A new licensing and regulatory regime for insurance intermediaries comes into being in Hong Kong in accordance with the Insurance Ordinance today.

For the purpose of implementing the new regime, the Insurance Authority has recently issued some rules, codes and guidelines that apply to licensed insurance intermediaries. IAs have to comply with all applicable statutory and regulatory requirements promulgated by the Insurance Authority and the Hong Kong Monetary Authority from time to time as they do business in accordance with the ordinance.

The regulator has issued the Insurance (Maximum Number of Authorized Insurers) Rules, the Insurance (Financial and Other Requirements for Licensed Insurance Broker Companies) Rules, the Code of Conduct for Licensed Insurance Agents, the Code of Conduct for Licensed Insurance Brokers: Guideline 22 on Exercising Power to Impose Pecuniary Penalty in Respect of Regulated Persons under the Insurance Ordinance (Cap 41), Guideline 23 on “Fit and Proper” Criteria for Licensed Insurance Intermediaries under the Insurance Ordinance (Cap 41), Guideline 24 on Continuing Professional Development for Licensed Insurance Intermediaries, Guideline 25 on the Offering of Gifts, Guideline 26 on the Sale of Investment-Linked Assurance Scheme (ILAS) Products, Guideline 27 on Long Term Insurance Policy Replacements, Guideline 28 on Benefit Illustrations for Long Term Insurance Policies, Guideline 29 on Cooling-off Periods and Guideline 30 on Financial Needs Analysis.