Qualifying Examinations & CPD
How to enrol IIQE
 

A. Insurance Intermediaries Qualifying Examination for Insurance Brokers ("IIQE")
B. Syllabus & Study Notes
C. The System
D. Exemption from the IIQE
E. Permitted Lines of Business after passing the IIQE
F. Cessation of Insurance Practice and Validity of Examination Result


A. Insurance Intermediaries Qualifying Examination for Insurance Brokers ("IIQE") Top

Examination Paper Number of Questions Duration
Part I: Compulsory Examination Paper
Principles and Practice of Insurance (P&P Paper)
75 2 Hours

Part II: Qualifying Examination Papers
(a) General Insurance (GI Paper)
(b) Long Term Insurance (LT Paper)
(c) Investment-linked Long Term Insurance (IL Paper) *



50 for each paper

80 for each paper


1 Hour 15 Minutes
for each paper
2 Hours for each paper

B. Syllabus & Study Notes Top

1.
Both can be downloaded from the website of the Office of the Commissioner of Insurance at http://www.oci.gov.hk.

C. The System Top

1. Format: Multiple choice questions in Chinese and English
2. Passing Mark: 70%
3. Examination Body:
 
  1. Vocational Training Council ("VTC") – PEAK Examination Centre
  2. Hotline: 29191467, 29191468 and 2919147
  3. website: http://www.vtc.edu.hk/cpdc

4.
Refer to the examination handbooks published by the VTC for the details of the examination rules and regulations.

D. Exemption from the IIQE Top

1. Exemption from P&P Paper, GI Paper and LT Paper of the IIQE can be granted to:
 
1.1 Holders of an approved insurance qualification:
 
  1. Associate or Fellow of the Chartered Insurance Institute (ACII/FCII);
  2. Senior Associate or Fellow of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF (Snr Assoc)/ANZIIF (Fellow));
  3. Fellow of the Life Management Institute (FLMI);
  4. Chartered Life Underwriter (CLU);
  5. Chartered Property Casualty Underwriter (CPCU);
  6. Hong Kong Diploma in Insurance Studies of the Insurance Institute of Hong Kong;

1.2 Holders of an approved actuarial qualification:
 
  1. Fellow of the Institute of Actuaries of England (FIA);
  2. Fellow of the Faculty of Actuaries in Scotland (FFA);
  3. Fellow of the Institute of Actuaries of Australia (FIAA);
  4. Fellow of the Society of Actuaries of the United States of America (FSA).

2.
Exemption from the previous IL Paper or enhanced version of IL Paper of the IIQE could be granted to holders of any of the following recognized professional qualifications in insurance, investment or actuarial science:
 

  1. Chartered Life Underwriter (CLU) who has passed the elective paper: "HS 328 Investments" of the CLU qualifying examination;
  2. Chartered Financial Consultant (ChFC);
  3. Certified Financial Planner (CFP);
  4. Fellow of the Institute of Actuaries of England (FIA);
  5. Fellow of the Faculty of Actuaries in Scotland (FFA);
  6. Fellow of the Institute of Actuaries of Australia (FIAA);
  7. Fellow of the Society of Actuaries of the United States of America (FSA);
  8. person who has passed the Foundation Programme Examination of the Hong Kong Securities Institute (FPE);
  9. person who has passed the Diploma Programme Examination of the Hong Kong Securities Institute (DPE);
  10. HKSI Practising Certificate of the Hong Kong Securities Institute;
  11. HKSI Specialist Certificate of the Hong Kong Securities Institute;
  12. HKSI Professional Diploma in Financial Markets of the Hong Kong Securities Institute.

