The Insurance Authority (IA) has taken three separate disciplinary actions against former insurance agents on fit and proper grounds. In each case, an order was imposed prohibiting the individual from applying for an insurance intermediary licence for a specified period.
In two of the cases the former agents used false academic certificates to demonstrate satisfaction of the minimum education requirements to be insurance agents under the former self-regulatory regime. Clearly, such actions are not fit and proper. The third case involved the transfer of benefits without client authorization and impersonation of the client to obtain account information.
These cases demonstrate the determination of the IA to use its disciplinary powers to reinforce the need for insurance intermediaries to be fit and proper persons to perform their role, thereby ensuring the insurance market continues to be founded on trust.
Resources:
https://www.ia.org.hk/en/infocenter/press_releases/20240304.html
