The Insurance Authority (IA) has banned four individuals for using false academic certificates to apply for registration as licensed insurance agents between 2014 and 2019. Three of the individuals presented certificates from a non-existent university in Mainland China, while the fourth provided a certificate from an institute that confirmed no record of the individual’s graduation. One individual admitted to the wrongdoing and received a 23-month ban, while the other three were banned for 35 months. The IA emphasized that using false documents undermines industry integrity and public trust. Although these cases occurred before the IA assumed regulatory responsibility in September 2019, they were handled according to the prior standards. Under the new IA regulatory regime, such offenses could lead to fines of $50,000 and six months of imprisonment.
Resources: https://www.ia.org.hk/en/infocenter/press_releases/20240801.html