, Hong Kong
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HKIA imposes five-year ban on ex-insurance agent

The former agent mishandled and misappropriated premium payments from two policyholders. 

The Insurance Authority (IA) of Hong Kong has imposed a five-year ban on a former insurance agent who mishandled and misappropriated premium payments from two policyholders. 

In one case, the agent received RMB12,000 from a policyholder for an insurance premium but used the funds for personal purposes, leading to the policy lapsing. 

“Members of the public must be able to trust the integrity of the licensed insurance intermediaries with whom they have financial dealings. Professional licensed insurance intermediaries of integrity understand the importance of trust in the insurance market to the clients they serve,” the HKIA said in a statement.

The agent eventually issued a bounced check to the insurer, withholding this information from the policyholder. 

In another case, the agent received RMB15,000 from a client for premium payment but failed to remit the funds to the insurer, causing the policy to lapse. 

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The agent concealed the policy's status when the client inquired and even misled the client to believe the policy was still in force. 

The HKIA’s disciplinary action serves as a strong deterrent against mishandling and misappropriation of premiums in the insurance market, emphasising the importance of trust and integrity in the industry. 

The HKIA advises policyholders to use official payment channels provided by insurers when paying premiums.

“Nothing risks undermining that trust more than when a single agent mishandles and misappropriates policyholder funds. The IA has zero tolerance for such conduct and will not hesitate to take disciplinary action proportionate to the severity and seriousness of the actions concerned so as to ensure the insurance market remains founded on trust and integrity.” the HKIA added. 

 

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