Find Insurance Agent / Broker jobs and career opportunities in Hong Kong. P&P, GI and LT Papers, is granted only if the insurance intermediaries possess the specified experience in both general and long term insurance business. Note 1 - Where a corporation holding an SFC Type 1, 2 or 3 license is approved as an introducing agent or trader or futures non-clearing dealer, paid-up capital requirements are nil for SFC Type 1 and 2 licenses and HK$5,000,000 for SFC Type 3 licenses. ISSH26/18-19 . This is therefore a welcomed decision that clarifies the nature of arrangements concerning insurance agents. Singapore Airlines Limited is a travel insurance agent appointed by AIGHK. HONG KONG, SHENZHEN, SHEKOU & YANTIAN MSIG Insurance (Hong Kong) Limited: 5. While the public healthcare system in Hong Kong is very well developed and meets and sometimes exceeds global standards in many areas, there are downsides. Exemption from P&P Paper, GI Paper and LT Paper of the IIQE can be granted to: Holders of an approved insurance qualification: Holders of an approved actuarial qualification: A person who has passed the previous IL Paper with a valid examination result (see “Cessation of Insurance Practice and Validity of Examination Result” below): Vocational Training Council ("VTC") – PEAK Examination Centre. © Clyde & Co LLP. In this article, we will describe the most common business licenses in Hong Kong and provide links to more detailed information as appropriate. Insurance intermediaries (confined to those who were already practising in the insurance intermediary business in Hong Kong immediately before 1 January 2000) in possession of five years’ proven experience in insurance business in Hong Kong within the six-year period immediately before 1 January 2000 are exempted from P&P Paper as well as GI and LT Papers, as appropriate (which relates to the … A collection box has been placed in the reception area of the EAA office for any necessary drop-in of documents relating to licence applications or complaints against estate agents. Any insurance intermediaries who have ceased to be engaged in insurance-related work in the insurance industry in Hong Kong for two consecutive years shall pass the relevant papers of the IIQE before he can be re-appointed. Failure to comply with the CPD Guideline may have an impact on fitness and probity and potentially lead to disciplinary action by the Insurance Authority. While it is common in the insurance industry to have freelance insurance agents, there have been few cases in Hong Kong that have considered closely the issue of whether such "agent" is an independent contractor or employee. 1) Hong Kong Insurance Agency companies are allowed to set up wholly-owned insurance agency companies in the mainland; insurance services to the Hong Kong public from a place outside Hong Kong will also be caught and required to be licensed if the insurance services marketed would constitute a regulated activity in Hong Kong. This represents the final stage of implementation of the reforms which established the Insurance Authority (IA) as Hong Kong’s independent insurance regulator.The IA assumed the regulatory responsibilities of the Office of the Commissioner of Insurance in June 2017 and has taken … The F&P Guideline is largely modelled on the existing Guideline on "Fit and Proper" Criteria under the Insurance Ordinance (Cap. Insurance Intermediaries Qualifying Examination for Insurance Brokers ("IIQE") Insurance agents, often referred to as “captive” agents, typically represent one insurance company. Insurance Intermediaries Qualifying Examination for Insurance Brokers ("IIQE"), E. Permitted Lines of Business after passing the IIQE, F. Cessation of Insurance Practice and Validity of Examination Result, Format: Multiple choice questions in Chinese and English. They will only be required to obtain at least three CPD hours in each assessment period and are not required to obtain three CPD hours on "Ethics or Regulations" topics. Insurance Intermediaries Qualifying Examination for Insurance Brokers ("IIQE") Top, Part II: Qualifying Examination Papers Existing and former ROs and existing and former individual insurance intermediaries with 15 years' industry experience are exempt from the new minimum education requirements for ROs. To ensure continued professional competence in carrying out their regulated activities, individual licensees need to stay up-to-date on technical and regulatory knowledge and ethical standards. A change has occurred in Hong Kong’s insurance regulatory regime. *This travel insurance product is underwritten by AIG Insurance Hong