News Regulations24 Sep 2019

Hong Kong:Insurance Authority takes the reins of insurance intermediaries

Officiating guests at the handover ceremony (from left): Hong Kong Federation of Insurers chairman Praveen Daswani ; Professional Insurance Brokers Association chairman Gary Soo, IA CEO Clement Cheung; IA chairman Dr Moses Cheng; Hong Kong Confederation of Insurance Brokers chairman Bhabani Sankar Rath ; IA executive director (market conduct) Stephen Po

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).

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