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Supervision > Regulation of Insurance Intermediaries > Licensed Insurance Intermediaries

Licensed Insurance Intermediaries

Licensed Insurance Agents

Types of Licensed Insurance Agents

Under section 2 of the Insurance Ordinance (Cap.41) (“IO”), licensed insurance agent means a licensed insurance agency, a licensed individual insurance agent, or a licensed technical representative (agent).

  • Licensed insurance agency is a sole proprietor, partnership or company who is granted a licence under section 64U of the IO to carry on regulated activities in one or more lines of business, as an agent of any authorized insurer.
  • Licensed individual insurance agent is an individual who is granted a licence under section 64W of the IO to carry on regulated activities in one or more lines of business, as an agent of any authorized insurer.
  • Licensed technical representative (agent) is an individual who is granted a licence under section 64Y of the IO to carry on regulated activities in one or more lines of business, as an agent of any licensed insurance agency.

Responsible Officer

Under section 64ZE of the IO, a licensed insurance agency should appoint a fit and proper person to discharge his or her responsibilities as a responsible officer of the insurance agency, and should provide sufficient resources and support to the person for discharging his or her responsibilities.  Prior approval of the Insurance Authority ("IA") is required for appointment of the responsible officer.

Restriction in relation to Number of Authorized Insurers

Under section 64I of the IO and the Insurance (Maximum Number of Authorized Insurers) Rules (“Maximum Number Rules”), a person must not, at any time, be appointed as a licensed insurance agency or licensed individual insurance agent in carrying on a regulated activity for more than 4 authorized insurers, of which no more than 2 can be insurers authorized to carry on long term business.  For details about the counting of number of authorized insurers, please refer to the Maximum Number Rules.


Licensed Insurance Brokers

Types of Licensed Insurance Brokers

Under section 2 of the IO, licensed insurance broker means a licensed insurance broker company or a licensed technical representative (broker).

  • Licensed insurance broker company is a company which is granted an insurance broker company licence under section 64ZA of the IO to carry on regulated activities in one or more lines of business, and to perform the act of negotiating or arranging an insurance contract as an agent of any policy holder or potential policy holder.
  • Licensed technical representative (broker) is an individual who is granted a technical representative (broker) licence under section 64ZC of the IO to carry on regulated activities in one or more lines of business, as an agent of any licensed insurance broker company.

Responsible Officer

Under section 64ZF of the IO, a licensed insurance broker company should appoint a fit and proper person to discharge his or her responsibilities as a responsible officer of the insurance broker company, and should provide sufficient resources and support to the person for discharging his or her responsibilities.  Prior approval of the IA is required for appointment of the responsible officer.

Financial and Other Requirements for Licensed Insurance Broker Companies

A licensed insurance broker company is required to comply with the Insurance (Financial and Other Requirements for Licensed Insurance Broker Companies) Rules, which set out, inter alia, the requirements in relation to:

  • share capital and net assets
  • professional indemnity insurance
  • client accounts
  • proper books and accounts
  • accounting disclosure


Notification of Termination of Appointment

Under section 64R of the IO, within 14 days after the day on which an authorized insurer, a licensed insurance agency or a licensed insurance broker company (collectively, “Appointing Principal”) terminates the appointment of a licensed insurance agency, a licensed individual insurance agent, a licensed technical representative (agent), a licensed technical representative (broker) or a responsible officer (as the case may be), the Appointing Principal must notify the IA in writing of the termination.