3.
Insurance intermediaries (confined to those who were already practising in the insurance intermediary business in Hong Kong immediately before 1 January 2000) who are holders of the Certificate of Proficiency in General Insurance Studies issued by The Hong Kong Federation of Insurers are exempted from P&P and GI Papers of the IIQE.
4.
Insurance intermediaries (confined to those who were already practising in the insurance intermediary business in Hong Kong immediately before 1 January 2000) in possession of five years’ proven experience in insurance business in Hong Kong within the six-year period immediately before 1 January 2000 are exempted from P&P Paper as well as GI and LT Papers, as appropriate (which relates to the specific experience they have obtained); exemption from all papers, i.e. P&P, GI and LT Papers, is granted only if the insurance intermediaries possess the specified experience in both general and long term insurance business.
Notes:
The enhanced version of the Investment-linked Long Term Insurance Examination (“enhanced IL Paper”) was introduced on 1 March 2010 to supersede the previous version. The two-year transitional period available for “serving practitioners * ” expired on 29 February 2012.
From 1 March 2012 onwards, all insurance intermediaries who wish to engage in or continue to engage in investment-linked long term insurance intermediary business are required, among others, to pass the enhanced IL Paper, unless they fall within any one of the following three categories of persons:
 
1.
A person who is exempted from the enhanced IL Paper according to Section B under “Exemption from the IIQE Requirement” of Page 3 of this Fact Sheet;
2.
A “serving practitioner * ” who met the IL CPD requirement within the two-year transitional period, i.e. completed 20 extra CPD hours dedicated towards the additional modules of the enhanced IL Paper (“IL CPD hours** ”) between 1 March 2010 and 29 February 2012, and has not since ceased to be engaged in insurance-related work in the insurance industry in Hong Kong for two consecutive years; or
3. A person who has passed the previous IL Paper with a valid examination result (see “Cessation of Insurance Practice and Validity of Examination Result” below):
 
  1. completed 20 extra IL CPD hours** within the transitional period (i.e. 1 March 2010 to 29 February 2012);
  2. applied for (and subsequently succeeded in) registration for engaging in investment linked long term insurance intermediary business within the transitional period (i.e. 1 March 2010 to 29 February 2012) (the date of application should be within the transitional period although the date of registration could be sometime after the transitional period); and
  3. has not since the abovementioned date of registration ceased to be engaged in insurance-related work in the insurance industry in Hong Kong for two consecutive years.

*
“Serving practitioners” mean insurance intermediaries who were registered as engaging in investment linked long term insurance intermediary business immediately before 1 March 2010.
**
For clarity purpose, CPD activities with IL CPD hours (“IL CPD activities”), assessed and approved by the Hong Kong Council for Accreditation of Academic and Vocational Qualifications (“HKCAAVQ”) for the purpose of fulfilling the IL CPD requirement, can be qualified CPD activities under the IIQAS CPD Programme provided that the said activities are still approved by the HKCAAVQ. However, anyone attending such CPD activities after 29February 2012 is not entitled to any IL CPD hours (as the transitional period already expired on 29 February 2012) but is only entitled to CPD hours that can be counted towards the annual CPD requirement of 10 CPD hours applicable to all insurance intermediaries.

E. Permitted Lines of Business after passing the IIQE Top

1.
General insurance (for those who pass only the General Insurance Examination paper plus the Principles and Practice of Insurance Examination paper, or otherwise exempted)
2.
Long term (excluding linked long term) insurance (for those who pass only the Long Term Insurance Examination paper plus the Principles and Practice of Insurance Examination paper, or otherwise exempted)
3.
Long term (including linked long term) insurance (for those who pass both the Investment-linked Long Term Insurance Examination and Long Term Insurance Examination papers plus the Principles and Practice of Insurance Examination paper, or otherwise exempted)
4.
General insurance & Long Term (excluding linked long term) insurance (for those who pass the General Insurance and Long Term Insurance Examination papers plus the Principles and Practice of Insurance Examination paper, or otherwise exempted)
5.
General insurance & Long Term (including linked long term) insurance (for those who pass both Investment-linked Long Term Insurance Examination and Long Term Insurance Examination papers, the General Insurance Examination paper plus the Principles and Practice of Insurance Examination paper, or otherwise exempted)

F. Cessation of Insurance Practice and Validity of Examination Result Top

Any insurance intermediaries who have ceased to be engaged in insurance-related work in the insurance industry in Hong Kong for two consecutive years shall pass the relevant papers of the IIQE before he can be re-appointed.
An individual, who has passed the IIQE for two consecutive years (counting from the date of the examination) during which he has not been engaged in insurance-related work in the insurance industry in Hong Kong, shall pass the relevant papers of the IIQE before he can be registered as an insurance intermediary.