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Hong Kong insurance brokerage license application threshold and processing requirements

Financial card care question

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。

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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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