Hong Kong insurance brokerage business registration
Require
Authorized Insurance Broker An insurance broker is an agent who acts as a policyholder or potential policyholder，A person carrying on the business of negotiating or arranging insurance contracts in or from Hong Kong，or a person carrying on a business of advising on insurance matters。Whether it is a sole proprietorship，partnership，Or a limited company?，Anyone can apply to become an authorized insurance broker。
Authorization can be applied directly to the Office of the Insurance Regulatory Commission，or by applying to become a member of an insurance brokerage body recognized by the Insurance Authority。The CEO and business representatives of insurance brokers are also required to register。Nomination of Chief Executive Officer and Business Representative Insurance brokers must nominate a Chief Executive Officer。The chief executive must be a fit and proper person，and must meet the minimum requirements in terms of qualifications and experience specified by the Insurance Authority。The person is required to handle the brokerage business of the insurance broker。
A business representative refers to providing advice to policyholders or potential policyholders on behalf of an insurance broker on insurance matters.，or a person who negotiates or arranges an insurance contract in or from Hong Kong for a policyholder or potential policyholder on behalf of the insurance broker。
The insurance broker or the chief executive nominated by the insurance broker，must：(1) Aged 21 or above；(2) Be a permanent resident of Hong Kong，or a Hong Kong resident whose work visa (if any) does not restrict him from engaging in insurance brokerage business；(3) Have at least Form 5 education or equivalent，as well as(4) Hold a recognized insurance qualification，Have at least two years of experience in a management position in the insurance industry。
If you do not hold the above(i)Those with recognized insurance qualifications mentioned in the item，Must have at least five years of working experience in the insurance industry，two years of which were in management positions；You must also pass the relevant papers in the qualifying examination (Except those exempted)。(B)Capital and Net Assets Unincorporated insurance brokers are required to maintain a minimum net asset value of at least HK$100,000 in their insurance brokerage business at all times.。
A corporate insurance broker is required to maintain a minimum net asset value and paid-up share capital of at least HK$100,000 at all times.。When determining minimum net asset value,Excludes all intangible assets,and must be calculated in accordance with accounting principles generally accepted in Hong Kong。(C)Professional Indemnity Insurance Insurance brokers must maintain a Professional Indemnity Policy，Provides a minimum limit of indemnity for any one claim and any 12-month policy period。
The minimum limit of indemnity shall be：1) For insurance brokers who have been operating insurance business for more than one year，Twice the total insurance brokerage income in the 12 months preceding the effective date of the professional indemnity policy；For insurance brokers who have been operating insurance business for less than one year，Twice the projected insurance brokerage income for the 12 months of the professional indemnity policy cover date。
2) HKD 3,000,000, whichever is greater，The maximum amount is HKD75,000,000。(D)Maintain separate client accounts Insurance brokers are required to deposit client funds into a separate client bank account。He shall not use client money for any purpose other than that of the client concerned。
(E)Properly maintain books and accounts Accounting and financial records should fully explain transactions，And can truly and fairly reflect the financial status and transactions of the insurance brokerage business。This record must be kept properly，to conduct audits in a timely manner。Records must be in writing，Contains all transaction details from the broker，All income generated by brokerage business and all expenses paid by insurance brokers，and keep detailed records of all assets and liabilities of the insurance broker。
The record must be kept for not less than 7 years。suitable person
Require
Insurance brokers must be fit and proper
Require
。He shall conduct his business with the highest integrity and integrity。He must also act without conflict of interest，Provide independent and impartial advice。Insurance brokers must be careful and responsible to understand and meet the needs of their customers，and must ensure that its employees are fit and proper persons to perform the relevant work。
He must also explain the terms of the insurance contract to the customer，Comply with all work and ethics guidelines and codes。Customer interests must come first。therefore，Insurance brokers are prohibited from disclosing any information obtained from clients。Insurance brokers must provide clients with appropriate and accurate relevant important information。
Keeping a register of members in accordance with Article 69, Paragraph 3 of the Insurance Company Ordinance，An insurance broker is required to keep a register of its members at its registered office or principal place of business in Hong Kong，Record Insurance Regulatory Authority
Require
Information about each insurance brokerage group member，The register must be made available for public inspection during normal business hours.。Application form Applications may be made to the Hong Kong Professional Insurance Brokers Association or the Hong Kong Federation of Insurance Consultants。
Authorization processing time Processing of authorization applications，Generally, it takes 4 months from submission of application documents to issuance of in-principle approval.。
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