The Insurance Authority (IA) announced that it will begin charging fees for insurance intermediary licensing applications starting from 23 September 2024, following the expiry of a five-year waiver period. The fees are based on cost-recovery and were formulated after industry consultation. The IA’s Head of Conduct Supervision, Mr. Peter Gregoire, stated that the fees will cover regulatory costs, enabling the IA to continue effective regulation, enhance technology-based licensing, and promote public education on insurance. A new payment gateway in the IA’s e-portal, Insurance Intermediaries Connect (IIC), has been developed to facilitate fee payments, ensuring a smooth transition for the industry.
Resources: https://www.ia.org.hk/en/infocenter/press_releases/20240731.html