, Hong Kong
108 view s
/Tara Winstead from Pexels

HKIA sets fees for insurance intermediary licences from September

It plans to use the fees for enhanced public education and training.

The Hong Kong Insurance Authority (HKIA) will begin charging fees for processing insurance intermediary licence applications and related notifications from 23 September. 

These fees, designed on a cost-recovery basis, follow a five-year waiver period that began when the HKIA took over the regulatory responsibility for insurance intermediaries on 23 September 2019.

The decision to implement these fees comes after extensive industry consultation, ensuring that the fees reflect the IA's costs of regulation without exceeding them. 

According to Peter Gregoire, Head of Conduct Supervision Division and General Counsel of the IA, the fees will support the IA's ongoing regulatory activities, including on-site inspections, offsite supervision, and the maintenance of a technology-based licensing process.

Additionally, the HKIA plans to use the revenue from these fees to enhance public education campaigns, provide training for insurance practitioners, and ensure robust enforcement actions to maintain market integrity.

To assist with the payment process, a new payment gateway has been integrated into the IA’s e-portal, Insurance Intermediaries Connect (IIC).

Follow the link for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Income-Allianz failed merger shows popular opinion is king
The deal faced backlash from Singaporeans who thought it betrayed Income’s social mission.
Filipino gamers hold promise for FWD
The insurer plans to support other games and aspects of the gaming ecosystem beyond esports.