HK regulator scraps proposal to raise agents' insurer representation cap

Pedro Gonçalves
clock • 1 min read

The Hong Kong Insurance Authority (IA) has moved away from raising the cap on the number of insurers which a licensed individual insurance agent or insurance agency may represent from 4 to 5 due to the lack of industry-wide consensus. According to the IA, around 85% of individual agents and 70% of insurance agencies sold or promoted products for less than four insurers, and it deemed the move to increase the cap unnecessary. The regulator also took a u-turn with trying to set out the requirements on licensed insurance broker companies relating to financial and other aspects. While mos...

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