Kong Limited (AIGHK). This represents the final stage of implementation of the insurance reforms which established the Insurance Authority (IA) as Hong Kong’s independent insurance regulator.The IA assumed the regulatory responsibilities of the Office of the Commissioner of Insurance in June 2017 … other factors, such as whether any disciplinary action has been taken against the person or the state of affairs of any other business which the person carries on or proposes to carry on. This virtual insurance license is granted under the IA’s “Fast Track” scheme that was launched in 2017 to promote the development of InsurTech in Hong Kong. A two-month public consultation on drafts of the Guidelines was conducted in autumn 2018 and the consultation conclusions were published at the end of July 2019. 13 January 2021 Some of the key changes under the new regime include: Principals must ensure individual licensees comply with applicable CPD requirements and have adequate controls and procedures in place to monitor and ensure this compliance, for example, by verifying documentary evidence of the CPD completed by each licensee as reported in the CPD declaration form by the intermediary to the Insurance Authority. Subject to the exceptions set out in the Estate Agents Ordinance, and unless otherwise stated therein, anyone practising estate agency work in the course of business in Hong Kong must hold a valid estate agent's licence. Making it easy to purchase an insurance policy. Employment Agency Licence. 1 March 2010 to 29 February 2012) (the date of application should be within the transitional period although the date of registration could be sometime after the transitional period); and. Certain former intermediaries and deemed licensees (persons registered with an SRO immediately before 23 September 2019 and regarded as having been granted an insurance intermediary licence by the Insurance Authority as of that date) are exempt from the new minimum standard. Clyde & Co LLP is a limited liability partnership registered in England and Wales. insurance services to the Hong Kong public from a place outside Hong Kong will also be caught and required to be licensed if the insurance services marketed would constitute a regulated activity in Hong Kong. Southern China: GUANGDONG &/or in case of "HONG KONG thence to interior place in China" China Pacific Property Insurance Co., Ltd. Overseas Agency Dept. (c) Investment-linked Long Term Insurance (IL Paper) *, E. Permitted Lines of Business after passing the IIQE Top, F. Cessation of Insurance Practice and Validity of Examination Result Top, Both can be downloaded from the website of the Insurance Authority at. 2021-01-28 Special Notice. 102 people follow this. Insurance Agents Registration Board listed as IARB. The enhanced version of the Investment-linked Long Term Insurance Examination (“enhanced IL Paper”) was introduced on 1 March 2010 to supersede the previous version. Intermediaries will be subject to statutory licensing and conduct requirements, supplemented by rules, codes, guidelines and circulars issued by the Insurance Authority. Register. 26 Feb 2021 . Relevant persons need to satisfy the Insurance Authority that they are fit and proper to obtain a licence, to renew a licence and also on an ongoing basis for so long as they remain licensed or hold their position in relation to a licensed intermediary. However, if a person imports a vehicle, he has to do it himself. Following the direct regulation over insurance intermediaries by the Insurance Authority as from 23 September 2019, CIB will continue to act as the professional representative voice of the insurance broking community in Hong Kong. Although authorised institutions (licensed banks, restricted licence banks and deposit-taking companies) are regulated predominantly by the Hong Kong Monetary Authority they (and all relevant employees) must also apply for a licence from the IA if they carry on regulated activities as a licensed insurance intermediary (for example, selling insurance as an insurance agency). Telephone : (852) 2270-9288 The SFO provides that no person shall carry on a business in a regulated activity without being licensed or registered under the SFO. For clarity purpose, CPD activities with IL CPD hours (“IL CPD activities”), assessed and approved by the Hong Kong Council for Accreditation of Academic and Vocational Qualifications (“HKCAAVQ”) for the purpose of fulfilling the IL CPD requirement, can be qualified CPD activities under the IIQAS CPD Programme provided that the said activities are still approved by the HKCAAVQ. As at the same date, Hong Kong had: 2,413 licensed insurance agencies. Visit PayScale to research insurance broker salaries by city, experience, skill, employer and more. Registration and Taxation. 