Part 6: Insurance Regulatory Framework
Paper I — Principles and Practice of Insurance · Part 6: Insurance Regulatory Framework
Further reading: Insurance Regulatory Framework study notes →
From which date are all insurance intermediaries directly licensed and regulated by the Insurance Authority (IA)?
Why: 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.
Regarding the distinction between insurance agents and insurance brokers, which of the following is correct?
Why: 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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