Part 6: Insurance Regulatory Framework
Paper I — Principles and Practice of Insurance · Part 6: Insurance Regulatory Framework
Further reading: Insurance Regulatory Framework study notes →
Q1 Free
From which date are all insurance intermediaries directly licensed and regulated by the Insurance Authority (IA)?
Show Answer
Correct Answer: A
- Since 23 September 2019, all insurance intermediaries have been licensed directly by the IA.
- Prior to that, a self-regulatory system operated through three SROs: IARB (Insurance Agents Registration Board), CIB (Hong Kong Confederation of Insurance Brokers) and PIBA (Professional Insurance Brokers Association).
- All three SROs ceased their self-regulatory functions on the same date.
Q2 Free
Regarding the distinction between insurance agents and insurance brokers, which of the following is correct?
Show Answer
Correct Answer: A
- Insurance agents represent one or more insurers and owe their duty to the insurer.
- Insurance brokers represent clients, independently sourcing suitable products for them.
- Hence their fiduciary duties are owed to different parties.
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