82,665 licensed individual insurance agents. 140), a passenger under 12 years of age is exempt from the tax. the new increased CPD hour requirements for individual licensees who are newly licensed within an assessment period set out in Annex 2 of the CPD Guideline will take effect from 1 August 2021. These Registers are to enable any member of the public to ascertain: If a company is an authorized insurance broker by its membership with The Hong Kong Confederation of Insurance Brokers; The identities of registered Chief Executives and Technical Representatives of members of The Hong Kong Confederation of Insurance Brokers; As discussed above, comparable regulation in the securities sector can The Hong Kong Licensing Requirements under the Securities and Futures Ordinance (the “SFO”) 1.1. Business of dealing in securities in Hong Kong . Search Insurance agent jobs in Hong Kong with company ratings & salaries. Looking for abbreviations of IARB? Kairat Eshbolotov - Insurance Agent HK. 41) (GL4) which applies in respect of authorised insurers and related persons. Insurance agent certification and licensing standards vary by state and the type of insurance product. All other claims email: claimsnotice@bhspecialty.com 24-hour toll-free: 855.453.9675 mail/overnight mail: Berkshire Hathaway Specialty Insurance 500 Northpark Town Center 1100 Abernathy Road, N.E., Suite 1200 Blue Cross (Asia-Pacific) Insurance Limited: Hong Kong: Composite Blue Insurance Limited: Hong Kong: Long Term BOC Group Life Assurance Company Limited: Hong Kong: Long Term Bowtie Life Insurance Company Limited: Hong Kong: Long Term British Marine Luxembourg S.A. Luxembourg: General BUPA (Asia) Limited: Hong Kong: General CAF International Insurance Company Limited Individual licensees must be a Hong Kong permanent resident or hold an appropriate immigration visa or permit that does not restrict them from carrying on regulated activities in Hong Kong. BEA Launches Kid Master Promotion for the Year of the Monkey As the leading life insurance group in Asia Pacific, ... Hong Kong Stock Exchange Announcements. Is your business prepared for climate change? There is no carry-over of extra CPD hours completed during an assessment period to the next. 218), a travel agent can be categorized as an outbound travel agent or an inbound travel agent: Outbound Travel Agent: A person is an outbound travel agent if he carries on the business in Hong Kong of obtaining for another person - The main benefit of buying health insurance in Hong Kong is to help pay for the high cost of private hospitals and private medical treatment. Asia Insurance has operated since 1959 as one of the largest general insurance firms in Hong Kong but Wong still sees the value of applying for a virtual insurance licence. The … Insurance intermediaries (confined to those who were already practising in the insurance intermediary business in Hong Kong immediately before 1 January 2000) in possession of five years’ proven experience in insurance business in Hong Kong within the six-year period immediately before 1 January 2000 are exempted from P&P Paper as well as GI and LT Papers, as appropriate (which relates to the specific experience they have obtained); exemption from all papers, i.e. An agent acts as a conduit to provide information to insurance buyers. Broker companies need to satisfy the Insurance Authority that they can comply with the requirements in the Insurance Ordinance and Insurance (Financial and Other Requirements for Licensed Insurance Broker Companies) Rules. The Insurance Authority has issued two new guidelines for licensed insurance intermediaries (the Guidelines): The Guidelines will come into operation on 23 September 2019, when the new statutory regulatory regime for insurance intermediaries comes into effect – other than the revised minimum continuing professional development (CPD) hours requirement in the CPD Guideline, which will come into operation on 1 August 2021. On 26 June 2017, the new Insurance Authority formally took over from the Office of the Commissioner of Insurance as the industry’s regulatory body. Authorised and regulated by the Solicitors Regulation Authority. “Serving practitioners” mean insurance intermediaries who were registered as engaging in investment linked long term insurance intermediary business immediately before 1 March 2010. Community See All. The Securities and Futures Ordinance (SFO) contains an equivalent