The Insurance Authority (IA) has taken disciplinary actions against two former insurance agents for submitting false academic certificates to meet the minimum education requirements when registering with the former self-regulatory organization. In the first case, the former agent admitted to providing false information on two occasions during the registration process in 2013 and 2019, resulting in a 36-month ban. In the second case, the former agent admitted to submitting false information during the 2016 registration process, leading to a 23-month ban that took into account the seriousness of the wrongdoing and the agent’s early admission and agreement to the disciplinary action.
These cases occurred before the IA took over the regulation of licensed insurance intermediaries in 2019. Under the current regime, providing false information to the IA in connection with a licensing application is a criminal offense punishable by a fine and imprisonment. The IA emphasizes that it will not hesitate to prosecute any individual who attempts to submit false academic certificates as part of the licensing process. The IA also reminds insurers of their role in verifying the accuracy of information submitted by prospective insurance agents during the recruitment and on-boarding process, as the IA will continue to assess the adequacy of insurers’ controls and hold them accountable.
Resources: https://www.ia.org.hk/en/infocenter/press_releases/20240531.html