1. must be a company incorporated in Hong Kong or an overseas company registered in the Hong Kong Companies Registry. Have the actual office address and company account number. This requirement is mainly put forward by the Hong Kong Insurance Regulatory Commission, which supervises companies.
2. Adequate share capital: An insurance brokerage company shall store low net asset value and low paid-in share capital of HK$ 65,438,000 at any time. Funds need to be deposited in banks designated by the Hong Kong Insurance Regulatory Commission, including banks such as Minsheng and HSBC.
3. Compliance Chief Executive Officer: The position requires 1 person, who cannot hold important positions in other companies at the same time, and must be a full-time director or full-time employee of the company's business in Hong Kong.
4. Adequate repayment reserve for professional civil compensation insurance: the policy finance is not less than HK$ 3 million, and the high limit is HK$ 75 million. The premium is generally around HK$ 654.38 million/year.
5. Lack of independent customer account: The customer's money must be deposited in the customer's bank account, which is separate from the company's money. The customer's money shall not be used for any purpose other than the customer's purpose.
The following are some common questions in the application process of insurance brokerage license in Hong Kong:
1, can the company be both an insurance broker license and an insurance agent?
This is unacceptable. The Hong Kong Insurance Regulatory Commission clearly stipulates that not only a company cannot operate two businesses at the same time. The same person cannot be an insurance broker and an insurance agent at the same time.
2. Which department needs to supervise and approve the application process of insurance brokerage license in Hong Kong?
At present, there are two authorized insurance brokers in Hong Kong, namely, the Hong Kong Insurance Consultants Association and the Hong Kong Professional Insurance Brokers Association. The chief executive and business representatives of insurance brokers are also required to register with the relevant institutions. That is, we are familiar with CIB and PIBA. Both institutions have the right to examine the application materials for insurance brokerage licenses in Hong Kong and issue corresponding licenses. According to statistics, CIB has issued about 300 insurance brokerage licenses. PIBA distributed about 470 copies.
3. How to set up the company's account?
According to the requirements of the Hong Kong Insurance Regulatory Commission, the company needs to have more than two accounts, one of which is mainly used to store customers' insurance funds, and the other accounts are mainly used to store operating funds. The funds independently stored in the customer's account cannot be used for other purposes than insuring the customer.
4. How long does it usually take to apply for an insurance broker's license in Hong Kong?
Generally speaking, if there are no problems in the registration of business representatives, administrative CE and Hong Kong companies, plus the time required for the CIRC to review, it will take about three months to obtain the Hong Kong insurance brokerage license.
5. Does the registered capital of an insurance brokerage company in Hong Kong need to be paid in?
There is no clear requirement for this, but the CIRC requires that the total value of low assets and paid-in share capital of insurance brokerage companies should not be less than HK$ 654.38 million.
6. Which is better, directly applying for a Hong Kong insurance brokerage license or acquiring a ready-made one?
The specific choice of buying an existing license or opening a new license mainly depends on the specific requirements of customers. If you want to develop the exhibition industry rapidly, you can consider buying one directly. But there are some conditions when changing, so you must understand the specific acquisition process and conditions, otherwise it is likely to lead to the same as the new time. This will waste a lot of manpower and time.