The new statutory licensing and conduct regime for insurance
intermediaries comes into operation on 23 September 2019. One of
the new statutory provisions which comes into effect on that day
and which directly affects insurers (other than captives) relates
to the intermediary management control function.
The intermediary management control function is relevant to
insurers that enter into insurance contracts through, or accept
referral business from, Hong Kong insurance intermediaries and the
function is to establish and maintain appropriate internal control
measures in relation to those arrangements.
This is the sixth designated control function for insurers which
requires proposed appointees to be pre-approved by the Insurance
Authority having satisfied it that they are fit and proper for the
role. A control function is one of the specified key functions
which is likely to enable the individual who is solely or jointly
responsible for its performance to exercise a
