Accurate, reliable salary and compensation comparisons for Hong Kong Southern China: GUANGDONG &/or in case of "HONG KONG thence to interior place in China" China Pacific Property Insurance Co., Ltd. Overseas Agency Dept. Singapore Airlines Limited is a travel insurance agent appointed by AIGHK. 140), a passenger under 12 years of age is exempt from the tax. This represents the final stage of implementation of the reforms which established the Insurance Authority (IA) as Hong Kong’s independent insurance regulator.The IA assumed the regulatory responsibilities of the Office of the Commissioner of Insurance in June 2017 and has taken … Clyde & Co LLP is a limited liability partnership registered in England and Wales. D. Exemption from the IIQE Hear from our MDRT Agents how our Premier Agency strategy supports them in their journey to achieve the highest level of excellence amongst financial planners. Intermediaries will be subject to statutory licensing and conduct requirements, supplemented by rules, codes, guidelines and circulars issued by the Insurance Authority. Existing and former ROs and existing and former individual insurance intermediaries with 15 years' industry experience are exempt from the new minimum education requirements for ROs. Following the direct regulation over insurance intermediaries by the Insurance Authority as from 23 September 2019, CIB will continue to act as the professional representative voice of the insurance broking community in Hong Kong. the new increased CPD hour requirements for individual licensees who are newly licensed within an assessment period set out in Annex 2 of the CPD Guideline will take effect from 1 August 2021. Insurance brokers, on the other hand, represent multiple insurance companies to ensure that you are connected with the right insurance for you. For clarity purpose, CPD activities with IL CPD hours (“IL CPD activities”), assessed and approved by the Hong Kong Council for Accreditation of Academic and Vocational Qualifications (“HKCAAVQ”) for the purpose of fulfilling the IL CPD requirement, can be qualified CPD activities under the IIQAS CPD Programme provided that the said activities are still approved by the HKCAAVQ. Kairat Eshbolotov - Insurance Agent HK. The Insurance Authority has issued two new guidelines for licensed insurance intermediaries (the Guidelines): The Guidelines will come into operation on 23 September 2019, when the new statutory regulatory regime for insurance intermediaries comes into effect – other than the revised minimum continuing professional development (CPD) hours requirement in the CPD Guideline, which will come into operation on 1 August 2021. AIGHK is a licensed insurer authorized to carry on general insurance business in Hong Kong. (Shanghai) 3. *This travel insurance product is underwritten by AIG Insurance Hong Kong Limited (AIGHK). Although authorised institutions (licensed banks, restricted licence banks and deposit-taking companies) are regulated predominantly by the Hong Kong Monetary Authority they (and all relevant employees) must also apply for a licence from the IA if they carry on regulated activities as a licensed insurance intermediary (for example, selling insurance as an insurance agency). The new statutory regime for the regulation of insurance intermediaries in Hong Kong takes effect today. According to the Employment Ordinance (EO), any person who wishes to operate an employment agency (EA) in Hong Kong to provide job-placement service must apply for a licence, or a Certificate of Exemption (CoE) from the Commissioner for Labour before he/she can carry out business. There are carve-outs for individual licencees licensed only to carry out regulated activities in restricted scope travel business. F. Cessation of Insurance Practice and Validity of Examination Result, A. Telephone ： (852) 2270-9288 insurance services to the Hong Kong public from a place outside Hong Kong will also be caught and required to be licensed if the insurance services marketed would constitute a regulated activity in Hong Kong. completed 20 extra CPD hours dedicated towards the additional modules of the enhanced IL Paper (“IL CPD hours** ”) between 1 March 2010 and 29 February 2012, and has not since ceased to be engaged in insurance-related work in the insurance industry in Hong Kong for two consecutive years; or. Carrying on a business is construed widely. Insurance intermediaries (confined to those who were already practising in the insurance intermediary business in Hong Kong immediately before 1 January 2000) who are holders of the Certificate of Proficiency in General Insurance Studies issued by The Hong Kong Federation of Insurers are exempted from P&P and GI Papers of the IIQE. In Hong Kong, licenses or