Insurance Intermediaries
There are broadly two
types of licensed insurance intermediary in Hong Kong, serving as a
vital conduit between the public and the insurance sector.
Licensed Insurance Agents
Licensed insurance agents include licensed individual
insurance agents, licensed insurance agencies
and licensed technical representatives (agent).
Licensed individual insurance agents and licensed insurance agencies act as agents of the authorised insurers (i.e. insurance companies) which appoint them (i.e. the insurers are their principals). In this capacity, they promote, advise on and arrange insurance policies offered by their appointing insurers.
Whereas, licensed technical representatives (agent) act as agents of the licensed insurance agencies which appoint them (i.e. the licensed insurance agencies are their principals). In this capacity, they promote, advise on and arrange insurance policies offered by the appointing insurers of the licensed insurance agencies.
Licensed individual insurance agents and licensed insurance agencies act as agents of the authorised insurers (i.e. insurance companies) which appoint them (i.e. the insurers are their principals). In this capacity, they promote, advise on and arrange insurance policies offered by their appointing insurers.
Whereas, licensed technical representatives (agent) act as agents of the licensed insurance agencies which appoint them (i.e. the licensed insurance agencies are their principals). In this capacity, they promote, advise on and arrange insurance policies offered by the appointing insurers of the licensed insurance agencies.
Licensed Insurance Brokers
Licensed insurance brokers include licensed insurance broker
companies and licensed technical representatives
(broker).
Licensed insurance broker companies give advice on insurance policies to clients and act as agents of clients (serving as both the clients' trusted professional advisors and representatives) in the course of dealing with matters relating to insurance policies, including procurement, negotiation and arrangement of insurance policies with insurers, and in some cases, making and settling claims.
Licensed technical representatives (broker) act as representatives of (i.e. on behalf of) the licensed insurance broker companies which appoint them. In this capacity, they give advice on insurance policies to clients and represent their appointing licensed insurance broker companies to deal with matters relating to insurance policies on behalf of clients.
Licensed insurance broker companies give advice on insurance policies to clients and act as agents of clients (serving as both the clients' trusted professional advisors and representatives) in the course of dealing with matters relating to insurance policies, including procurement, negotiation and arrangement of insurance policies with insurers, and in some cases, making and settling claims.
Licensed technical representatives (broker) act as representatives of (i.e. on behalf of) the licensed insurance broker companies which appoint them. In this capacity, they give advice on insurance policies to clients and represent their appointing licensed insurance broker companies to deal with matters relating to insurance policies on behalf of clients.