The Insurance Authority (IA) took over responsibility for direct regulation of around 110,000 insurance intermediaries in Hong Kong from the Insurance Agents Registration Board (IARB) on 23 September 2019. The board administered three self-regulatory organisations (SROs) namely the Hong Kong Federation of Insurers (HKFI), the Hong Kong Confederation of Insurance Brokers (HKCIB) and the Professional Insurance Brokers Association (PIBA).