IIQE Exam Guide 2026

What is the IIQE?

The IIQE (Insurance Intermediaries Qualifying Examination) is run by the Vocational Training Council (VTC) on behalf of the Insurance Authority (IA). It is the statutory qualification required to work as an insurance intermediary in Hong Kong. It has four papers (there is no Paper IV): Paper I, Paper II, Paper III and Paper V.

The four papers & licence combinations

Paper I — Principles & Practice of Insurance (compulsory)
The common prerequisite for every insurance intermediary, whichever licence you pursue.

General insurance agents: pass Paper I + Paper II (General Insurance).

Long-term (life) insurance agents: pass Paper I + Paper III (Long Term Insurance).

Selling investment-linked products: in addition to Paper I + Paper III, pass Paper V (Investment-linked Long Term Insurance).

Exam format

All four papers are multiple-choice (MCQ) with a 70% pass mark:

• Paper I: 75 questions, 2 hours, pass 53/75
• Paper II: 50 questions, 1 hour 15 minutes, pass 35/50
• Paper III: 50 questions, 1 hour 15 minutes, pass 35/50
• Paper V: 80 questions, 2 hours, pass 56/80

Each paper is taken and passed independently — there is no need to sit them in one session.

What each paper covers

• Paper I — Principles & Practice of Insurance: risk & insurance, legal principles, insurance principles, core functions of insurers, HK insurance industry structure, regulatory framework, ethics (7 parts)
• Paper II — General Insurance: insurance products, underwriting & policy terms, claims, general insurance regulations (4 parts)
• Paper III — Long Term Insurance: long-term products, insurer operations, regulations, policy servicing, sales process (5 parts)
• Paper V — Investment-linked Long Term Insurance: product structure, investment principles, ILAS regulations, needs analysis, client communication (5 parts)

Key legislation & guidelines (examinable)

The following are core to the IIQE syllabus and worth studying closely:

• Insurance Ordinance (Cap. 41)
• Guideline on Anti-Money Laundering & Counter-Financing of Terrorism (GL3)
• Fit & Proper Guideline (GL23)
• Personal Data (Privacy) Ordinance (Cap. 486)
• Code of Conduct for Licensed Insurance Agents / Brokers
• Paper V additionally covers the Securities and Futures Ordinance (SFO) and SFC codes

Study strategy

• Tackle Paper I first — it is the common prerequisite and the foundation for the others
• Confirm which licence combination you need and only register for the papers required
• The Insurance Authority publishes official Study Notes but no question bank — fill the gap with practice questions
• Do mock exams to get used to the timed MCQ pace
• Review wrong answers repeatedly to target weak areas

From Registration to Licence: Step-by-Step

1. Decide your licence combination: Choose general, long-term, or investment-linked insurance, then lock in the papers you need (Paper I is always compulsory).
2. Register: Sign up on the VTC (Vocational Training Council) IIQE system, register paper by paper, pay the fees, and pick your exam dates. Papers can be booked separately.
3. Sit the exam: All papers are computer-based MCQ (CBT) with a provisional result on the spot; the pass mark is 70% for every paper.
4. Register as a licensed intermediary: After passing the required papers, apply through your insurer or broker to the Insurance Authority (IA) to register as a licensed insurance intermediary before practising.

Because each paper is registered and passed independently, you can clear them one at a time at your own pace — there is no need to sit them all at once.

Common Mistakes That Cost Marks

• Assuming there is a Paper IV: the IIQE has only Paper I/II/III/V — there is no Paper IV. Registering for the wrong paper or studying the wrong scope is a common beginner error.
• Thinking the pass mark is 60%: every IIQE paper requires 70% (not the 60% of some other exams), so prepare to a higher standard.
• Skipping the Paper I foundation: Paper I is the common prerequisite and the conceptual base for the others; tackling other papers first is inefficient.
• Underrating regulation & ethics: GL3 (AML), GL23 (Fit & Proper) and the Code of Conduct are examinable and full of detail questions — last-minute cramming loses marks.
• Underestimating Paper V: investment-linked insurance spans investment principles and ILAS regulations across both insurance and securities, needing extra time.

A Study Timetable by Paper (sample)

Using the common long-term + investment-linked combination (Paper I + III + V) over about 6 weeks:

• Weeks 1–2: Paper I (Principles & Practice — the broadest, 75 questions, and the foundation).
• Week 3: Paper III (long-term products, policy servicing, sales process).
• Week 4: Paper V (product structure, investment principles, ILAS regulations, needs analysis).
• Week 5: Concentrate on regulation & ethics (GL3 / GL23 / Code of Conduct) — common across papers.
• Week 6: Timed mock exams per paper + redo wrong questions to stay safely above 70%.

General insurance only (Paper I + II) can be done in 3–4 weeks; sitting papers separately lets you spread preparation out.

Free study resources

• IIQE exam overview
• IA official IIQE page & study notes (the authoritative reference)
• All 21 parts broken down
• IIQE FAQ
• Paper I study notes
• Paper II study notes
• Paper III study notes
• Paper V study notes