It is widely expected that 2015 will see the introduction of a licensing regime for insurance agents and brokers in a change to the regulatory environment described by the Government department overseeing its introduction as the “most important regulatory reform in the insurance sector in the past 30 years”.

If passed into legislation, all persons carrying out “regulated activities”, which will include giving advice on insurance and providing sale and after-sale services in relation to insurance policies, will be licensed and regulated by a new Independent Insurance Authority (IIA). The IIA will be armed with powerful tools to investigate, inspect and impose sanctions similar to those of other financial regulators in Hong Kong. Read more about the proposed new regime here.