Hong Kong slams prohibition orders on former agents

Three agents committed separate crimes such as falsified accreditation and unauthorised benefit transfers.

Hong Kong’s Insurance Authority (IA) has taken disciplinary actions against three former insurance agents on fit and proper grounds, prohibiting them from applying for an insurance intermediary license for specified periods.

Two of the agents used false academic certificates to meet minimum education requirements, violating trust and integrity standards. 

The IA imposed three-year prohibitions on these cases, aligning with requirements under the former self-regulatory regime.

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Under the current regime, submitting false academic certificates is a criminal offence prosecutable by the IA. Insurers must ensure that prospective agents meet fit and proper standards, including academic qualification verification. 

Failure to do so may result in scrutiny of the insurer's controls and processes.

In the third case, the former agent, also a subsidiary intermediary under the Mandatory Provident Fund Schemes Ordinance (MPFSO), was disciplined by the MPFA for unauthorised benefit transfers and impersonation. 

The IA considered this conduct when assessing the agent's fitness and properness, imposing a concurrent prohibition.