HK regulator fines two insurance broker firms for non-submission of financial docs

One of the firms has had its licence suspended.

The Hong Kong Insurance Authority (IA) has taken its first disciplinary actions against two licensed insurance broker firms for failing to submit their audited financial statements and auditor’s reports within six months after the end of their respective financial years. 

The brokers, who were not named, have been fined and one of the companies has had its licence suspended.

Under the new regulatory regime in force since September 2019, licensed insurance broker firms must provide their financial documents to the IA within six months after the end of each financial year. 

The documents provide important information on a broker company’s financial status and compliance with key regulatory requirements and serve as an essential regulatory mechanism.