Licence Application

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Requirements for an Individual Insurance Agent Licence, a Technical Representative (Agent) Licence or a Technical Representative (Broker) Licence

• Appointment by Principal

Types of Individual Licensee	Principal
Licensed Individual Insurance Agent	Authorized Insurer
Licensed Technical Representative (Agent)	Licensed Insurance Agency
Licensed Technical Representative (Broker)	Licensed Insurance Broker Company

• Compliance with the education requirements as specified in the Guideline on “Fit and Proper” Criteria for Licensed Insurance Intermediaries under the Insurance Ordinance (Cap. 41)
• Compliance with Insurance Intermediaries Qualifying Examination (“IIQE”) requirements unless exempt
• Satisfactory records on reputation or financial soundness

Requirements for a Licensed Insurance Agency

• Appointment by an authorized insurer
• Appointment of a Responsible Officer approved by the IA
• Compliance with the organizational competence requirements (e.g. corporate governance, internal controls and risk management) as specified in the Guideline on “Fit and Proper” Criteria for Licensed Insurance Intermediaries under the Insurance Ordinance (Cap. 41)

Requirements for a Licensed Insurance Broker Company

• Appointment of a Responsible Officer approved by the IA
• Maintenance of a client account with a bank in Hong Kong
• Compliance with the requirements set out in the Insurance (Financial and Other Requirements for Licensed Insurance Broker Companies) Rules
• Compliance with the organizational competence requirements (e.g. corporate governance, internal controls and risk management) as specified in the Guideline on “Fit and Proper” Criteria for Licensed Insurance Intermediaries under the Insurance Ordinance (Cap. 41)

Application Procedures

For applicants applying for a new individual licence, they should first approach their appointing principal, as the licensing process will only be initiated after the principal agrees to appoint the applicants and assists them in creating an account on the IA’s online portal, “Insurance Intermediaries Connect” (“IIC”). Once the account is created, the applicant can submit the licence application electronically via the IIC, together with the relevant licensing fee.

For applicants applying for a new licence as an insurance agency or insurance broker company, they should authorize a representative to submit an application for opening of Entity Applicant Account at the IIC.  Once the account is approved by the IA, the applicant can submit the licence application electronically via the IIC.  If the application is considered generally complete, the IA will notify the applicant to make relevant payment for the licensing fees at IIC.

Processing Time for Licence Application

The IA endeavours to process every licence application in a timely manner, and we aim to process each type of application within the following timeframes:

Type of Application	Processing Time1
New Application:
- Individual Insurance Agent / - Technical Representative (Agent) / - Technical Representative (Broker)	5 business days for straight-forward application or 20 business days for non-straight-forward application2
- Responsible Officer	4 weeks
- Insurance Agency / - Insurance Broker Company	12 weeks
Renewal Application:	99% of applicants are notified of the results before their current licences expire

Notes:

1. The above processing times apply when all the required information has been provided to the IA, and do not cover incomplete or returned applications. 
2. “Non-straight-forward application” refers to a complex case, such as one requiring further clarification of academic qualifications or additional assessment of the applicant's adverse records.