Hong Kong insurance broker company licence

Purpose of the licence

A licensed insurance broker company is a corporation licensed under section 64ZA of the Insurance Ordinance to arrange insurance for clients. Since 23 September 2019, the Insurance Authority has directly licensed and regulated insurance intermediaries. Permitted business depends on the licence: general business, long-term business and investment-linked long-term business must each be checked against the authorised scope.

Main application requirements

• Appoint a Responsible Officer (RO), with prior IA approval under section 64ZF;
• The company, controllers, directors and RO must meet the applicable fit and proper criteria in Guideline 23. The company also needs appropriate governance, internal controls and risk management;
• Comply with the Insurance (Financial and Other Requirements for Licensed Insurance Broker Companies) Rules, including paid-up share capital and net assets of at least HK$500,000 each, professional indemnity insurance (PII), handling client money and accounts in accordance with the Rules, and proper books and records;
• Relevant individual licensees must meet the applicable qualifications, IIQE examination or recognised exemption, and continuing professional development requirements.

Application process

1. Form a Hong Kong company and arrange a qualified Responsible Officer;
2. Create a business entity account through the IA's Insurance Intermediaries Connect;
3. Submit the company licence and RO approval applications electronically and pay the fees;
4. The IA assesses completeness and fitness and propriety, and raises enquiries;
5. If satisfied, the IA grants the company licence and RO approval.

Acquisition, sale and transfer

An acquisition of an existing licensed broker company or a sale of your company may be assessed. We assist with licence and RO checks, buyer and seller matching, and coordination of ownership changes, required approvals and handover.