Insurance

Hong Kong Insurance License: IIQE Exam and Regulations

Updated on 2025-06-11

Disclaimer: This article is translated with the assistance of AI.

Aspiring to be an insurance agent or broker in Hong Kong? You need a license first! Dive into the IIQE exams: which papers to take, what they cover, exam formats, fees, and easy registration steps. Plus, Bowtie breaks down how to verify intermediaries’ licenses and the ironclad regulations keeping the industry in check.

Do You Need to Take an Insurance License Exam to Become an Insurance Intermediary?

Absolutely! If you’re thinking about working as an insurance agent (Agent) or insurance broker (Broker) in Hong Kong, under current laws, you’ll need to pass the Insurance Intermediaries Qualifying Examination (IIQE) and get licensed by the Insurance Authority—unless you’re exempt—to handle insurance sales-related regulated activities.

According to Section 64G of the Insurance Ordinance, no person shall, in the course of their business or employment, or for remuneration, carry on regulated activities or hold themselves out as carrying on regulated activities, unless that person is a licensed insurance intermediary or a person exempted under the Insurance Ordinance. Any person who contravenes Section 64G of the Insurance Ordinance commits an offense.

Regulated Activities Specified in Sections 3A(a)(b)(c) of the Insurance Ordinance

Negotiating or arranging insurance contracts
Inviting or inducing anyone to enter into an insurance contract, or attempting to do so
Inviting or inducing anyone to make a key decision, or attempting to do so
Providing regulated advice
Applying for or making recommendations on insurance contracts
Issuing, continuing, or renewing insurance contracts
Cancelling, terminating, returning, or transferring insurance contracts
Exercising rights under insurance contracts
Changing any terms or conditions of insurance contracts
Making or settling insurance claims
Applying for or making recommendations on insurance contracts
Issuing, continuing, or renewing insurance contracts
Cancelling, terminating, returning, or transferring insurance contracts
Exercising rights under insurance contracts
Changing any terms or conditions of insurance contracts
Making or settling insurance claims

Academic Qualification for Insurance Licensing

The Insurance Authority has educational requirements for licensed insurance intermediaries, but the bar is not high . As long as you possess one of the following qualifications before taking the “Insurance Intermediary Qualification Examination” and then pass it, you can apply for licensing :

Hong Kong Diploma of Secondary Education (DSE) with five subjects at Level 2 or above, including Chinese Language/English Language and Mathematics
Hong Kong Certificate of Education Examination (HKCEE) with five subjects at Grade E or above, including Chinese Language/English Language and Mathematics
International Baccalaureate
HKCT, where the applicant has completed the extended mathematics elective
A diploma awarded by a recognized higher education institution in Hong Kong that is considered acceptable by the Insurance Authority
A diploma registered or exempted under the Non-local Higher and Professional Education (Regulation) Ordinance (Chapter 493), where the diploma, subjects, and institution are considered acceptable by the Insurance Authority
Specified insurance qualifications as published on the Insurance Authority website Specified insurance qualifications

The Insurance Authority also accepts other qualifications equivalent to or higher than those listed above, such as:

A degree awarded by a reputable higher education institution
HKCT
Foundation Diploma awarded by the Vocational Training Council (with completion of the Foundation Mathematics (III) module)
An associate degree accredited locally where the relevant subjects are considered acceptable by the Insurance Authority
A higher diploma accredited locally where the relevant subjects are considered acceptable by the Insurance Authority
An insurance professional diploma awarded by the HKU School of Professional and Continuing Education, where graduates are also eligible for senior associate membership of the Australasian Institute of Insurance and Finance

Insurance Examinations

Exam Papers and Sections

*Paper*	*Section*	*Remarks*
Paper I	Principles and Practice of Insurance	Mandatory
Paper II	General Insurance	Optional
Paper III	Long-term Insurance	Optional
Paper V	Investment-linked Long-term Insurance	Optional
Paper VI	Travel Insurance Agent Exam	Those who have passed Paper I and Paper II are exempt

Scope of Assessment for Each Paper

Paper I

*Chapter*	*Weighting*
Risk and Insurance	12%
Legal Principles	16%
Insurance Principles	30%
Main Functions of Insurance Companies	9%
Structure of the Insurance Industry in Hong Kong	5%
Regulatory Framework of the Insurance Industry	21%
Professional Ethics and Other Related Issues	7%

Paper II

*Chapter*	*Weighting*
Insurance Products	46%
Underwriting and Policy Wording	34%
Claims	10%
Customer Service	10%

Paper III

*Chapter*	*Weighting*
Introduction to Life Insurance	10%
Types of Life Insurance and Annuities	20%
Insurance Benefits Riders and Other Products	24%
Interpreting Life Insurance Policies	24%
Life Insurance Procedures	22%

Paper V

*Chapter*	*Weighting*
Introduction to Investment-linked Long-term Policies	2.5%
Investment	20%
Investment Assets	35%
Investment-linked Long-term Policies	32.5%
Regulatory Framework in Hong Kong	10%

Paper VI

*Chapter*	*Weighting*
Principles and Practice of Insurance	35%
Travel Insurance	65%

Which Exam Paper Should You Take to Enter the Insurance Industry?

