Insurance Brokerage Registration Requirements in Hong Kong
Insurance Broker Authorisation
Operating an insurance brokerage in—or from—Hong Kong requires authorisation and licensing under the Insurance Ordinance (Cap. 41) and supervision by the Insurance Authority (IA). In practice, a brokerage operates as a Licensed Insurance Broker Company, while individuals act as Licensed Technical Representatives (Broker) and the firm appoints at least one Responsible Officer approved by the IA.
Who is an “insurance broker”
An insurance broker is engaged by (potential) policyholders to negotiate, arrange or advise on insurance contracts as their agent, rather than acting for insurers. Such activity is a regulated activity and requires the appropriate licensing/authorisation with the IA.
- Fit-and-proper & organisational competence Controllers, directors, ROs and technical representatives must satisfy fit-and-proper standards; broker companies must maintain sound governance, internal controls and risk management.
- Financial & other prudential requirements (Broker Rules – Cap. 41L) Minimum paid-up share capital and net assets, professional indemnity insurance (PII), client accounts, proper books/records and specified audit disclosures. Records must generally be retained for at least 7 years.
- Responsible Officer & client money controls Appointment of an IA-approved Responsible Officer and maintenance of a client account with a Hong Kong bank are core obligations for broker companies.
- Application forms & process IA-prescribed broker company application forms (and individual licence forms) are required and can be submitted via the IA’s channels, with supporting evidence per the rules/guidelines
How Royal Global Compliance Consulting Helps
End-to-end, regulator-ready support so your submission is coherent, defensible, and inspection-ready:
- Scoping & regulatory mapping – confirm business model, lines of business, distribution, governance and map to IO/IA requirements (fit-and-proper, organisational competence, Broker Rules).
- Evidence-based application build – broker company forms, RO/TR licensing, group structure, governance and control narratives, client-money arrangements, PII placement support, policies & procedures (governance, internal controls, conduct, complaints, DP/privacy).
- Financial & prudential pack – capital/net-asset confirmations, audit trail for books/records, client account setup evidence, draft accounting disclosures.
- Compliance framework – Code of Conduct alignment, training/CPD plan, registers, record-retention schedule (≥7 years), monitoring and attestations.
- Regulatory liaison – coordinated responses to IA requisitions; prepare RO interview/briefing materials where relevant; manage clarifications through to decision.
