Where can I find free study resources for the Hong Kong Insurance Intermediaries Qualifying Examination Paper I “Principles and Practice of Insurance” (IIQE Paper 1)?

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					✓

Where can you take the Insurance Intermediaries Qualifying Examination Paper I “Principles and Practice of Insurance”?

The Insurance Intermediaries Qualifying Examination (IIQE) Paper 1 in Hong Kong is administered by the Vocational Training Council’s Professional Examination and Assessment Centre (PEAK). The examination is available in written, computer-based, and remote formats.

Exam type: Multiple Choice Questions

Language of the test: Bilingual, in English and Chinese

Number of questions: 75

Duration of the exam: 2 hours

Exam fee: $250 for the computer-based exam; $185 for the written exam; $850 for the remote exam.

Exam results: “Pass” or “Fail”

The pass mark is 70%. Candidates must answer 53 questions correctly to pass the exam.

The examination results notice will not show the specific scores, nor will it disclose the questions and their correct answers.

The syllabus for the Insurance Intermediaries Qualifying Examination Paper I “Principles and Practice of Insurance” in Hong Kong is as follows:

Chapter	Weight
Chapter 1 – Risk and Insurance	12%
Chapter 2 – Legal Principles	16%
Chapter 3 – Principles of Insurance	30%
Chapter 4 – Main Functions of Insurance Companies	9%
Chapter 5 – Structure of the Hong Kong Insurance Industry	5%
Chapter 6 – Regulatory Framework of the Insurance Industry	21%
Chapter 7 – Professional Ethics and Other Relevant Issues	7%
Total	100%

The registration link for the “Principles and Practice of Insurance” examination held by the PEAK of VTC Vocational Training Council is as follows: https://www.peak.edu.hk/exam/econline/zh/ 

Please note that students who pass the remote examination need to, within 18 months from the date of the examination:

1.Complete the specific training course for the relevant qualification examination paper operated by the Vocational Training Council (some Continuing Professional Training hours can be obtained after completing the course); or

2.Participate in the relevant paper of the original qualification examination and obtain a passing score.

Otherwise, the license will expire at the end of the 18-month period.

How to get the notice of results?

For candidates who participate in the “Principles and Practice of Insurance” in the PEAK Examination Center of the Vocational Training Council,

1.Written exam

The results of the written examination can be viewed, downloaded, and printed in the “Check Examination Results” system on the website of the examination center from the fifth full working day after the examination.

2.Computer examination

The results of the computer examination will be displayed on the computer screen immediately after the examination.

Candidates can download and print the notice of results in the “Check Examination Results” system on the website of the examination center one hour after the designated end time of the examination.

3.Remote examination

The results of the remote examination will be displayed on the computer screen of the examination device immediately after the examination.

Candidates can view, download, and print the notice of results in the “Check Examination Results” system on the website of the examination center from the third full working day after the examination.

Please note that the examination center does not provide a printed copy of the notice of results. The examination results and the notice of results will only be stored in the “Check Examination Results” system for three months (calculated from the examination date).

Where to find free study materials for Insurance Intermediaries Qualifying Examination Paper I “Principles and Practice of Insurance”?

Official study guide

The Insurance Authority has compiled a “Study Guide for the Principles and Practice of Insurance Examination” to assist candidates in preparing for the examination. It can be downloaded for free on the Insurance Authority and PEAK’s websites.

Insurance Authority free download link:

https://www.ia.org.hk/sc/supervision/reg_ins_intermediaries/insurance_intermediaries_qualifying_examination.html

PEAK free download link:

https://www.peak.edu.hk/exam/tc/studynotes

2.Free instructional videos

B station: https://www.bilibili.com/video/BV18t411e7gi/?vd_source=d4cdb4b41821c08c5020dac2c8422d92 

YouTube: https://www.youtube.com/playlist?list=PLilKLKW6-ssgwIUeOjeCYOISXctmuOo5M 

3.Free practice questions

中文保險卷一 IIQE Paper 1 第一章

It should be noted that since the study guide of “Study Guide for the Principles and Practice of Insurance Examination” is a total of 212 pages, the knowledge points covered by the examination are wide, and short-term memory may be relatively unreliable. It may be difficult to memorize so many concepts that have not been understood, because there is a good chance that after reading the whole book, you have already forgotten most of the first half.

And, the questions drawn in each examination are not the same, there is a big luck component.

Therefore, when preparing for the IIQE examination, you should ensure that you fully understand the examination syllabus and requirements, formulate an appropriate study plan, and actively participate in mock exams to improve your test-taking ability.

Therefore, our suggested review method is:

1.Read a chapter of the study guide/free tutorial videos first.

2.Complete the practice of a chapter of mock questions.

This will reinforce your understanding and memory of the material.

Lastly, 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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