(a)

refer complaints received by it:-

(i)

concerning insurance agents to any Principal or insurance agent; and

(ii)

concerning Responsible Officers or Technical Representatives to any Principal or the relevant insurance agent as appropriate

for investigation;

(b)

receive investigation reports from any Principal or relevant insurance agent relating to complaints mentioned in clause 7(a);

(c)

require any Principal or relevant insurance agent to take disciplinary action in consequence of a complaint;

(d)

confirm the appointment of insurance agents, Responsible Officers and Technical Representatives or revoke such confirmation;

(e)

keep and maintain:-

(i)

a register of insurance agents; and

(ii)

a sub-register of insurance agents' Responsible Officers and Technical Representatives

whose appointments have been confirmed by the IARB;

and

(f)

report to the Insurance Authority where it appears to the IARB that:-

(i)

an insurance agent, a Responsible Officer, Technical Representative or Principal has breached Part X of the Ordinance or this Code ;

(ii)

an insurance agent is not or has ceased to be a fit and proper person to act as such; or

(iii)

a Responsible Officer or Technical Representative is not or has ceased to be a fit and proper person to act as such.

whose appointments have been confirmed by the IARB. The register, including the sub-register, shall be kept in a manner and form determined by the Insurance Authority and shall be available for inspection by the public during normal working hours at the registered office of the HKFI.

(a)

the relevant Principal shall be responsible for submitting the application;

(b)

the application shall be made in such manner and form as may be prescribed by the IARB from time to time;

(c)

the appointing Principal and the relevant or proposed insurance agent shall provide to the IARB such additional information relevant to the application as the IARB may require;

(d)

the IARB shall not be required to consider an application unless it is made in the prescribed manner and form, is complete and in respect of which the information requested has been provided in full;

(e)

an appointing Principal who becomes aware of any changes in the material circumstances of an insurance agent or proposed insurance agent who is the subject of a pending application shall notify the IARB forthwith of such changes; and

(f)

an insurance agent or proposed insurance agent who is the subject of an application shall satisfy the IARB that he is fit and proper to act as such and, unless the IARB is so satisfied, it shall not confirm the appointment of that person as an insurance agent by the appointing Principal and register that person as the insurance agent of the appointing Principal.

(a)

the IARB may refer the matter or the complaint to any Principal or insurance agent for investigation;

(b)

the Principal shall diligently and expeditiously investigate the matter or the circumstances of the complaint and, on request by the IARB, report the progress and the findings (if any) of the investigation within 14 days of the date of referral or such further period as may be specified by the IARB. In consequence of such report, the IARB may request the Principal to conduct further inquiries;

(c)

if the IARB considers that it is likely to take disciplinary action if the matter or the complaint is proven, the IARB shall provide the insurance agent to whom the matter relates or the subject of the complaint and any Principal who is likely to be adversely affected by such action with an opportunity to make representations in such manner and form as the IARB considers appropriate and within 14 days or such further period as may be specified by the IARB and the IARB shall consider such representations;

(d)

when the IARB considers that all matters relevant to the matter or the complaint have been fully and satisfactorily investigated and reported and that all representations concerning the matter or the complaint have been considered and the matter renders the insurance agent not fit and proper to act or continue acting as such or the complaint is proven, it may require a Principal to take disciplinary action;

(e)

disciplinary action may include requiring a Principal to:-

(i)

issue a reprimand to any of its insurance agents;

(ii)

suspend or terminate the appointment of any of its insurance agents; or

(iii)

take or refrain from taking such other action as the IARB thinks fit;

an insurance agent whose appointment has been terminated in these circumstances will be barred from registration as an insurance agent, a Responsible Officer or Technical Representative for a specified period;

(f)

when requiring disciplinary action affecting any Principal or insurance agent, the IARB shall also serve on that Principal and insurance agent a notification of that requirement together with a statement specifying the grounds thereof; and

(g)

if a Principal fails to comply with a requirement to take disciplinary action, the IARB may impose a further requirement and report such failure to the Insurance Authority.

(a)

the insurance agent shall be responsible for submitting the application;

(b)

the application shall be made in such manner and form as may be prescribed by the IARB from time to time;

(c)

the appointing insurance agent and the relevant or proposed Responsible Officer or Technical Representative shall provide to the IARB such additional information relevant to the application as the IARB may require;

(d)

the IARB shall not be required to consider an application unless it is made in the prescribed manner and form, is complete and in respect of which the information requested has been provided in full;

(e)

an appointing insurance agent who becomes aware of any changes in the material circumstances of a Responsible Officer or Technical Representative or a proposed Responsible Officer or Technical Representative who is the subject of a pending application shall notify the IARB forthwith of such changes; and

(f)

a Responsible Officer or Technical Representative or a proposed Responsible Officer or Technical Representative who is the subject of an application shall satisfy the IARB that he is fit and proper to act as such and, unless the IARB is so satisfied, it shall not confirm the appointment of that person as a Responsible Officer or Technical Representative by the appointing insurance agent and register that person as the Responsible Officer or Technical Representative of the appointing insurance agent.

