the exam.
2.Computer Test: The computer test results will be displayed on the computer screen immediately after the exam. Candidates can download and print the score notification from the “Check Exam Results” system on the exam center’s website one hour after the designated end time of the exam.
3.Remote Test: The remote test results will be displayed on the computer screen of the test equipment immediately after the exam. Candidates can check, download, and print the score notification from the “Check Exam Results” system on the exam center’s website starting from the third full working day after the exam.
Please note that the exam center does not provide printed score notifications. The exam results and score notifications will only be stored in the “Check Exam Results” system for three months (calculated from the exam date).
Where can I find free study resources for the Insurance Intermediaries Qualifying Examination Paper 3 “Long Term Insurance”?
1.Official Study Guide:
The Insurance Authority has compiled a “Long Term Insurance Examination Study Guide” to assist candidates in the exam. Candidates can download it for free from the websites of the Insurance Authority and the Peak Professional Education and Examination Center.
Insurance Authority Free Download Link: https://www.ia.org.hk/sc/supervision/reg_ins_intermediaries/insurance_intermediaries_qualifying_examination.html
Peak Professional Education and Examination Center Free Download Link: https://www.peak.edu.hk/exam/tc/studynotes
2.Free Teaching Videos:
Bilibili:
YouTube：
3、Free Practice Questions
Please note, the “Long Term Insurance Examination Study Guide” is 227 pages long. Although not thick, the exam covers a wide range of knowledge points and areas. Short-term memory may be relatively unreliable, and rote memorization might be difficult for such many concepts that have not been understood. There’s a good chance that after reading the entire book, you’ve already forgotten much of the first half. Moreover, each exam pulls different questions, so there’s a strong element of luck.
Therefore, when preparing for the IIQE exam, you should ensure that you fully understand the exam syllabus and requirements, develop an appropriate study plan, and actively participate in mock exams to enhance your exam-taking skills.
Thus, we suggest the following study method:
1.First, read a chapter from the study guide/watch a free teaching video.
2.Then, complete the practice questions for that chapter.
This will help reinforce understanding and memory of the material.
Finally, good luck with your exam!
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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