Candidates should choose the relevant paper based on the type of insurance business they want to engage in:

*Business/Certificate*	*Paper I*	*Paper II*	*Paper III*	*Paper V*	*Paper VI*
*General Insurance*	✅	✅
*Long-term Insurance* *(Excluding investment-linked long-term insurance)*	✅		✅
*Long-term Insurance* *(Including investment-linked long-term insurance)*	✅		✅	✅
*Composite Insurance* *(Excluding investment-linked long-term insurance)*	✅	✅	✅
*Composite Insurance* *(Including investment-linked long-term insurance)*	✅	✅	✅	✅
*Travel Insurance*	✅	✅			✅

Exam Format

*Paper*	*Exam Duration*	*Exam Questions*	*Passing Score*
Paper I	2 hours	75 multiple-choice questions	70 points
Paper V and Paper VI	2 hours each	80 multiple-choice questions each
Paper II and Paper III	1 hour 15 minutes each	50 multiple-choice questions each

Exam Fees

*Paper*	*Exam Fee (Written Exam)*	*Exam Fee (Computer-based Exam)*
Paper I	$195	$265
Paper II	$195	$265
Paper III	$195	$265
Paper V	$325	$390
Paper VI	$305	$370

Is the Insurance License Exam Hard to Pass?

So, is the insurance license exam really that tough? The Bowtie team decided to dive in and chat with our very own insurance blog author ChiWai. As a former senior financial planning consultant, ChiWai has spent 14 years in the Hong Kong insurance and finance world and has earned multiple qualifications from the Million Dollar Round Table (MDRT). That means he knows the IIQE exam inside and out.

ChiWai thinks that if you’re already familiar with finance basics—like if you’re a business management grad—the exam might feel pretty straightforward. You could probably just brush up with some past papers a week before and pass with flying colors. He recalls that most of his colleagues nailed “Paper I” and “Paper III” on their first try. However, he remembers “Paper IV” (which has been replaced by the standalone Mandatory Provident Fund Scheme Examination) and “Paper V” as being trickier, so keep an eye on the latest rules and regulations around MPF and investments, as they can change. Mandatory Provident Fund Scheme Examination could be a bit more challenging for some.

Plus, ChiWai adds that for colleagues with more basic qualifications, insurance companies often offer those handy “crash courses” (affectionately called “chicken essence classes”). If you attend all the sessions and start reviewing two to three weeks early, passing shouldn’t be a big hurdle.

Do All Insurance Companies Need a License?

Whether it’s a traditional insurer or a digital one like us, every company must get the green light and a license from the Insurance Authority to sell products through various channels. In recent years, only a handful have made the cut—Bowtie snagged Hong Kong’s first virtual insurance license back in 2018 via a fast-track process, allowing us to legally offer health and life insurance services.

Even with that license in hand, Bowtie’s daily operations, sales tactics, product launches, and finances are under the close watch of the Insurance Authority. In other words, we’re held to the same high standards as traditional insurers, so you can rest easy when choosing Bowtie!

Bowtie’s Licensed Team is Here to Help!

At Bowtie, our product specialists and customer service crew have all passed the IIQE and are pros at VHIS, life insurance, critical illness coverage, and accident plans. They’ll get to know your needs and give unbiased advice without any commission pressures—whether it’s suggesting products, answering questions, or handling your cases.

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How to Register for the Insurance Intermediaries Qualifying Examination?

All registrations for the “Insurance Intermediaries Qualifying Examination” (whether paper-based or computer-based) must be done online .

Insurance Intermediaries Qualifying Examination Inquiries

Mail or in-person inquiries: Hong Kong Wan Chai Queen’s Road Central, 27th Floor, VTC Tower, VTC PEAK, Examination Centre; Centre hours: Monday to Friday, 9am to 8pm; Saturday, 9am to 12pm (hours may vary on public holidays or under special arrangements—check the centre’s website for details)
Phone inquiries: 2919 1467 / 2919 1468 / 2919 1478; Phone service hours: Monday to Friday, 9am to 5:15pm; Saturday, 9am to 12pm
Email inquiries: cpdc@vtc.edu.hk
Fax inquiries: 2574 0213

How to Check if an Insurance Intermediary is Licensed?

You can use Licensed Insurance Intermediaries Register to check the license status based on the intermediary’s Chinese/English name, license number, or date of public disciplinary action.

FAQs

1. Is there an expiration date for exam results?

If a candidate does not engage in insurance-related work in Hong Kong for 2 consecutive years (starting from the exam date), their “Qualifying Examination” results will expire—unless they hold a specified insurance qualification, which grants an exemption.

2. Which exam paper allows me to provide MPF services?

The MPF exam was originally “Paper IV,” but since May 2, 2013, it is no longer part of the “Insurance Intermediaries Qualifying Examination.” Currently, the Vocational Training Council’s Mandatory Provident Fund Schemes Examination is the designated qualification exam by the MPFA, and passing it meets the requirements for MPF intermediaries.

3. Who is exempt from the insurance licensing exam?

For those without prior insurance experience, holders of specified insurance professional qualifications may be exempt from certain papers—see the Qualifying Examination Exemptions for details. Additionally, individuals who have passed the Insurance Principles and Practice (Paper I) and General Insurance (Paper II) can be exempt from the Travel Insurance Agent exam (Paper VI).

Sources

Author

Bowtie Team

The Bowtie Life Insurance Company Limited is an authorized life insurance company and Hong Kong’s very first virtual insurer approved. Through the use of modern technology and medical expertise, Bowtie offers an agent-free, commission-free and more convenient online platform for customers to quote, apply and claim for Voluntary Health Insurance Scheme (VHIS) anytime anywhere. Bowtie is ranked first in the direct channel sales throughout 2021. Stay up to date at www.bowtie.com.hk