Hong Kong Insurance Authority alerts public to fraudulent insurance promotions

Hong Kong Insurance Authority alerts public to fraudulent insurance promotions | Insurance Business Asia

Insurance News

Hong Kong Insurance Authority alerts public to fraudulent insurance promotions

Scammer allegedly promoting counterfeit products

Insurance News

By
Roxanne Libatique

The Insurance Authority (IA) of Hong Kong has issued warnings regarding suspected fraudulent promotion activities.

The IA highlighted concerns about a South Korean individual, Kang Seung-min, who has been allegedly promoting counterfeit products and investment schemes under the name “Sun Life” via YouTube.

The IA advised individuals who have shared personal details or engaged in transactions with Kang to report the matter to Sun Life Hong Kong at (852) 2103 8928 and notify local law enforcement. It also encouraged the public to consult the Register of Licensed Insurance Intermediaries on its website to verify the legitimacy of insurance agents.

The investigation revealed that these individuals used fabricated certificates from a university in Mainland China between 2014 and 2019. In one case, the educational institution confirmed that no such certificate was issued. As a result, the IA imposed a 23-month ban on one individual and a 35-month ban on the other three.

The insurance watchdog emphasised the seriousness of using forged documents, noting that such actions compromise the industry’s integrity and could undermine public confidence.

“The IA wishes to cite these disciplinary actions to stress again that the use of false or forged documents is a serious act of deceit that undermines the probity and integrity of industry practitioners. Such transgressions, if allowed to perpetuate, will erode public trust in the insurance industry and do injustice to other insurance intermediaries who strive in good faith to meet the licensing criteria,” it said.

It reiterated that the use of fake academic credentials to obtain an insurance license could lead to a fine of HK$50,000 and six months of imprisonment.

These actions are consistent with the guidelines that were in place before the IA assumed regulatory control from the previous self-regulatory bodies on September 23, 2019.

The IA stated that any reconsideration of these bans would depend on the individuals demonstrating genuine reformation and acquiring the necessary academic qualifications.