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〝OUR MISSION〞"Professionalism"
"Representation"
"Communication" -
〝Professionalism〞
to promote professionalism amongst
brokers in the industry -
〝Representation〞to represent the interests of members -
〝Communication〞
to continue the communication with
the IA to reflect members' interest
Welcome Message
Welcome to the website of the Hong Kong Confederation of Insurance Brokers (“CIB”), we are proud to present our new platform which has been revamped and upgraded to strengthen our connection with you.
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History
The Hong Kong Confederation of Insurance Brokers ("CIB") was formed in February 1993 by the amalgamation of the Hong Kong Insurance Brokers Association ("HKIBA") founded in 1979 and the Hong Kong Society of Insurance Brokers ("SIB") founded in 1985. The HKIBA first established voluntary professional regulation of its members from 1979 and participated in the Law Reform Commission consultations in the early 1980's on regulation of insurance intermediaries.
In 1986, the Law Reform Commission recommended in its Report on Laws on Insurance the self-regulatory route on regulation of insurance intermediaries. This proposal was endorsed by the Hong Kong Government, and the Insurance Companies Ordinance (“ICO”) was subsequently amended in 1994 to provide legislative support to the self-regulatory system of insurance intermediaries. The amendments came into effect on 30 June 1995. With effect from that date, CIB was approved to be a body of insurance brokers under section 70 of the ICO to implement self-regulation of insurance brokers in Hong Kong.
The fundamental role of CIB as a self-regulatory organization (“SRO”) ended in September 2019. On 23 September 2019, the Insurance Authority (“IA”) took over the self-regulatory functions from the three former SROs and became the sole regulator to regulate all insurance intermediaries in Hong Kong.
CIB Today
Today, CIB is a professional body representing the interest of insurance brokers. CIB is now focusing on three key roles for serving our members:
“Professionalism” - to promote professionalism amongst brokers in the industry;
“Representation” - to represent the interests of members;
“Communication” - to continue the communication with the IA to reflect members’ interest.
CIB will be more focused on various aspects in assisting our members, in particular providing compliance support via the Help Desk service, and to promote professionalism amongst brokers in the industry.