(a)

the IARB may refer the matter or the complaint to the insurance agent or any Principal as appropriate for investigation;

(b)

the insurance agent or any Principal as appropriate shall diligently and expeditiously investigate the matter or the circumstances of the complaint and, on request by the IARB, report the progress and the findings (if any) of the investigation within 14 days of the date of referral or such further period as may be specified by the IARB. In consequence of such report, the IARB may request the insurance agent or the Principal to conduct further inquiries;

(c)

if the IARB considers that it is likely to take disciplinary action if the matter or the complaint is proven, the IARB shall provide the Responsible Officer or Technical Representative to whom the matter relates or the subject of the complaint and the insurance agent and/or any Principal who is likely to be adversely affected by such action with an opportunity to make representations in such manner and form as the IARB considers appropriate and within 14 days or such further period as may be specified by the IARB and the IARB shall consider such representations;

(d)

when the IARB considers that all matters relevant to the matter or the complaint have been fully and satisfactorily investigated and reported and that all representations concerning the matter or the complaint have been considered and the matter renders the Responsible Officer or Technical Representative not fit and proper to act or continue acting as such or the complaint is proven, it may require the insurance agent and/or a Principal to take disciplinary action;

(e)

disciplinary action may include requiring an insurance agent and/or a Principal to:-

(i)

issue a reprimand to a Responsible Officer or Technical Representative;

(ii)

suspend or terminate the appointment of a Responsible Officer or Technical Representative; or

(iii)

take or refrain from taking such other action as the IARB thinks fit;

a Responsible Officer or Technical Representative whose appointment has been terminated in these circumstances will be barred from registration as an insurance agent, a Responsible Officer or Technical Representative for a specified period;

(f)

when requiring disciplinary action affecting an insurance agent, Responsible Officer or Technical Representative, the IARB shall also serve on that insurance agent, Responsible Officer and Technical Representative concerned a notification of that requirement together with a statement specifying the grounds thereof; and

(g)

if an insurance agent and/or a Principal fails to comply with a requirement to take disciplinary action, the IARB may impose a further requirement and report such failure to the relevant Principal (if appropriate) and the Insurance Authority.

(a)

Before determining pursuant to clauses 24(b) and 38(f) or 35(b) and 40(f) that a person is not fit and proper to act or continue acting as an insurance agent, a Responsible Officer or Technical Representative, the IARB shall provide that person with an opportunity to make representations in such manner and form as the IARB considers appropriate and shall consider such representations; and

(b)

if, following such consideration, the IARB is not satisfied that a person is fit and proper to act or continue acting as an insurance agent, a Responsible Officer or Technical Representative, the IARB may revoke the registration of such person and shall provide the Insurance Authority with a written report specifying the grounds for its opinion. The IARB shall give the person a copy of its report.

(a)

whether that person has ever been declared bankrupt or been a controller, a director, an officer or a senior manager of a corporation that has become insolvent;

(b)

whether the person has acquired educational or other qualifications commensurate with his proposed responsibilities or responsibilities as an insurance agent;

(c)

whether the person has ever been convicted of any criminal offence which may affect his fitness, suitability or properness to act as an insurance agent or been found guilty of misconduct by a professional body to which he belongs or has belonged;

(d)

whether the person has failed to conduct insurance agency business in a manner complying with clauses 71 to 79 (Part F: Minimum Requirements of Model Agency Agreement) of this Code and/or the rules of the HKFI;

(e)

whether the person is found not to have complied with or is in breach of this Code and/or the rules of the HKFI;

(f)

whether the person possesses the qualifications specified in clauses 52 to 65 (Minimum Qualifications for Persons Acting as Insurance Agents);

(g)

such other matters as the IARB considers relevant in the circumstances;

(h)

whether the person has registered as an MPF intermediary with the MPFA where the person is engaged in selling or advising on Mandatory Provident Fund schemes or their constituent or underlying funds;

(i)

if the person is also an MPF intermediary, whether the person is found not to have complied with or is in breach of the MPF Code ; and

(j)

in case where the person is a company, partnership or sole proprietorship, whether the person has taken adequate measures to ensure that each of its directors and employees, as appropriate:-

(i)

has registered as an MPF intermediary with the MPFA; and

(ii)

complies with the requirements as specified in the MPF Code

where the director or employee is engaged in selling or advising on Mandatory Provident Fund schemes or their constituent or underlying funds.

