The Hong Kong Insurance Authority (HKIA) is set to introduce fees for processing insurance intermediary licence applications and related notifications starting from 23 September. These fees, which mark the end of a five-year waiver period initiated when the HKIA assumed regulatory oversight for insurance intermediaries on 23 September 2019, are structured on a cost-recovery basis.
The decision to levy these fees follows extensive consultations with industry stakeholders to ensure they align closely with the IA’s regulatory costs without surpassing them. Peter Gregoire, Head of the Conduct Supervision Division and General Counsel at the IA, emphasized that the fees will provide crucial support for the IA’s ongoing regulatory efforts. These efforts encompass on-site inspections, offsite supervision activities, and the maintenance of a technologically-driven licensing framework.
Furthermore, revenues generated from these fees will be directed towards bolstering public education initiatives, enhancing training programs for insurance professionals, and reinforcing robust enforcement measures aimed at upholding market integrity. To streamline the payment process, the IA has integrated a new payment gateway into its e-portal, Insurance Intermediaries Connect (IIC).
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