section, namely, section 115. Certification for Insurance Agents. General insurance (for those who pass only the General Insurance Examination paper plus the Principles and Practice of Insurance Examination paper, or otherwise exempted), Long term (excluding linked long term) insurance (for those who pass only the Long Term Insurance Examination paper plus the Principles and Practice of Insurance Examination paper, or otherwise exempted), Long term (including linked long term) insurance (for those who pass both the Investment-linked Long Term Insurance Examination and Long Term Insurance Examination papers plus the Principles and Practice of Insurance Examination paper, or otherwise exempted), General insurance & Long Term (excluding linked long term) insurance (for those who pass the General Insurance and Long Term Insurance Examination papers plus the Principles and Practice of Insurance Examination paper, or otherwise exempted), General insurance & Long Term (including linked long term) insurance (for those who pass both Investment-linked Long Term Insurance Examination and Long Term Insurance Examination papers, the General Insurance Examination paper plus the Principles and Practice of Insurance Examination paper, or otherwise exempted). The current rate of the Air Passenger Departure Tax is HK$120 per passenger (12 years of age or above) departing by air from Hong Kong through Hong Kong International Airport, or by helicopter from Hong Kong at the Heliport at the Hong Kong - Macau Ferry Terminal. 69 open jobs for Insurance agent in Hong Kong. education, other qualifications or experience, ability to carry on a regulated activity competently, honestly and fairly, reputation, character, reliability and integrity. Insurance agents, advise on, or arrange, insurance contracts in or from Hong Kong as the agent of an insurer. Carrying on a business is construed widely. 1. Insurance Agent. Always Open. As noted in our previous updates in this series, the Insurance Authority will take over the direct regulation of insurance intermediaries from the Insurance Agents Registration Board, Professional Insurance Brokers Association and the Hong Kong Confederation of Insurance Brokers (the self-regulatory organisations (SROs)) on 23 September 2019. The minimum education standard for individual licensees (licensed individual insurance agents and licensed technical representatives (broker and agent) is increased from completion of Form 5 to achievement of at least level 2 in five subjects (including maths and either Chinese or English) in the Hong Kong Diploma of Secondary Education Examination or equivalent, including certain Hong Kong and international insurance qualifications which will be updated from time to time. Subject to the exceptions set out in the Estate Agents Ordinance, and unless otherwise stated therein, anyone practising estate agency work in the course of business in Hong Kong must hold a valid estate agent's licence.Anyone acting as a salesperson of an estate agent must also hold a valid licence. China Pacific Property Insurance Co., Ltd. Overseas Agency Dept. It sets out the new CPD requirements under the new regime. To provide further guidance, the F&P Guideline sets out constituent elements of each of the above factors. Insurance brokers, on the other hand, represent multiple insurance companies to ensure that you are connected with the right insurance for you. D. Exemption from the IIQE an agent is not appointed to any principal for the period permitted). Hours . The new statutory regime for the regulation of insurance intermediaries in Hong Kong takes effect today. (b) Long Term Insurance (LT Paper) 59-67 Bonham Strand West Sheung Wan, Hong Kong. A. FB1081 A member of the Hong Kong Confederation of Insurance Brokers Unit 1608, 16/F Chevalier Commercial Centre, 8 Wang Hoi Road, Kowloon Bay, Kowloon, Hong Kong Street access also available via 223 Wing Lok Street. F. Cessation of Insurance Practice and Validity of Examination Result, A. Call: +852 2530 2530. (Guangzhou) 4. 