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Is it easy to apply for insurance brokerage company in Hong Kong?,What are the registration procedures?

Financial card care question

The cost of opening an insurance brokerage company in Hong Kong is not very expensive,The time is also more gratifying。How about applying for a license from scratch?,It takes about half a year。Acquire an existing insurance brokerage company,It only takes about two months to complete。Manager Peng Yi currently has a Hong Kong insurance brokerage company to be transferred to,We also accept agents from Hong Kong insurance brokerage companies.。

The cost of acquiring an insurance brokerage company depends on the maturity of the company’s development.,For example, the number of contracts signed with insurance companies,The company’s monthly accumulated business volume。The following introduces the process conditions required for the registration of an insurance brokerage company in Hong Kong.。Persons who wish to become insurance brokers are required to apply to the Insurance Authority("Insurance Regulatory Bureau")Apply for authorization,Or become a member of an insurance brokerage group approved by the Insurance Authority。

any insurance broker,Whether directly authorized by the IA or as a member of a recognized insurance brokerage body,are subject to the same legal requirements。For insurance brokers who are members of an approved insurance brokerage body,Must also comply with the regulations and rules of the recognized body。

To be authorized by the Insurance Authority to be an insurance broker or to be a member of a recognized insurance brokerage body,Relevant persons are required to select a suitable and appropriate insurance broker,and must meet the minimum requirements set by the Insurance Authority regarding the following items:

Require

:·Qualifications and experience;·Share capital and net assets;·Professional indemnity insurance;·Maintain separate customer accounts;·Keep proper books and accounts。

Details of the regulations are as follows:Qualifications and experience requirements: Insurance brokers or their chief executives must be at least 21 years old or above,Must be a Hong Kong permanent resident or Hong Kong resident subject to the terms of his or her work visa(If any)There is no restriction on him engaging in insurance brokerage business and he must have a secondary five education level or equivalent。

He must also have:Recognized insurance industry qualifications and at least two years of work experience in management positions in the insurance industry,And if he plans to engage in long-term insurance(Includes linked long-term insurance)Brokerage,unless exempted,Must pass the insurance intermediary qualification examination recognized by the Insurance Regulatory Bureau("Qualification Examination")in”Investment-linked long-term insurance test paper”;或最少五年保险业的工作经验,Two of these years must be in a managerial position,And must pass the relevant examination papers of the intermediary examination recognized by the Insurance Regulatory Bureau,Except for those exempted。

Share capital and net assets require insurance brokers to maintain a share capital and net asset value of not less than HK$100,000。Professional indemnity insurance requires insurance brokers to have professional indemnity insurance,Prescribing a minimum limit of compensation for any one claim in any 12-month period。The minimum compensation limit is equal to twice the accumulated insurance brokerage commission income in the immediately preceding 12 months。

The amount must be at least HK$3 million,The maximum limit is HK$75 million,However, if the insurance broker deems it necessary,Of course, he can voluntarily arrange protection beyond HK$75 million.。Keeping separate client accounts requires insurance brokers to deposit client funds into designated client accounts,Keep money separate from your own。Keeping Proper Books and Records requires insurance brokers to keep books and other records sufficient to explain transactions and facilitate proper audits。


About Hong Kong Xintong

Hong Kong Xintong focuses onHong Kong Securities and Futures Commission licenseHong Kong Insurance Broker LicenseHong Kong MSO Licenseandmoneylenders licenseApply for service,Assist customers to applyUS MSB license、NFA、RIA、Canadian MSB license、Mainstream overseas financial licenses such as Australia and Mexico,Support enterprises to achieve compliance expansion of cross-border financial business。Also availableCayman Islands Offshore Company Registration、Offshore fund establishment and global compliance operations and other services,Help enterprises expand their presence in international markets。Provide one-stop compliance solutions for enterprises。To learn more,Please contactHong Kong Information Communications Consultant

Editing of articles in this issue:

Picture of Xu Wanting

Xu Wanting

Xu Wanting has been engaged in insurance and financial services compliance work in Hong Kong for many years,Responsible for the preparation of IA insurance brokerage regulatory compliance documents、Internal control process construction、AML system design、Regulatory filings and interactions with regulators。She is familiar with insurance product liability、sales compliance、Institutional requirements such as customer protection regulations and establishment of internal training and compliance systems。

Areas of expertise:IA Insurance Brokerage Regulatory Compliance Documentation、Internal control process construction、AML system design、Customer protection regulations、Internal training。

Previous institutions:Hong Kong insurance brokerage company & IA Compliance Team

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