Insurance broker refers to an agent who acts as a policyholder or potential policyholder，A person carrying on the business of negotiating or arranging insurance contracts in or from Hong Kong，or a person carrying on a business of advising on insurance matters。
Whether it is a sole proprietorship，partnership，Or a limited company?，Anyone can apply to become an authorized insurance broker。Authorization can be applied directly to the Office of the Insurance Regulatory Commission。
Responsible personnel and business representatives of insurance brokers are also required to register。
Insurance brokers are required to nominate a responsible officer。The responsible officer must be a fit and proper person，and must meet the minimum requirements in terms of qualifications and experience specified by the Insurance Authority。The person is required to handle the brokerage business of the insurance broker。
A business representative refers to providing advice to policyholders or potential policyholders on behalf of an insurance broker on insurance matters.，or a person who negotiates or arranges an insurance contract in or from Hong Kong for a policyholder or potential policyholder on behalf of the insurance broker。
Insurance Authority issues minimum requirements for insurance brokers，Involving five aspects，And effective from September 23, 2019。
The insurance broker or a responsible officer nominated by the insurance broker，must：
(1) Aged 21 or above；
(2) Be a permanent resident of Hong Kong，or a Hong Kong resident whose work visa (if any) does not restrict him from engaging in insurance brokerage business；
(3) At least a bachelor's degree or equivalent education，as well as
(4) Hold a recognized insurance qualification，And have at least 5 years of experience in the insurance industry，Includes at least 2 years of management experience。
Unincorporated insurance brokers are required to maintain a minimum net asset value of at least HK$500,000 in their insurance brokerage business at all times。
A corporate insurance broker is required to maintain a minimum net asset value and paid-up share capital of at least HK$500,000 at all times.。
When determining minimum net asset value,Excludes all intangible assets,and must be calculated in accordance with accounting principles generally accepted in Hong Kong。
Insurance brokers must maintain a professional indemnity policy，Provides a minimum limit of indemnity for any one claim and any 12-month policy period。The minimum limit of indemnity shall be：
1) For insurance brokers who have been operating insurance business for more than one year，Twice the total insurance brokerage income in the 12 months preceding the effective date of the professional indemnity policy；
For insurance brokers who have been operating insurance business for less than one year，Twice the projected insurance brokerage income for the 12 months of the professional indemnity policy cover date。
2) HKD 3,000,000
Whichever of the two amounts is larger，The maximum amount is HKD75,000,000。
Insurance brokers are required to deposit client funds into a separate client bank account。He shall not use client money for any purpose other than that of the client concerned。
Accounting and financial records should fully describe transactions，And can truly and fairly reflect the financial status and transactions of the insurance brokerage business。This record must be kept properly，to conduct audits in a timely manner。
Records must be in writing，Contains all transaction details from the broker，All income generated by brokerage business and all expenses paid by insurance brokers，and keep detailed records of all assets and liabilities of the insurance broker。The record must be kept for not less than 7 years。
Fit and proper requirements
Insurance brokers must meet fit and proper requirements。He shall conduct his business with the highest integrity and integrity。He must also act without conflict of interest，Provide independent and impartial advice。
Insurance brokers must be careful and responsible to understand and meet the needs of their customers，and must ensure that its employees are fit and proper persons to perform the relevant work。He must also explain the terms of the insurance contract to the customer，Comply with all work and ethics guidelines and codes。
Customer interests must come first。therefore，Insurance brokers are prohibited from disclosing any information obtained from clients。Insurance brokers must provide clients with appropriate and accurate relevant important information。
Save member register
According to Article 69, Paragraph 3 of the Insurance Company Ordinance，An insurance broker is required to keep a register of its members at its registered office or principal place of business in Hong Kong，Record information required by the Insurance Authority on each member of the insurance brokerage group，The register must be made available for public inspection during normal business hours.。
Application form
Applications may be made to the Office of the Insurance Regulatory Commission。
Authorization processing time
Process authorization requests，Generally, it takes 4 months from submission of application documents to issuance of in-principle approval.。
