in recent years，Mainland’s middle class continues to pay more attention to financial planning，The proportion of financial and insurance investments in annual income is increasing year by year。Benefit from the unique advantages of Hong Kong insurance，It is increasingly common for mainlanders to buy Hong Kong insurance。This article will systematically sort outHong Kong Insurance Broker LicenseofApplication conditionsandProcess。
Hong Kong insurance broker license application requirements
- Company subject qualifications：Must be a company incorporated in Hong Kong，or an overseas company registered with the Hong Kong Companies Registry。Must have a physical office address and company account。
- Equity requirements：Insurance brokerage companies are required to maintain a minimum net asset value and minimum paid-up share capital of not less than HK$100,000 at any time。Relevant funds must be deposited in banks approved by the Hong Kong Insurance Regulatory Commission，Such as Minsheng Bank、HSBC etc.。
- CEORequire：Must have a compliant chief executive，This position cannot concurrently hold important positions in other companies，and must be a full-time director or full-time employee of the company’s business in Hong Kong。
- Professional indemnity insurance and solvency reserves：Professional indemnity insurance is required，The total policy amount is not less than HKD 3 million，The maximum compensation limit is HKD 75 million，The annual premium is about HKD 10,000。
- Separate client account：Must open at least one separate client bank account，Strictly separate client funds from the company’s own funds，And ensure that customer funds are not used for any purpose other than customer insurance。
Hong Kong insurance broker license application process
Applicants must submit applications to the Hong Kong Confederation of Insurance Brokers (CIB) or the Hong Kong Professional Insurance Brokers Association (PIBA), a recognized insurance brokerage body in Hong Kong.，Audit company registration by this group、Equity、Chief Executive Officer Qualifications、Professional indemnity insurance and separate accounts and other requirements。After passing the review，License will be issued。Under normal circumstances，If all types of materials are complete and comply with regulations，The whole process takes about three months。
Frequently Asked Questions about Hong Kong Insurance Broker License
- Can a company hold an insurance brokerage license and an insurance agent license at the same time? Can't。The Hong Kong Insurance Regulatory Commission clearly stipulates，The same company shall not operate insurance brokerage and insurance agency business at the same time，The same natural person may not serve as both an insurance broker and an insurance agent at the same time.。
- Which department regulates and approves insurance brokerage licenses in Hong Kong? at present，There are two recognized insurance brokerage bodies in Hong Kong：Hong Kong Confederation of Insurance Brokers (CIB) and Hong Kong Professional Insurance Brokers Association (PIBA)。The CEO and business representatives of insurance brokers are required to register with their affiliated institutions。The above-mentioned groups have the right to review application materials and issue licenses。According to statistics，CIB has issued about 300 insurance broker licenses，PIBA issued about 470 tickets。
- How should a company account be set up? According to the requirements of the China Insurance Regulatory Commission，The company must open two or more accounts，One of them is specifically used to store customer insurance funds，Other accounts are used for company operations。Funds in separate customer accounts may not be used for any purpose other than customer insurance.。
- How long does it usually take to apply for a license? If the business representative、There are no problems with CEO qualifications and Hong Kong company registration.，Plus the review time of the China Insurance Regulatory Commission，It takes about three months to obtain a license。
- Does the registered capital of a Hong Kong insurance brokerage company need to be paid in full? No clear payment requirements，However, the China Insurance Regulatory Commission stipulates that the minimum total assets and minimum paid-up share capital of an insurance brokerage company shall not be less than HK$100,000.。
- Apply directly for a new license withAcquire existing licenses，Which way is better? The specific choice depends on the actual needs of the customer。If you want to start your business quickly，Consider acquiring existing licenses，However, the change process is also subject to certain conditions，You must understand the complete acquisition process and conditions in advance，Avoid improper handling leading to longer overall cycle，Adding time and labor costs。
Related news：Financial Secretary Paul Chan Mo-po once pointed out，Hong Kong’s insurance density and insurance penetration rate are among the best in Asia，By the end of June this year, there were nearly 13 million individual life insurance policies in Hong Kong.。Because Hong Kong’s insurance industry is extremely competitive，Insurance services have become an important part of Hong Kong’s service exports，Last year, Hong Kong’s new policy premiums issued to mainland visitors reached HK$50.8 billion.，Accounting for approximately 30% of total new policy premiums in personal business。
About Hong Kong Xintong
Hong Kong Xintong deeply explores the field of financial licenses，Has more than 500 new establishment and acquisition cases，Rich operating experience。We have long been in close contact with the Hong Kong Securities and Futures Commission (SFC) and the Insurance Regulatory Commission，Accumulated a large amount of business resources，And for those who currently have no responsible person、Individual licensees or applicants who have not yet completed company registration in Hong Kong，Provide a complete set of solutions。现时，Hong Kong Xintong also holds multiple No. 149 Hong Kong financial licenses and Hong Kong insurance brokerage licenses available for immediate transfer，Help enterprises quickly start their business。
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