On Jun. 5, MAC MA set out requirements for insurance intermediaries.
MAC MA issued provisions on qualifying examinations for insurance intermediaries and continuing professional development (CPD) schemes for insurance intermediaries.
Follows MAC GVT Aug. 2024 gazetted Insurance intermediary business law, #192117.
Documents dated Jun. 5, 2025, received from MAC MA Jun. 13, summarized Jun. 17.
Qualifying Examinations
Macau Institute of Financial Services has been appointed as the assessment body.
In addition to completing the basic test paper, other examination requirements will be in accordance with business category and specific insurance items to be applied for.
The scope, content of examinations are provided by MAC MA to the assessment body.
Exam papers include Insurance principles and practice (I), General insurance (II), Life insurance (III), Retirement funds (IV), and Investment-linked insurance (V).
Examinations Exemptions
Intermediaries who have certain professional qualifications are exempted from exams.
Specifies the professional qualifications for exempting paper I to III, such as Advanced Diploma in Insurance or Fellowship of the Chartered Insurance Institute (ACII / FCII), Fellow, Life Management Institute (FLMI), and Chartered Life Underwriter (CLU).
Specifies the professional qualifications for exempting paper IV to V such as Chartered Financial Consultant (ChFC) as well as Certified Financial Planner (CFP).
CPD Scheme
Insurance intermediaries who are licensed to engage in general insurance or life insurance intermediary business must meet the requirement of five hours CPD per year for each permitted intermediary business type (general insurance/life insurance).
10 hours of CPD per year if they are licensed to engage in both types of business.
Based on the two-year validity period of the license, each insurance intermediary must complete a total of ten hours of CPD training during the assessment period.
If they engage in two types of business (general insurance and life insurance) at the same time, 20 hours of CPD training must be completed during the assessment period.
Covers record keeping and compliance, continuing professional development activities, special circumstances for exemptions from CPD requirements, transition arrangements.