permits are required for an employment agency, event-related activities, travel agency, education, restaurant, and retail shop, if the business is operated in Hong Kong. 13 January 2021 The minimum education standard for individual licensees (licensed individual insurance agents and licensed technical representatives (broker and agent) is increased from completion of Form 5 to achievement of at least level 2 in five subjects (including maths and either Chinese or English) in the Hong Kong Diploma of Secondary Education Examination or equivalent, including certain Hong Kong and international insurance qualifications which will be updated from time to time. 1. Anyone acting as a salesperson of an estate agent must also hold a valid licence. Associate or Fellow of the Chartered Insurance Institute (ACII/FCII); Fellow of the Life Management Institute (FLMI); Chartered Property Casualty Underwriter (CPCU); Fellow of the Institute of Actuaries of England (FIA); Fellow of the Faculty of Actuaries in Scotland (FFA); Fellow of the Institute of Actuaries of Australia (FIAA); Fellow of the Society of Actuaries of the United States of America (FSA); HKSI Practising Certificate of the Hong Kong Securities Institute; completed 20 extra IL CPD hours** within the transitional period (i.e. China Pacific Property Insurance Co., Ltd. Overseas Agency Dept. To provide further guidance, the F&P Guideline sets out constituent elements of each of the above factors. LIBERTY is an authorised insurer regulated by the Insurance Authority under the Insurance Ordinance. Making it easy to purchase an insurance policy. The … Advertisement 202 likes. General insurance (for those who pass only the General Insurance Examination paper plus the Principles and Practice of Insurance Examination paper, or otherwise exempted), Long term (excluding linked long term) insurance (for those who pass only the Long Term Insurance Examination paper plus the Principles and Practice of Insurance Examination paper, or otherwise exempted), Long term (including linked long term) insurance (for those who pass both the Investment-linked Long Term Insurance Examination and Long Term Insurance Examination papers plus the Principles and Practice of Insurance Examination paper, or otherwise exempted), General insurance & Long Term (excluding linked long term) insurance (for those who pass the General Insurance and Long Term Insurance Examination papers plus the Principles and Practice of Insurance Examination paper, or otherwise exempted), General insurance & Long Term (including linked long term) insurance (for those who pass both Investment-linked Long Term Insurance Examination and Long Term Insurance Examination papers, the General Insurance Examination paper plus the Principles and Practice of Insurance Examination paper, or otherwise exempted). Insurance intermediaries (confined to those who were already practising in the insurance intermediary business in Hong Kong immediately before 1 January 2000) in possession of five years’ proven experience in insurance business in Hong Kong within the six-year period immediately before 1 January 2000 are exempted from P&P Paper as well as GI and LT Papers, as appropriate (which relates to the … The F&P Guideline is largely modelled on the existing Guideline on "Fit and Proper" Criteria under the Insurance Ordinance (Cap. (b) Long Term Insurance (LT Paper) 26 Feb 2021 . New Broker Registration()New Broker Registration form to become member of the IBAI Insurance brokers Regulations 2018. While the public healthcare system in Hong Kong is very well developed and meets and sometimes exceeds global standards in many areas, there are downsides. On 26 June 2017, the new Insurance Authority formally took over from the Office of the Commissioner of Insurance as the industry’s regulatory body. Insurance Intermediaries Qualifying Examination for Insurance Brokers ("IIQE"), E. Permitted Lines of Business after passing the IIQE, F. Cessation of Insurance Practice and Validity of Examination Result, Format: Multiple choice questions in Chinese and English. Visitors/Licensees entering the EAA office are required to wear masks and have to undergo body temperature check (and fill in an additional health declaration form if entering a place other than the reception area). In order to apply for a business license in Hong Kong, the company must first be registered with the Companies Registry. This is the case even if his/her licence is suspended (e.g. The regulation of insurance intermediaries in Hong Kong currently runs under a self-regulatory system, with the Hong Kong Federation of Insurers administering the regime for insurance agents and the Hong Kong Confederation of Insurance Brokers and the Professional Insurance