Insurance Brokerage Company License：Establish conditions、Foreign joint venture requirements and executive qualifications

2020The global financial crisis, a “black swan” event，The financial tsunami has put higher demands on Hong Kong’s financial regulatory system。In order to further strengthen market order and policyholder protection，The Hong Kong SAR government decided to expand the scope of supervision to the insurance industry；The Financial Services and the Treasury Bureau of Hong Kong also issued a formal consultation document，It is recommended to establish an independent Insurance Regulatory Authority，To replace the Office of the Insurance Commissioner and improve regulatory efficiency。In the context of tightening supervision and increasing compliance needs，handleHong Kong insurance brokerage companyThe license has clear market opportunities and business value。

Apply for establishmentinsurance brokerage companyBasic conditions to be met

Apply to establish an insurance brokerage and professional agency company，Capital should be met、governance、personnel、Requirements for site and management qualifications, etc.，Specifically include：

1. Establish insurance brokerage and professional agency companies，Its minimum registered capital is RMB 50 million.。
2. Have company articles of association that comply with legal requirements。
3. The company shall have no less than 30 employees，The number of employees of the company holding the "Qualification Certificate" shall not be less than 1/2 of the total number of employees of the company.。
4. Have managers who meet the qualification requirements of the China Insurance Regulatory Commission。
5. Have a fixed business place that meets regulations。

Foreign insurance brokerage companyAdditional requirements for applying for establishment

Foreign insurance brokerage companies apply to establish foreign-funded insurance brokerage companies，In addition to meeting the above basic conditions，The following requirements should also be met at the same time：

1. Good credit standing，Have not been subject to any major punishment by the competent authorities or judicial departments of the country in which they are located in the past three years。
2. Operating insurance brokerage business for more than 20 years。
3. Operating income for three consecutive years before application is no less than US$100 million。
4. Have a representative office in China for more than two years。
5. The country has a complete insurance regulatory system。
6. The proposed managers meet the qualifications prescribed by the China Insurance Regulatory Commission。
7. Meet other conditions specified by the China Insurance Regulatory Commission。

Joint venture insurance brokerage companyConditions for Chinese and foreign parties to apply for establishment

Applying to establish a joint venture insurance brokerage company，Foreign joint venturers should meet the seven requirements related to foreign-invested insurance brokerage companies；The Chinese joint venturer shall be an enterprise that meets the following conditions:：

1. Good credit standing，Has not been subject to any major punishment by national competent authorities or judicial departments in the past three years。
2. Be profitable for 3 consecutive years before applying。
3. The year-end capital of the year before the application is submitted shall be no less than RMB 50 million.。
4. Meet other conditions specified by the China Insurance Regulatory Commission。

Insurance brokerage company managersQualifications

Proposed managers of insurance brokerage companies must have the necessary skills and financial、finance、Insurance-related educational background and experience，And meet the following qualification requirements：

1. economical、College degree or above in finance related major，And have been engaged in insurance work for more than 5 years，Or engage in financial work for 10 years，Or have been engaged in economic work for more than 15 years。
2. economical、College degree or above other than finance-related majors，And have been engaged in insurance work for more than 8 years，Or have been engaged in financial work for 15 years，Or engaged in economic work for more than 20 years。
3. economical、Master degree or above in finance-related majors，And engaged in insurance work for more than 3 years，Or have been engaged in financial work for 8 years，Or have been engaged in economic work for more than 12 years。

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