On 31 July 2019, HKIA published consultation conclusions for F&P, CPD Guidelines.
- Both F&P and CPD guidelines will take effect immediately upon commencement of the new statutory regulatory regime for insurance intermediaries on 23 September 2019.
- Except for new minimum CPD hours, which will come into operation on 1 August 2021.
Background (September 2018)
New Regulatory Regime
- In mid-2019, IA plans to take over regulation of insurance intermediaries.
- Under new regime, a person will require a licence granted by IA to carry
on regulated activities, must meet a fit and proper test in order to obtain.
- Draft F&P Guideline outlines the key criteria and matters that the IA will
normally consider in determining whether such a person is fit and proper.
- Covering education, qualifications, reputation, reliability, financial status.
- Draft CPD Guideline aims to standardize, modernize, and update existing
CPD requirements applicable to insurance intermediaries in line with this.