Brokers Association administering the regime for insurance brokers. A. The minimum education standard for individual licensees (licensed individual insurance agents and licensed technical representatives (broker and agent) is increased from completion of Form 5 to achievement of at least level 2 in five subjects (including maths and either Chinese or English) in the Hong Kong Diploma of Secondary Education Examination or equivalent, including certain Hong Kong … Exemption from P&P Paper, GI Paper and LT Paper of the IIQE can be granted to: Holders of an approved insurance qualification: Holders of an approved actuarial qualification: A person who has passed the previous IL Paper with a valid examination result (see “Cessation of Insurance Practice and Validity of Examination Result” below): Vocational Training Council ("VTC") – PEAK Examination Centre. Refer to the examination handbooks published by the VTC for the details of the examination rules and regulations. BEA Launches Kid Master Promotion for the Year of the Monkey Page Transparency See More. They will only be required to obtain at least three CPD hours in each assessment period and are not required to obtain three CPD hours on "Ethics or Regulations" topics. 59-67 Bonham Strand West Sheung Wan, Hong Kong. Asia Insurance has operated since 1959 as one of the largest general insurance firms in Hong Kong but Wong still sees the value of applying for a virtual insurance licence. The Hong Kong Licensing Requirements under the Securities and Futures Ordinance (the “SFO”) 1.1. Business of dealing in securities in Hong Kong . 41) (GL4) which applies in respect of authorised insurers and related persons. The F&P Guideline sets out the criteria and factors the Insurance Authority will consider in determining the fitness and probity of licensed insurance intermediaries (and for agencies and brokers, their responsible officers (ROs), controllers, directors and partners) including, broadly: These broad factors are rooted in section 64ZZA of the Insurance Ordinance. Always Open. Call: +852 2530 2530. Find Insurance Agent / Broker jobs and career opportunities in Hong Kong. Senior Associate or Fellow of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF (Snr Assoc)/ANZIIF (Fellow)); Exemption from the previous IL Paper or enhanced version of IL Paper of the IIQE could be granted to holders of any of the following recognized professional qualifications in insurance, investment or actuarial science: Chartered Life Underwriter (CLU) who has passed the elective paper: "HS 328 Investments" of the CLU qualifying examination; person who has passed the Foundation Programme Examination of the Hong Kong Securities Institute (FPE); person who has passed the Diploma Programme Examination of the Hong Kong Securities Institute (DPE); HKSI Specialist Certificate of the Hong Kong Securities Institute; HKSI Professional Diploma in Financial Markets of the Hong Kong Securities Institute. The Hong Kong Insurance Authority has published the new Code of Conduct for Licensed Insurance Agents (Agents' Code) and Code of Conduct for Licensed… An agent acts as a conduit to provide information to insurance buyers. This virtual insurance license is granted under the IA’s “Fast Track” scheme that was launched in 2017 to promote the development of InsurTech in Hong Kong. Insurance Agency in Hong Kong. Insurance industry in Hong Kong . As noted in our previous updates in this series, the Insurance Authority will take over the direct regulation of insurance intermediaries from the Insurance Agents Registration Board, Professional Insurance Brokers Association and the Hong Kong Confederation of Insurance Brokers (the self-regulatory organisations (SROs)) on 23 September 2019. has not since the abovementioned date of registration ceased to be engaged in insurance-related work in the insurance industry in Hong Kong for two consecutive years. Authorised and regulated by the Solicitors Regulation Authority. The Securities and Futures Ordinance (SFO) contains an equivalent section, namely, section 115. Insurance brokers negotiate or arrange contracts of insurance as agents of policyholders or advise on insurance related issues. However, under Hong Kong’s current regulatory regime, the Insurance Authority is personified in the Commissioner of Insurance (a civil servant) who is supported by the Office of the Commissioner of Insurance (OCI). Sign up to receive email updates straight to your inbox! Email: [email protected] 1) Hong Kong Insurance Agency companies are allowed to set up wholly-owned insurance agency companies in the mainland; Every day, thousands of AIA agents help individuals, families and businesses protect what matters to them most, to prepare for the unexpected, and to plan for a better, brighter future. 