The Insurance Authority (IA) has highlighted a recent case where a former licensed insurance agent was sentenced to three months and two weeks in prison, along with a compensation order equivalent to the misappropriated premium. The agent had unlawfully taken HK$60,000 in cash from a client for insurance renewal premiums in 2020, leading to the policy’s lapse in 2021. Following a report to the Police and IA, the agent pleaded guilty to theft under the Theft Ordinance on 22 April 2024. The IA stresses that such misconduct is a severe breach of trust and warns industry practitioners and policyholders to use official payment channels to avoid similar issues.
Resources: https://www.ia.org.hk/en/infocenter/press_releases/20240826.html