Hong Kong – HKIA Takeover Insurer Oversight

Hong Kong – HKIA Takeover Insurer Oversight

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.