Professional Image


Professional Development Schemes

The Schemes are run by the Vocational Training Council. The Professional Development Scheme for the General Insurance Sector was first introduced in September 1999 and insurance practitioners can take the module on insurance at night or during weekends. Those who successfully completed all the modules will be awarded a Continuous Development Certificate in Insurance.


The new entrants may also study part-time courses and attempt professional examinations in insurance. You may contact the following professional bodies for details of the examinations:


General and Life Insurance

The Hong Kong Federation of Insurers
29/F, Sunshine Plaza, 353 Lockhart Road, Wanchai, Hong Kong
2520 1868
http://www.hkfi.org.hk

The Insurance Institute of Hong Kong
Room 1705, Beverly House, 93-107 Lockhart Road, Wanchai, HK
2520 0098
http://www.iihk.org.hk

The Chartered Insurance Institute (Examinations Division)
42-48 High Road South, Woodford, London E18 2JP, U.K.
http://www.cii.co.uk

The Australian and New Zealand Institute of Insurance and Finance
http://www.theinstitute.com.au

Chartered Life Underwriters
The American College (Attn: Office of Student Services) 270 South Bryn Mawr Avenue, Bryn Mawr, PA 19010, U.S.A.
http://www.theamericancollege.edu (1.1.2005)

Life Office Management Association
2300 Windy Ridge Parkway, Suite 600, Atlanta, Georgia 30339-8443, U.S.A.
http://www.loma.org

Actuary

The Institute of Actuaries (England)
Staple Inn Hall, High Holborn, London WC1V 7QJ, U.K.
http://www.actuaries.org.uk

Society of Actuaries
475 North Martingale Road, # 600,Schaumburg, Illinois 60173, U.S.A.
http://www.soa.org

Claims

The Chartered Institute of Loss Adjusters
Peninsula House, 36 Monument Street, London EC3R 8LJ, U.K.
http://www.cila.co.uk

The Association of Average Adjusters
The Baltic Exchange, St Mary Axe, London EC3A 8BH, U.K.
http://www.average-adjusters.com

Insurance Agents Registration Board

The Insurance Agents Registration Board was established in January 1993 for protecting the interests of insurance companies and clients. The Board is responsible for the registration of qualified insurance agents and for dealing with complaints against insurance agents. The Insurance Claims Complaints Board, which handles complaints on insurance claims, provides a mechanism for resolving disputes arising from personal insurance policies.


In order to raise the professional standard of the insurance industry, with effect from January 2000, all insurance agents are required to pass a professional examination run by the Vocational Training Council under the commission from the Office of the Commissioner of Insurance before they can be registered as insurance agents. (Enquiry no.: 2919 1439)


The Hong Kong Federation of Insurers has also drawn up a Code of Practice for Administration of Insurance Agents to provide guidance to insurance companies. The Code covers various areas, including the minimum qualifications and experience requirements for insurance agents, a code of ethics, basic training and the requirements on insurance knowledge. In order to further protect the interests of the insured and to enhance the image of insurance practitioners, the Office of the Commissioner of Insurance launched the “Insurance Intermediaries Quality Assurance Scheme ” in 2000.


Many insurance companies have raised the entry qualifications of insurance agents to university education. In fact, the quality service provided by its insurance agents is the most valuable asset of an insurance company. In order to build up the image and professionalism of their insurance agents, many insurance companies are willing to subsidize them to take internationally recognized professional courses. Insurance companies also provide in-house training and organize seminars for their insurance agents on a regular basis with a view to raising their professional standard.


The Government has also set up the Mandatory Provident Fund Schemes Authority to implement the Mandatory Provident Fund (MPF) Schemes, to monitor MPF intermediaries and their companies, and to handle related complaints.


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