1 March 2010 to 29 February 2012); applied for (and subsequently succeeded in) registration for engaging in investment linked long term insurance intermediary business within the transitional period (i.e. The Securities and Futures Ordinance (SFO) contains an equivalent section, namely, section 115. the increase in the minimum number of annual CPD hours and requirement to complete three compulsory CPD hours on “Ethics or Regulations” topics will take effect from 1 August 2021, different minimum CPD hours for individual licencees registered with an SRO immediately before 23 September 2019 depending on which SRO and when the person was registered. 1303, Swire & Maclaine House, 19-23 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong. Hong Kong’s Insurance Authority said it had granted Bowtie a licence under its “fast track” scheme, marking “a significant milestone of insurtech development in Hong Kong”. Insurance agent certification and licensing standards vary by state and the type of insurance product. This is a list of insurance companies in Hong Kong. Hours . In this article, we will describe the most common business licenses in Hong Kong and provide links to more detailed information as appropriate. Suite 4001, AXA Tower Landmark East (6,608.12 mi) Kowloon, Hong Kong, Get Directions +852 9303 0733. Asia Insurance has operated since 1959 as one of the largest general insurance firms in Hong Kong but Wong still sees the value of applying for a virtual insurance licence. prolonged illness. To find out about how to setup a private limited company in Hong Kong, refer to Hong Kong Company Formation guide.. an agent is not appointed to any principal for the period permitted). To ensure continued professional competence in carrying out their regulated activities, individual licensees need to stay up-to-date on technical and regulatory knowledge and ethical standards. The Ordinance requires all … Insurance Agents Registration Board listed as IARB. The SFO provides that no person shall carry on a business in a regulated activity without being licensed or registered under the SFO. “Serving practitioners” mean insurance intermediaries who were registered as engaging in investment linked long term insurance intermediary business immediately before 1 March 2010. 90 people like this. The three SROs are the Insurance Agents Registration Board (established under the Hong Kong Federation of Insurers), the Hong Kong Confederation of Insurance Brokers, and the Professional Insurance Brokers Association. 26,641 licensed technical representatives (agent). Any person who carries on the business of a travel agent in Hong Kong needs to have a Travel Agents Licence to do so. 82,665 licensed individual insurance agents. There is no carry-over of extra CPD hours completed during an assessment period to the next. Q1 : Is every licensed corporation required to take out insurance for the purposes of licensing? Note 1 - Where a corporation holding an SFC Type 1, 2 or 3 license is approved as an introducing agent or trader or futures non-clearing dealer, paid-up capital requirements are nil for SFC Type 1 and 2 licenses and HK$5,000,000 for SFC Type 3 licenses. Register. 11-13 Shing Yip Street, Kwun Tong, Kowloon, Hong Kong Telephone : (852) 3107-0717 Transitional arrangements for implementation of the CPD Guideline requirements include: For advice on any compliance-related issues (including fitness and probity) ahead of the new insurance intermediaries regime, please contact Joyce Chan, Gill Morrissey or your usual Clyde & Co contact. Please refer to the insurance policy for details of coverage, terms and conditions. Fax: +852 2530 2535. P&P, GI and LT Papers, is granted only if the insurance intermediaries possess the specified experience in both general and long term insurance business. B. Syllabus & Study Notes A change has occurred in Hong Kong’s insurance regulatory regime. The Air Transport (Licensing of Air Services) Regulations (CAP 448A) require that scheduled air services to and from Hong Kong may be operated under and in accordance with the provisions of an operating permit granted by the Director-General of Civil Aviation or a licence granted by the Air Transport Licensing Authority. This is the case even if his/her licence is suspended (e.g. Insurance Intermediaries Qualifying Examination for Insurance Brokers ("IIQE") Top, Part II: Qualifying Examination Papers The current rate of the Air Passenger Departure Tax is HK$120 per passenger (12 years of age or above) departing by air from Hong Kong through Hong Kong International Airport, or by helicopter from Hong Kong at the Heliport at the Hong Kong - Macau Ferry Terminal. While it is common in the insurance