Ten things you need to know about the new Insurance Authority regime for insurance intermediaries
As of today, the Insurance Authority’s (“IA”) new statutory regime for insurance intermediaries is in force. Under the new regime, insurance intermediaries, a term which covers both insurance brokers and insurance agents, will need to be licensed by the IA (unless they fall into one of a limited number of exemptions), and subject to conduct requirements.
The licensing test in the Insurance Ordinance has also changed, so it is critical to ensure that your activities do not now trip into the need for a licence. As such, the regime is not only important for brokers and agents, but could also affect banks, insurers and other entities involved in referring potential policyholders for insurance cover, so we have prepared a summary of ten points worth knowing about the new regime.