Insurance Authority consults on the proposed codes of conduct for licensed insurance agents and licensed insurance brokers
28 March 2019
The Insurance Authority (IA) today (28 March 2019) launched a two-month public consultation on the draft Code of Conduct for Licensed Insurance Agents and the draft Code of Conduct for Licensed Insurance Brokers under the new statutory licensing regime for insurance intermediaries.
At present, insurance intermediaries are required to comply with conduct requirements promulgated by their respective Self-Regulatory Organisations (SROs)1. Under the new statutory regime, the two codes of conduct will specify fundamental conduct requirements expected of them.
The draft Codes of Conduct set out eight core General Principles, under which standards and practices are elaborated. When formulating these draft codes, the IA has taken account of conduct requirements applicable to insurance intermediaries under the existing self-regulatory regime, relevant requirements in overseas jurisdictions as well as prevailing international standards.
In recognition of the different capacities served by insurance agents (as representatives of insurers) and insurance brokers (as representatives of policy holders or potential policy holders), the IA proposes to issue two separate codes of conduct to set out respective requirements for them.
The consultation papers are now available on the IA website. Members of the public are welcome to submit their comments to the IA on or before 28 May 2019 by email to [email protected], by fax to 3899-9993, or by post to the IA Office on 19/F, 41 Heung Yip Road, Wong Chuk Hang, Hong Kong.
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1The three SROs are the Insurance Agents Registration Board established under the Hong Kong Federation of Insurers, the Hong Kong Confederation of Insurance Brokers and the Professional Insurance Brokers Association.