(a)

his appointment as an insurance agent was terminated by a Principal pursuant to a requirement imposed by the IARB or the Insurance Authority; or

(b)

(a)

its appointed Responsible Officer or any of its Technical Representatives would not be considered fit and proper to act as an insurance agent if he applied as an individual; or

(b)

any of its controllers or directors would not be considered fit and proper to act as an insurance agent if he applied as an individual. For the purpose of this sub-clause, the requirements specified in clauses 52(b) to (d) and 65 are not applicable to any controller or director not being an insurance agent, a Responsible Officer or Technical Representative.

(a)

he has attained the age of 18; and

(b)

he is a Hong Kong Permanent Resident or Hong Kong Resident whose employment visa conditions, if any, do not restrict him from acting as an insurance agent; and

(c)

he has completed education to a level of Form 5 or equivalent unless he was engaged in the insurance intermediary business in Hong Kong immediately before 1 January 2000 and has not since ceased to be engaged in insurance-related work in the insurance industry in Hong Kong for two consecutive years; and

(d)

he has successfully passed the relevant papers of the Insurance Intermediaries Qualifying Examination recognized by the Insurance Authority ("the Qualifying Examination") unless he has been exempted under the criteria specified in clauses 55 and 56 as appropriate.

(a)

compulsory paper - Principles and Practice of Insurance;

(b)

qualifying paper - General Insurance;

(c)

qualifying paper - Long Term Insurance; and

(d)

qualifying paper - Investment-linked Long Term Insurance.

(a)

was engaged in the insurance intermediary business in Hong Kong immediately before 1 January 2000 and is in possession of one of the following:-

(i)

proven relevant experience in insurance business in Hong Kong for a cumulative period of at least five years within the six-year period immediately before 1 January 2000; or

(ii)

the Certificate of Proficiency in General Insurance Studies issued by the HKFI;

or

(b)

is in possession of any of the following recognized professional qualifications in insurance or actuarial science:-

(i)

Associate or Fellow of the Chartered Insurance Institute (ACII/FCII);

(ii)

Senior Associate or Fellow of the Australian and New Zealand Institute of Insurance and Finance [ANZIIF (Snr Assoc) / ANZIIF (Fellow)];

(iii)

Fellow of the Life Management Institute (FLMI);

(iv)

Chartered Life Underwriter (CLU);

(v)

Chartered Property Casualty Underwriter (CPCU);

(vi)

Hong Kong Diploma in Insurance Studies of the Insurance Institute of Hong Kong;

(vii)

Fellow of the Institute of Actuaries of England (F IA );

(viii)

Fellow of the Faculty of Actuaries in Scotland (FFA);

(ix)

Fellow of the Institute of Actuaries of Australia (F IA A); or

(x)

Fellow of the Society of Actuaries of the United States of America (FSA);

or other qualifications acceptable to the Insurance Authority.

(a)

was engaged in long term insurance intermediary business in Hong Kong immediately before 1 January 2002 and has fulfilled all of the following:-

(i)

has proven long term insurance experience in Hong Kong for a cumulative period of at least seven years within the eight-year period immediately before 1 January 2002; and

(ii)

has proven experience in Hong Kong in selling at least four linked long term policies per annum and 50 linked long term policies in total within the five-year period immediately before 1 January 2002;

or

(b)

is in possession of any of the following recognized professional qualifications in insurance, investment or actuarial science:-

(i)

Chartered Life Underwriter (CLU) with an elective paper "HS 328 Investments" in the CLU qualifying examination successfully passed;

(ii)

Chartered Financial Consultant (ChFC);

(iii)

Certified Financial Planner (CFP);

(iv)

Fellow of the Institute of Actuaries of England (F IA );

(v)

Fellow of the Faculty of Actuaries in Scotland (FFA);

(vi)

Fellow of the Institute of Actuaries of Australia (F IA A);

(vii)

Fellow of the Society of Actuaries of the United States of America (FSA);

(viii)

Foundation Programme Examination of the Hong Kong Securities Institute (FPE) successfully passed;

(ix)

Diploma Programme Examination of the Hong Kong Securities Institute (DPE) successfully passed;

(x)

HKSI Practising Certificate of the Hong Kong Securities Institute; or

(xi)

HKSI Specialist Certificate of the Hong Kong Securities Institute;

or other qualifications acceptable to the Insurance Authority.