Insurance Authority Bans Former Insurance Agent for Three Years for Misappropriating Premiums

The Insurance Authority (IA) has banned a former insurance agent for three years for misappropriating premiums. The agent advised a policy holder to deposit the premium into his personal bank account but failed to pay it to the insurer, causing the policy to lapse. After months of deception, the agent admitted his actions and returned the funds. The IA’s decision reflects its zero-tolerance policy for such misconduct and aims to deter mishandling of premiums. The three-year prohibition imposed on the former agent reflects the IA’s condemnation of his unethical misconduct, taking into account factors such as his deliberate deception, the misuse of funds for personal purposes, the eventual repayment, and the need to deter similar behavior in the future. Resources: https://www.ia.org.hk/en/infocenter/press_releases/20240408.html