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 I take the Insurance Intermediaries Qualifying Examination Paper II “General Insurance”?
The Hong Kong Insurance Intermediaries Qualifying Examination IIQE Paper 2 is administered by the Professional Education and Knowledge (PEAK) division of the Vocational Training Council (VTC) in Hong Kong. It is offered in written, computer-based, and remote examination formats.
Exam Format: Multiple Choice Questions
Exam Language: Bilingual (Chinese and English)
Number of Questions: 50 questions
Exam Duration: 1 hour and 15 minutes
Exam Fee: Computer-based $250; Written $185, Remote exam $850
Exam Result: “Pass” or “Fail”.
Passing Score: 70%, candidates must answer correctly 35 questions to pass the exam.
The notification of exam result does not show the specific score, and the exam questions and their correct answers will not be disclosed.
The syllabus for the Hong Kong Insurance Intermediaries Qualifying Examination Paper 2 “General Insurance” is as follows:
| Chapter | Weightage |
| Chapter 1: Insurance Products | 46% |
| Chapter 2: Underwriting and Policy Wording | 34% |
| Chapter 3: Claims | 10% |
| Chapter 4: Customer Service | 10% |
| Total | 100% |
The registration link for the “General Insurance” examination at the Vocational Training Council’s (VTC) PEAK Advanced Training Institute is as follows: https://www.peak.edu.hk/exam/econline/zh/
Please note, for those who pass through remote examinations, within 18 months from the date of examination, they must:
1.Complete the special training course for the relevant qualification examination papers operated by the Vocational Training Council (some continuing professional training hours can be obtained after completing the course); or
2.Participate in the relevant papers of the original qualification examination and pass the grade.
Otherwise, the license will expire when the 18-month period expires.
How to get the result notice?
For candidates who take the “General Insurance” exam at the PEAK Continuing Education Centre 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 examination center webpage 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 examination is completed.
Candidates can download and print the results notice from the “Check Exam Results” system on the examination center webpage one hour after the designated end time of the examination.
3.Remote test
The remote test results will be displayed on the computer screen of the examination device immediately after the examination is completed.
Candidates can check, download, and print the results notice from the “Check Exam Results” system on the examination center webpage starting from the third full working day after the exam.
Please note that the examination center does not provide a printed copy of the results notice. The examination results and the results notice will only be stored in the “Check Exam Results” system for a period of three months (calculated from the examination date).
Where can I find free study materials for the Insurance Intermediaries Qualifying Examination Paper II “General Insurance” exam?
Official Study Manual
The Insurance Authority has prepared a “Study Manual for General Insurance Examination” to assist candidates in preparing for the examination. Candidates can download it for free from the websites of the Insurance Authority and the PEAK Continuing Education Centre.
Insurance Authority free download link: https://www.ia.org.hk/sc/supervision/reg_ins_intermediaries/insurance_intermediaries_qualifying_examination.html
PEAK Continuing Education Centre free download link: https://www.peak.edu.hk/exam/tc/studynotes
2.Free teaching videos
YouTube: https://www.youtube.com/playlist?list=PLilKLKW6-ssjODlao-y8iYkY_oRJRwgbk
3.Free practice questions: https://hksiiiqepasspaper.online/iiqep2ct1/
Please note that the “Study Manual for General Insurance Examination” is 164 pages long. Although it is not thick, the knowledge points and scope involved in the examination are relatively broad. People’s short-term memory may be relatively unreliable. It may be difficult to remember so many concepts that have not been understood by rote, because there is a great chance that after reading the whole book, you have already forgotten most of the first half.
Also, the questions drawn for each examination are not exactly the same, and there is a large element of luck.
Therefore, when preparing for the IIQE examination, you should make sure that you fully understand the examination syllabus and requirements, make an appropriate study plan, and actively participate in mock examinations to improve your examination skills.
Therefore, our recommended 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.
Finally, I wish you a successful 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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