The Insurance Agents Registration Board (IARB), established on 1 January 1993, performs the dual role of registering qualified insurance agents, responsible officers and technical representatives and handling complaints against them.

In December 1995, the IARB introduced a PC-based Public Enquiry System, which enables the public to verify the representations of insurance agents, responsible officers and technical representatives on a real time basis. In April 1997, the on-line registration enquiry was also available via the Internet.

The IARB provides insurers and policyholders with a course of redress when they feel aggrieved by malpractice of insurance agents, responsible officers and technical representatives.

In order to ensure that the IARB is seen as a fair and credible self-regulatory body, it consists of seven members, the majority of whom are non-industry independent professionals.

Disciplinary actions of the IARB include requiring insurers to serve warnings to and suspend or terminate the appointments of insurance agents, responsible officers and technical representatives.

To cope with the increasing number of oral hearings, the HKFI has appointed seven co-opted Members, comprising both industry and non-industry professionals, to assist the IARB in handling cases, in particular those involving oral hearings, in form of panels.  With the operation of the panel on 1 April 2008, cases are handled more efficiently and smoothly.