- The regulator
The Insurance Authority (IA), head of the Office of the
Commissioner of Insurance (OCI) administers the Insurance Companies
Ordinance (ICO) which has provisions governing the regulation of
insurers and insurance intermediaries (agents and brokers) in Hong
Kong.
An insurer must be authorized by the IA before it carries on
insurance business in or from Hong Kong. Insurance brokers must be
authorized by the IA or admitted as members of self-regulatory
organisations approved by the IA. At present, all insurance brokers
in Hong Kong are members of either one of the two broker bodies,
namely, the Hong Kong Confederation of Insurance Brokers (HKCIB)
and the Professional Insurance Brokers Association (PIBA). The
Insurance Agents Registration Board (IARB) established under the
Hong Kong Federation of Insurers is responsible for registering
insurance agents.
