... provisions which require compliance by licensed insurance agents with the requirements set out by their principals. September 2019 Page 5 The Insurance Ordinance also has provisions relating to the principal-agent relationship between insurers and their licensed individual insurance agents and licensed...

... insurance brokers can approach insurers across the market1 to source the most suitable insurance products for clients and licensed insurance broker companies owe fiduciary duties to clients when acting as agents of the clients. In view of this, the Insurance Ordinance imposes requirements (set out in rules...

...://www.gld.gov.hk/egazette/ http://www.ia.org.hk/ - 2 - (2) Frequently Asked Questions A new set of frequently asked questions (“FAQs”) in relation to anti-money laundering and counter-terrorist financing (“AML/CFT”) is published by the Insurance Authority today. The FAQs published on 15 April 2019 are superseded...

... monies is reconciled with the client money requirement, and (b) Client money requirement shall mean the amount of client monies which the insurance brokers should have in the bank account, i.e. the difference between the “net premium or claims payable in respect of clients under the insurance broking...

...) The ledger balance of client monies is reconciled with the client money requirement, and (b) Client money requirement shall mean the amount of client monies which the insurance brokers should have in the bank account, i.e. the difference between the “net premium or claims payable in respect of clients...

... first year of the direct regulatory regime for licensed insurance agents and issues relating to authorized insurers As you will be aware, the new direct regulatory regime for licensed insurance intermediaries, as set out in the Insurance Ordinance (Cap. 41) (the “Ordinance”), has been in effect for just...

... carefully. During the application process: First, you can request a quotation direct on the relevant platform. After selecting an insurance product, you can enter your personal data and answer the underwriting questions yourself, and pay the premium through the electronic payment...

... specified in the Insurance (Financial and Other Requirements for Licensed Insurance Broker Companies) Rules (“Broker Rules”) made under the Insurance Ordinance (Cap.41) (“IO”).  The Broker Rules set out the requirements in relation to the following aspects...

... and complaint hotline services will continue as normal, and their operating hours are set out on the IA website. Email responses to enquiries and complaints will also continue as normal. Except those skeleton staff, IA staff will work from home. The IA will continue to review the...