HKIA bans two agents for false credentials

The cases occurred before the HKIA took over the regulation of insurance intermediaries in 2019.

Hong Kong’s Insurance Authority (HKIA) banned two former insurance agents for presenting false academic certificates to establish that they met the minimum education requirements when registering with the former self-regulatory organisation.

In the first case, the former agent admitted to submitting false information to the Insurance Agents Registration Board (IARB) in 2013 and 2019. As a result, a 36-month ban has been imposed due to the seriousness of the offences.

In the second case, the former agent admitted to submitting false information in 2016. A 23-month ban was imposed, considering the seriousness of the wrongdoing and the early admission to the offences.

Both individuals posed a risk to policyholders by falsely claiming to meet educational requirements and compromising ethical standards. 

They have been prohibited from participating in the insurance market until they can demonstrate a complete reformation of character.

These cases occurred before the HKIA took over the regulation of insurance intermediaries in 2019 and were handled according to the disciplinary approach of the IARB at that time.

Under current regulations, providing false information to the HKIA is a criminal offence punishable by a fine and imprisonment. The HKIA is committed to prosecuting individuals who attempt to submit false academic certificates during the licensing process.