industry to have freelance insurance agents, there have been few cases in Hong Kong that have considered closely the issue of whether such "agent" is an independent contractor or employee. Registration of Remittance Agents and Money Changers issued by the Hong Kong Police Force: To operate as a Money Changer & Foreign Currencies/Exchange Broker or Dealer; For details, refer to Guide to Financial Services Licenses in Hong Kong. (a) General Insurance (GI Paper) Hong Kong. Always Open. Q2: ... Any person in Hong Kong may apply for a Travel Agents Licence. About See All. Insurance agents, often referred to as “captive” agents, typically represent one insurance company. Initially, he made about $1,500 a month, expecting that this amount, as with all jobs, should increase as he becomes more experience, and as his network expands. Insurance agents, advise on, or arrange, insurance contracts in or from Hong Kong as the agent of an insurer. 6. Read the following two documents carefully . The transition marks the blossoming to life of a seed planted back in 2010 when the first consultation paper on the subject was circulated, citing the need to As discussed above, comparable regulation in the securities sector can Community See All. Tesla Motors HK Limited is appointed and registered under the Insurance Agents Registration Board of Hong Kong as an insurance agent for LIBERTY. Find announcements issued under the Listing Rules. 69 open jobs for Insurance agent in Hong Kong. Employment Agency Licence. Nova Insurance Consultants Limited IA Insurance Broker Company Licence No. (Guangzhou) 4. Insurance intermediaries (confined to those who were already practising in the insurance intermediary business in Hong Kong immediately before 1 January 2000) in possession of five years’ proven experience in insurance business in Hong Kong within the six-year period immediately before 1 January 2000 are exempted from P&P Paper as well as GI and LT Papers, as appropriate (which relates to the specific experience they have obtained); exemption from all papers, i.e. Compliance with statutory conduct requirements, codes of conduct and the CPD Guideline will also be considered. JobsDB Hong Kong will help you search and apply for your job in Insurance Agent / Broker. Figure 1 – Market structure, 2013 and 2018 . Source: "List of Authorized Insurers" (PDF).Office of the Commissioner of Insurance. The average salary for an Insurance Broker in Hong Kong is HK$510,000. Relevant persons need to satisfy the Insurance Authority that they are fit and proper to obtain a licence, to renew a licence and also on an ongoing basis for so long as they remain licensed or hold their position in relation to a licensed intermediary. insurance services to the Hong Kong public from a place outside Hong Kong will also be caught and required to be licensed if the insurance services marketed would constitute a regulated activity in Hong Kong. Under the current regime there is no additional education standard for ROs beyond the generally applicable level for insurance intermediaries. On 23 September 2019, the new statutory regime for the regulation of insurance intermediaries will take effect. Upon completing the changeover, the IA will start off with about 180 staff, gradually expanding to about 300 when it starts regulating insurance intermediaries. (c) Investment-linked Long Term Insurance (IL Paper) *, E. Permitted Lines of Business after passing the IIQE Top, F. Cessation of Insurance Practice and Validity of Examination Result Top, Both can be downloaded from the website of the Insurance Authority at. Broker companies need to satisfy the Insurance Authority that they can comply with the requirements in the Insurance Ordinance and Insurance (Financial and Other Requirements for Licensed Insurance Broker Companies) Rules. 102 people follow this. 218), a travel agent can be categorized as an outbound travel agent or an inbound travel agent: Outbound Travel Agent: A person is an outbound travel agent if he carries on the business in Hong Kong of obtaining for another person - © Clyde & Co LLP. 2021-01-28 Special Notice. HONG KONG, SHENZHEN, SHEKOU & YANTIAN MSIG Insurance (Hong Kong) Limited: 5. Hong Kong’s newly established Insurance Authority plans to spend its first two years determining new licensing requirement for the roughly 100,000 insurance salespeople in the … Some of the key changes under the new regime include: Principals must ensure individual licensees comply with applicable CPD requirements and have adequate controls and procedures in place to monitor and ensure this compliance, for example, by verifying documentary evidence of the CPD completed by each licensee as reported in the CPD declaration form by the intermediary to the