In 1985, the Hong Kong Government decided to regulate the insurance industry and announced a series of legislations and measures to be enforced in the industry. Prior to that, the insurance business was not part of the legal regulation and brokers were managing their own businesses.
Immediately after the introduction of the legislations, which were required to be strictly followed, some insurance brokers found it difficult to manage and operate under the new regulation, and a few were even unable to survive. In view of this, a group of insurance dealers started to plan for the establishment of a professional body to assist and resolve issues encountered by insurance brokers.
The founding members of PIBA had gathered and analyzed industry information on insurance brokers associations abroad and leveraged their learning from other similar operation models. After extensive discussion and numerous meetings, PIBA was officially established on 29th January 1988 with 12 members.
Our works are multi-facet. An Executive Committee has been set up with functions to ensure smooth operation and organization of PIBA, manage members’ matters and monitor members’ conduct.
Industry trends and market changes are communicated regularly to members whilst seminars and discussion groups are organized to enhance their professional knowledge and let them keep abreast of industry development in this fast-changing world.
We put top priority to members’ professional ethic and their compliance with our rules and regulations.
We maintain close contact with other insurance organizations and arranges different activities to promote our professionalism.
We have regular communications or meetings with the Insurance Authority to discuss issues relating to insurance regulations.
In 1995, the Hong Kong Government certified our professionalism and authorized us to be an approved body of insurance brokers with functions of licensing and self-regulating of members.
With effect from 23 September 2019, the IA took over the self-regulatory duties from the three former Self-Regulatory Organizations (SROs, including PIBA) and acts as the sole regulator in the new regulatory regime for insurance intermediaries.
PIBA continues our role as a professional insurance brokers association with mission to promote professionalism and to uphold PIBA’s core values “To Serve and To Protect” the insurance broking industry.