HK Insurance Authority bans former agent for misconduct

Yam Wai Shu will not be allowed to apply for a licence for five months.

The Hong Kong Insurance Authority (IA) has reprimanded a former individual insurance agent appointed by Prudential Hong Kong and banned him from applying for a licence for five months, according to an announcement.

Yam Wai Shu is not allowed to apply to be licensed from 28 June to 27 November 2021 for violating the Insurance Ordinance (Cap. 41) and the IA’s Code of Conduct for Licensed Insurance Agents.

The disciplinary action arises from a message that Yam sent through his social media account on 23 January which encouraged the recipients to leave Hubei province, come to Hong Kong to escape the pandemic and take out insurance policies from him. 

The IA received numerous complaints about the message which appeared to be the cause of considerable public concern, the regulator said.