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Supervision > Regulation of Insurance Intermediaries > Preparatory Works

Preparatory Works

To prepare for the new regime, we are drafting new rules, codes and guidelines and developing a new computer system and online portal.  We have also set up a Working Group on Direct Licensing Regime for Insurance Intermediaries and two Discussion Groups namely Discussion Group (Insurance Agents) and Discussion Group (Insurance Brokers) so as to collect comments from major stakeholders in the industry in relation to the new regime.  Besides, to enhance the regulatory efficiency, we are computerizing the licence application process.  Furthermore, we are closely liaising with the Self-regulatory Organizations (“SROs”) on transitional arrangements to ensure smooth transfer of data and records.  
 

Industry Consultation

To ensure appropriateness of the rules, codes and guidelines to be issued by the Insurance Authority (“IA”), we are conducting a 3-stage consultation exercise, including:
 

  • Stage 1: Discussions with the Working Group and Discussion Groups
  • Stage 2: Soft consultation with key industry stakeholders
  • Stage 3: Public consultation

 

To effectively collect the views of the industry on the new regulatory requirements, we have set up a Working Group on Direct Licensing Regime for Insurance Intermediaries which is comprised of representatives of the SROs and major insurance intermediary bodies.  We realized the different capacities of Insurance Agents and Insurance Brokers, thus we have also set up two Discussion Groups namely Discussion Group (Insurance Agents) and Discussion Group (Insurance Brokers).  Through a series of meetings with the Working Group and the Discussion Groups, we have collected valuable comments and suggestions from the industry.  Views received would be taken into account before finalising draft rules, codes and guidelines for public consultation.  
 

Members of Working Group on Direct Licensing Regime for Insurance Intermediaries


  • The Hong Kong Federation of Insurers (HKFI) and Insurance Agents Registration Board (IARB) 

  • The Hong Kong Confederation of Insurance Brokers (CIB) 

  • Insurance Industry Regulatory and Development Concern Group (ICG)

  • Professional Insurance Brokers Association (PIBA)

     

Members of Discussion Group (Insurance Agents)


  • The General Agents and Managers Association of Hong Kong (GAMAHK)

  • The Hong Kong Federation of Insurers (HKFI) and Insurance Agents Registration Board (IARB) 

  • Hong Kong Chamber of Insurance Intermediaries (HKCII)

  • Hong Kong General Insurance Affairs Association Limited (HKGIAA) 

  • Hong Kong Insurance Intermediaries Association (HKIIA) 

  • Hong Kong Insurance Practitioners General Union (HKIPGU)

  • Insurance Industry Regulatory and Development Concern Group (ICG) 

  • The Life Underwriters Association of Hong Kong Ltd (LUAHK) 

 

Members of Discussion Group (Insurance Brokers)


  • The Hong Kong Confederation of Insurance Brokers (CIB)

  • Professional Insurance Brokers Association (PIBA)



Currently, we have conducted public consultations on the draft rules and guidelines.  The consultation conclusions will be released soon.  For more details of public consultations, please visit the public consultation page of our website. 

 

Computerization

New Computer System and Online Portal


To enhance regulatory efficiency, we are developing a new computer system to handle licence applications, reporting of Continuing Professional Development (“CPD”) and update of licensees’ particulars. The new system will support electronic submission of applications and other documents by licence applicants, licensees and their principals (authorized insurers, licensed insurance agencies and licensed insurance broker companies, where applicable).  

The system will also come with an online portal that enables electronic submission of licence application, information and related documents and CPD reporting.  

IA has held a series of briefing sessions for insurers, insurance agencies (including banks and travel agencies) and insurance broker companies to collect views on the proposed functions of the online portal.  Further briefing sessions will be held for the industry when the system is to be launched.

So far, we have already completed the system design and started program development for the new computer system and online portal.  Currently, we are conducting industry-wide User Acceptance Testing exercises in phases.  Interested parties are welcomed to contact Market Conduct Division at 3899 9789 (Miss Leung).

 

Transfer data from SRO

We are closely liaising with the SROs on transitional matters including ensuring smooth transfer of data and records.  The records of registration, complaints, disciplinary actions and appeals in relation to insurance intermediaries maintained by the SROs will serve as essential reference in relation to the fitness and properness of existing insurance intermediaries.  We are working closely with the SROs to ensure that their data can be properly transferred to our new system and we attach great importance to data accuracy, integrity and security.