Insurance Authority to replace three self-regulatory organisations from 23 September 2019 and directly regulate insurance intermediaries

The Insurance Authority will replace three self-regulatory organisations from 23 September 2019 and comprehensively regulate insurance intermediaries in Hong Kong, including licensing approval, inspections and investigations, and disciplinary sanctions. Two sets of rules are planned to take effect on the same day, subject to the progress of scrutiny by the Legislative Council. Intermediaries with valid registrations immediately before the effective date will be treated as licensed persons for three years; unresolved cases will be handled under the pre-handover rules, and new requirements will not apply retrospectively.