Hong Kong insurance company license application

in Hong Kong，Insurance Regulatory Authority (CIA)，IA) is the only statutory body that comprehensively supervises insurance companies and insurance intermediaries.。As a member of the International Association of Insurance Supervisors (IAIS)，The IA’s supervisory system must strictly comply with international principles and standards，Its core function is to ensure the financial stability of insurance corporations，and comply with strict business ethics regulations。

Any entity carrying on insurance business in Hong Kong，Must obtain authorization according to law。Insurance institutions operating in Hong Kong，Its statutory definition is an "Authorized Insurer" authorized under the Insurance Ordinance (Chapter 41 of the Laws of Hong Kong)。its affiliated licensed personal insurance agents、Insurance agencies and insurance brokerage companies, etc.，are also strictly regulated by the Ordinance。

Yes。To promote the development of insurance technology in Hong Kong，The Insurance Regulatory Bureau has specially set up a "Fast Track"。This channel is exclusively for new insurance companies that hold and use all-digital distribution channels to apply for authorization.；Driven by this exclusive licensing mechanism，Hong Kong has successfully granted its first virtual insurance company license。

For licensed authorized insurance companies，China Insurance Regulatory Bureau provides “Insurtech Sandbox” mechanism。This mechanism allows insurance companies to take a lead，Comply with piloting innovative insurtech intended for use in its commercial operations in a controlled regulatory environment，This significantly reduces the risk of early breaches of new technologies.。

Traditional one-size-fits-all capital requirements are a thing of the past，Hong Kong’s insurance industry is fully implementing the “Risk-based Capital Regime”。The Insurance Regulatory Authority collects industry data through multiple rounds of quantitative impact studies，to determine dynamic capital requirements，and issued strict legal guidelines on "enterprise risk management"，Licensed companies must ensure that their capital levels fully reflect and cover the various substantive risks borne by their businesses。

The Insurance Regulatory Commission as an independent agency，Its operating expenses come from fees paid by insurance companies and insurance intermediaries in accordance with the law.，and user charges for specific services。in the long run，To recover all regulatory costs，Since 2018, the Insurance Regulatory Commission，Statutory "premium levies" are collected from policyholders through insurance companies，The starting rate is 0.04% of the premium，And gradually increase it to the overall target level of 0.1% (each policy has a levy upper limit)。

Insurance companies and their appointed insurance agents are strictly regulated by the Insurance Companies Ordinance，Unless duly appointed or authorized，No person shall act as an insurance agent。All insurance intermediaries (responsible officers and business representatives) must pass the "Insurance Intermediaries Qualification Examination" organized by the Vocational Training Council's Peak Continuing Education Institute before joining the job.，And continue to comply with the mandatory requirements of "Continuing Professional Training" (CPD) after being approved，Failure to comply will result in disciplinary action or disqualification.。

Insurance companies must strictly abide by the "Insurance Agency Management Code" issued by the Hong Kong Federation of Insurance Companies and recognized by regulators。This legal code not only stipulates the rules and procedures for agent registration and cancellation，It also gives the regulator powers to handle complaints and require insurers to take disciplinary action against their appointed agents，It also defines the “fit and proper” criteria for agents and the minimum legal requirements for agency contracts.。

According to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, Chapter 615 of the Laws of Hong Kong，Authorized Insurer、Licensed Personal Insurance Agent、Licensed insurance agencies and licensed insurance brokers，are clearly defined as “Financial Institutions”。therefore，Insurance companies have an absolute legal obligation，Strict customer due diligence and record-keeping requirements must be implemented，To prevent money laundering and terrorist financing。

The Financial Institutions (Resolution Regime) Ordinance establishes a cross-sector resolution mechanism for financial institutions in Hong Kong，The IA is legally empowered to act as the “resolution authority” for the insurance sector。Insurance institutions covered by the legislation (and certain group affiliates) must be strictly bound by this mechanism，To ensure that the overall stability of Hong Kong’s financial system can be maintained when institutions are on the verge of failure。

Insurance companies and their sales teams must abide by the bottom line of the Trade Descriptions Ordinance (Chapter 362 of the Laws of Hong Kong) when making sales。This legislation strictly prohibits the provision of false trade descriptions in relation to the services/products supplied in the course of business、Misleading or incomplete information and misrepresentations。It is a criminal offense to use a false or misleading statement in any advertisement，Violating institutions and relevant executives will face severe criminal prosecution.。