On May 2, MAC MA issued two provisions for insurance brokers.
MAC MA issued Capital requirements for insurance brokers, andRequirements for professional civil liability insurance or bank guarantees held by insurance brokers.
Provisions are issued to align with Insurance intermediary business law, see #192117.
Capital Requirements
If an insurance broker is registered in the Macao Special Administrative Region in the form of a limited company, its required capital shall not be less than MOP 500,000.
If it is established as a joint stock limited company, at least MOP 1mn is required.
An insurance broker domiciled abroad that wishes to open a branch in the Macao SAR must set up a fund for that branch which shall not be less than MOP 500,000.
The requirements of net worth of an insurance brokers are also specified.
Liability Insurance Requirements
Specifies minimum insurance amount of the professional civil liability insurance held or bank guarantee provided by the insurance broker for one claim, and 12-month period.
The amount is the higher of MOP 3mn or twice the estimated total operating income of the broker 12 months before or after effective date of insurance/bank guarantee.
The minimum insurance amount is subject to a maximum limit of MOP 50mn.
Effectiveness
The two requirements will be effective from Aug. 1, 2025.
