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Hong Kong insurance brokerage license application threshold and processing requirements

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First of all, in addition to insurance companies selling insurance in Hong Kong, there are also insurance brokers and insurance agencies who are also qualified to sell insurance.,To put it bluntly, an insurance brokerage company is an institution that cooperates with insurance companies. They usually sign a certain contract to stipulate the cooperation method and then which products can be represented.,In fact, insurance brokers are agents from the customer's perspective who help customers plan their insurance investments reasonably.。

Divided into two institutions in Hong Kong,One is the Hong Kong Professional Insurance Brokers Association (PIBA),One is the Hong Kong Confederation of Insurance Brokers (HKCIB),Together, these two agencies regulate the industry。However, the insurance broker's license is now approved by the Hong Kong Insurance Regulatory Bureau.。1.Must be a company incorporated in Hong Kong or an overseas company registered with the Hong Kong Companies Registry。

Have a physical office address、Company account

  1. Sufficient equity:Insurance brokerage companies are required to maintain a low net asset value and low paid-up share capital of less than HK$100,000 at all times。
  2. Compliance CEO:1name,Must be a full-time director or full-time employee of the company’s business in Hong Kong。
  3. Professional Civil Compensation Insurance - Adequate Payment Reserves:Policy financing is not less than HKD 3 million,The maximum amount is HK$75 million。The premium is generally about HK$10,000/year。
  4. One less separate storage customer account:The client's funds must be deposited into a client's bank account,separate from its own monies。Customer funds are not allowed to be used for any purpose other than the customer's purpose. How to obtain a Hong Kong insurance broker license:
  5. Register a company in Hong Kong,Apply to the Hong Kong Insurance Regulatory Commission;
  6. Acquired a company that has successfully applied for an insurance brokerage license in Hong Kong。

Related products:purchase price , Agent

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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 Zheng Yanlin

Zheng Yanlin

Zheng Yanlin has experience in the field of commercial lending regulatory compliance in Hong Kong. 9 years of experience,Served as head of the regulatory and risk management department of a money lending business entity,Responsible for money lender license application、Compliance policy development、Risk assessment and regulatory document preparation,Communicate supervision system requirements with regulators and coordinate internal control processes。

Areas of expertise:Money Lender License Application、Compliance policy development、risk assessment、Requirements for supervisory party (Police Force) communication and supervision system。

Previous institutions:Hong Kong Business Lending & Money Lending Compliance Team Leader

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