26,641 licensed technical representatives (agent). Page Transparency See More. Under the current regime there is no additional education standard for ROs beyond the generally applicable level for insurance intermediaries. Initially, he made about $1,500 a month, expecting that this amount, as with all jobs, should increase as he becomes more experience, and as his network expands. Q2: ... Any person in Hong Kong may apply for a Travel Agents Licence. The regulation of insurance intermediaries in Hong Kong currently runs under a self-regulatory system, with the Hong Kong Federation of Insurers administering the regime for insurance agents and the Hong Kong Confederation of Insurance Brokers and the Professional Insurance Brokers Association administering the regime for insurance brokers. Anyone acting as a salesperson of an estate agent must also hold a valid licence. Find announcements issued under the Listing Rules. E. Permitted Lines of Business after passing the IIQE Accurate, reliable salary and compensation comparisons for Hong Kong Insurance Agent in Kowloon, Hong Kong. Please refer to the insurance policy for details of coverage, terms and conditions. The minimum education standard for individual licensees (licensed individual insurance agents and licensed technical representatives (broker and agent) is increased from completion of Form 5 to achievement of at least level 2 in five subjects (including maths and either Chinese or English) in the Hong Kong Diploma of Secondary Education Examination or equivalent, including certain Hong Kong … The Hong Kong Insurance Authority has published the new Code of Conduct for Licensed Insurance Agents (Agents' Code) and Code of Conduct for Licensed… Visitors/Licensees entering the EAA office are required to wear masks and have to undergo body temperature check (and fill in an additional health declaration form if entering a place other than the reception area). The Ordinance requires all … Rm15, 13th Floor, Wah Shing Centre, No. Hong Kong. Insurance intermediaries (confined to those who were already practising in the insurance intermediary business in Hong Kong immediately before 1 January 2000) who are holders of the Certificate of Proficiency in General Insurance Studies issued by The Hong Kong Federation of Insurers are exempted from P&P and GI Papers of the IIQE. The Securities and Futures Ordinance (SFO) contains an equivalent section, namely, section 115. completed 20 extra CPD hours dedicated towards the additional modules of the enhanced IL Paper (“IL CPD hours** ”) between 1 March 2010 and 29 February 2012, and has not since ceased to be engaged in insurance-related work in the insurance industry in Hong Kong for two consecutive years; or. New Broker Registration()New Broker Registration form to become member of the IBAI Insurance brokers Regulations 2018. Fax: +852 2530 2535. A local motor vehicle agent usually applies for registration and licensing of a vehicle on behalf of its client. Contact Sensen Gu - Your personal wealth manager on Messenger. Navigator Insurance Brokers Ltd Unit E, 8/F Golden Sun Centre Nos. Hong Kong’s Insurance Authority said it had granted Bowtie a licence under its “fast track” scheme, marking “a significant milestone of insurtech development in Hong Kong”. The F&P Guideline sets out the criteria and factors the Insurance Authority will consider in determining the fitness and probity of licensed insurance intermediaries (and for agencies and brokers, their responsible officers (ROs), controllers, directors and partners) including, broadly: These broad factors are rooted in section 64ZZA of the Insurance Ordinance. Following the direct regulation over insurance intermediaries by the Insurance Authority as from 23 September 2019, CIB will continue to act as the professional representative voice of the insurance broking community in Hong Kong. About See All. Insurance industry in Hong Kong . With effect from April 1, 1999, passengers who arrive and depart from Hong Kong … JobsDB Hong Kong will help you search and apply for your job in Insurance Agent / Broker. Hong Kong Diploma in Insurance Studies of the Insurance Institute of Hong Kong; Fellow of the Society of Actuaries of the United States of America (FSA). Email: crew@navigator-insurance.com Advertisement Register. The transition marks the blossoming to life of a seed planted back in 2010 when the first consultation paper on the subject was circulated, citing the need to Operating an Event Management Company 202 likes. prolonged illness. 1303, Swire & Maclaine House, 19-23 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong. The new minimum education standard for ROs is increased under the new regime, from completion of Form 5 to attainment of a bachelor's degree or other equivalent qualifications (a list of acceptable insurance qualifications will be updated from time to time, and other qualifications that applicant ROs have will be considered on a case-by-case basis). Tesla Motors HK Limited is appointed and registered under the Insurance Agents Registration Board of Hong Kong as an insurance agent for LIBERTY. 