It plans to use the fees for enhanced public education and training.
The Hong Kong Insurance Authority (HKIA) will begin charging fees for processing insurance intermediary licence applications and related notifications from 23 September.
These fees, designed on a cost-recovery basis, follow a five-year waiver period that began when the HKIA took over the regulatory responsibility for insurance intermediaries on 23 September 2019.
The decision to implement these fees comes after extensive industry consultation, ensuring that the fees reflect the IA’s costs of regulation without exceeding them.
According to Peter Gregoire, Head of Conduct Supervision Division and General Counsel of the IA, the fees will support the IA’s ongoing regulatory activities, including on-site inspections, offsite supervision, and the maintenance of a technology-based licensing process.
Additionally, the HKIA plans to use the revenue from these fees to enhance public education campaigns, provide training for insurance practitioners, and ensure robust enforcement actions to maintain market integrity.
To assist with the payment process, a new payment gateway has been integrated into the IA’s e-portal, Insurance Intermediaries Connect (IIC).
