Regulation of Insurance Industry in Hong Kong Composition

Only insurance providers and insurance intermediaries, whom are insurance agents and insurance agents, are governed in Hong Kong.

The law, Commissioner of Insurance (IA) plus the Insurance Intermediaries Qualifying Evaluation are the key forms of rules used in the insurance industry in Hong Kong.

The relevant legal platform for the regulation of insurers is offered by the Insurance Firms Ordinance (Cap. 41), as well as subsidiary legal guidelines including Insurance firms (Determination of Long Term Liabilities) Regulation, Insurance agencies (Margin of Solvency) Rules and Insurance agencies (General Business) (Valuation) Rules. The same Ordinance also offers a legal backing for the self-regulatory system of insurance intermediaries.

Besides, the Commissioner of Insurance, in his position as the Insurance Authority (IA), is responsible for the regulation of the industry. The principal function from the IA is usually to regulate the insurance industry for the security of existing or potential policy holders plus the promotion of the general steadiness of the insurance industry. He's however not really involved with the daily operations of an insurer, including willpower of the stipulations of coverage or the mending of superior rates.

The IA has been working while using insurance market to apply the Insurance Intermediaries Quality Assurance Plan, which expecting to to boosting the professional standard of insurance intermediaries. Under the System, insurance intermediaries, the responsible officers, key executives and technical representatives are required to move the Insurance Intermediaries Qualifying Exam conducted by Vocational Teaching Council, unless otherwise free, before they may be registered or perhaps authorized as a result. Thereafter, they are required to attend continuing professional development programs.



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