Insurance Authority. Facebook is showing … Any insurance intermediaries who have ceased to be engaged in insurance-related work in the insurance industry in Hong Kong for two consecutive years shall pass the relevant papers of the IIQE before he can be re-appointed. Registration and Taxation. Following the direct regulation over insurance intermediaries by the Insurance Authority as from 23 September 2019, CIB will continue to act as the professional representative voice of the insurance broking community in Hong Kong. Failure to comply with the CPD Guideline may have an impact on fitness and probity and potentially lead to disciplinary action by the Insurance Authority. C. The System Hong Kong Diploma in Insurance Studies of the Insurance Institute of Hong Kong; Fellow of the Society of Actuaries of the United States of America (FSA). Looking for abbreviations of IARB? This represents the final stage of implementation of the insurance reforms which established the Insurance Authority (IA) as Hong Kong’s independent insurance regulator.The IA assumed the regulatory responsibilities of the Office of the Commissioner of Insurance in June 2017 … Contact Sensen Gu - Your personal wealth manager on Messenger. A local motor vehicle agent usually applies for registration and licensing of a vehicle on behalf of its client. All other claims email: [email protected] 24-hour toll-free: 855.453.9675 mail/overnight mail: Berkshire Hathaway Specialty Insurance 500 Northpark Town Center 1100 Abernathy Road, N.E., Suite 1200 Pursuant to the Air Passenger Departure Tax Ordinance (Cap. As the leading life insurance group in Asia Pacific, ... Hong Kong Stock Exchange Announcements. The main benefit of buying health insurance in Hong Kong is to help pay for the high cost of private hospitals and private medical treatment. From 1 March 2012 onwards, all insurance intermediaries who wish to engage in or continue to engage in investment-linked long term insurance intermediary business are required, among others, to pass the enhanced IL Paper, unless they fall within any one of the following three categories of persons: A person who is exempted from the enhanced IL Paper according to Section B under “Exemption from the IIQE Requirement” of Page 3 of this Fact Sheet; A “serving practitioner * ” who met the IL CPD requirement within the two-year transitional period, i.e. Register. Procedure to become Insurance Broker. Certain former intermediaries and deemed licensees (persons registered with an SRO immediately before 23 September 2019 and regarded as having been granted an insurance intermediary licence by the Insurance Authority as of that date) are exempt from the new minimum standard. the minimum number of CPD hours per year increased from 10 to 15 including at least three CPD hours on "Ethics or Regulations" topics, e-learning / online courses meeting CPD Guideline specifications will be accepted as qualified CPD activities up to a maximum of 5 hours per year, introduction of a uniform CPD assessment period from 1 August to 31 July, individual licensees required to submit a CPD declaration form to the Insurance Authority within two months after the end of each assessment period and also to report their completed CPD to their principal by that deadline, and retain sufficient documentary evidence for at least three years after the relevant assessment period, CPD requirements are to be complied with for so long as an individual is licensed, unless the Insurance Authority exercises its discretion to waive this in special circumstances, e.g. A: No. The Hong Kong Insurance Authority has published the new Code of Conduct for Licensed Insurance Agents (Agents' Code) and Code of Conduct for Licensed… Advertisement Insurance Intermediaries Qualifying Examination for Insurance Brokers ("IIQE") Subject to the exceptions set out in the Estate Agents Ordinance, and unless otherwise stated therein, anyone practising estate agency work in the course of business in Hong Kong must hold a valid estate agent's licence. Navigator Insurance Brokers Ltd Unit E, 8/F Golden Sun Centre Nos. With effect from April 1, 1999, passengers who arrive and depart from Hong Kong … A two-month public consultation on drafts of the Guidelines was conducted in autumn 2018 and the consultation conclusions were published at the end of July 2019. It is Insurance Agents Registration Board. However, anyone attending such CPD activities after 29February 2012 is not entitled to any IL CPD hours (as the transitional period already expired on 29 February 2012) but is only entitled to CPD hours that can be counted towards the annual CPD requirement of 10 CPD hours applicable to all insurance intermediaries.

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