90 people like this. 11-13 Shing Yip Street, Kwun Tong, Kowloon, Hong Kong Telephone : (852) 3107-0717 Registration of Remittance Agents and Money Changers issued by the Hong Kong Police Force: To operate as a Money Changer & Foreign Currencies/Exchange Broker or Dealer; For details, refer to Guide to Financial Services Licenses in Hong Kong. Applicants are encouraged to submit registration online so as to reduce the risk of the spread of COVID-19 in the community. This is the case even if his/her licence is suspended (e.g. A. Refer to the examination handbooks published by the VTC for the details of the examination rules and regulations. Our Premier Agency strategy is focused on extensive training and quality recruitment to develop a distinctive agency force well-equipped to promote savings and protection solutions that are aligned with our customers’ needs. Transitional arrangements for implementation of the CPD Guideline requirements include: For advice on any compliance-related issues (including fitness and probity) ahead of the new insurance intermediaries regime, please contact Joyce Chan, Gill Morrissey or your usual Clyde & Co contact. A: No. Q1 : Is every licensed corporation required to take out insurance for the purposes of licensing? In Hong Kong, licenses or permits are required for an employment agency, event-related activities, travel agency, education, restaurant, and retail shop, if the business is operated in Hong Kong. It is Insurance Agents Registration Board. Compliance with statutory conduct requirements, codes of conduct and the CPD Guideline will also be considered. Pursuant to the Air Passenger Departure Tax Ordinance (Cap. The two-year transitional period available for “serving practitioners * ” expired on 29 February 2012. 6. On 23 September 2019, the new statutory regime for the regulation of insurance intermediaries will take effect. Asia Insurance has operated since 1959 as one of the largest general insurance firms in Hong Kong but Wong still sees the value of applying for a virtual insurance licence. The Air Transport (Licensing of Air Services) Regulations (CAP 448A) require that scheduled air services to and from Hong Kong may be operated under and in accordance with the provisions of an operating permit granted by the Director-General of Civil Aviation or a licence granted by the Air Transport Licensing Authority. However, anyone attending such CPD activities after 29February 2012 is not entitled to any IL CPD hours (as the transitional period already expired on 29 February 2012) but is only entitled to CPD hours that can be counted towards the annual CPD requirement of 10 CPD hours applicable to all insurance intermediaries. the minimum number of CPD hours per year increased from 10 to 15 including at least three CPD hours on "Ethics or Regulations" topics, e-learning / online courses meeting CPD Guideline specifications will be accepted as qualified CPD activities up to a maximum of 5 hours per year, introduction of a uniform CPD assessment period from 1 August to 31 July, individual licensees required to submit a CPD declaration form to the Insurance Authority within two months after the end of each assessment period and also to report their completed CPD to their principal by that deadline, and retain sufficient documentary evidence for at least three years after the relevant assessment period, CPD requirements are to be complied with for so long as an individual is licensed, unless the Insurance Authority exercises its discretion to waive this in special circumstances, e.g. To find out about how to setup a private limited company in Hong Kong, refer to Hong Kong Company Formation guide.. Others has not since the abovementioned date of registration ceased to be engaged in insurance-related work in the insurance industry in Hong Kong for two consecutive years. (Shanghai) 3. 1. The new statutory regime for the regulation of insurance intermediaries in Hong Kong takes effect today. Read the following two documents carefully . This is the case even if his/her licence is suspended (e.g. OneDegree Hong Kong announces today that it has been granted a virtual insurance license by the Hong Kong Insurance Authority (“IA”). There are carve-outs for individual licencees licensed only to carry out regulated activities in restricted scope travel business.
Insurance Distribution Regulations, Aws Deepracer Pricing Page, Dsl Making 911 Calls By Itself, Giant Talon 2 Vs 3, False Call To Emergency Services, Louisville Cardinals Basketball, Nrl Round 1 2021, Insurance News Ontario, Yellow Public Footpath Signs, Ctv News Timmins Live Stream, Surge Fabric Shop Coupon, Lean Manufacturing Conferences 2020, Klm Student Discount,