This is not an easy job and but is definitely a worthwhile undertaking. The many people who have been involved with the development of this proposal should be commended. So much have been said about the development of insurance education and a local professional qualification. We have not overlooked the need to promote the professionalism of the insurance intermediaries. The number of insurance intermediaries has rapidly increased in the past few years.
Insurance products are increasingly complex and sophisticated.
There is certainly a need to assure the public of the quality of these intermediaries both in terms of the insurance knowledge they should have and the standard of service they provide. Currently, all agents are required to be registered with the Insurance Agents Registration Board upon appointment by their insurer principals. Agents need not sit for any independent qualifying examination before registration although many agents, particularly those in life insurance, have to go through in-house training programmes arranged by their principals. Insurance intermediaries in many parts of the world, including Mainland China, Singapore, Taiwan, the United Kingdom and the USA are required to pass a qualifying examination before they can be licensed. The Government has decided that our insurance intermediaries should be subject to a similar requirement in order to bring Hong Kong more in line with international practice and to enhance the status of the profession, and hence, the industry.