HK regulator bans agent for nine months over insurance sales misconduct
Hong Kong's Insurance Authority and the Hong Kong Monetary Authority jointly banned former bank agent Lam Ka-kit from applying for an insurance intermediary licence for nine months after he pressured eight customers into buying medical insurance and falsified their height and weight data.
The Insurance Authority (IA) and the Hong Kong Monetary Authority (HKMA) on 11 November announced a joint enforcement action that has banned Lam Ka-kit, a former business representative of an authorised institution, from applying for an insurance intermediary licence for nine months.
An HKMA investigation found that Lam pressured eight customers through telephone sales to purchase medical insurance, despite their requests for time to consider. In two of the sales, he further induced customers to change their height and weight data to meet the relevant underwriting requirements.
“This case highlights the importance of ethical sales and fair treatment of customers,” said Ms Tsui Man-yi, Head of the IA’s Enforcement Division. “We thank the HKMA for demonstrating shared responsibility in ensuring the financial industry focuses on honesty, transparency and integrity to build long-term trust.”
Mr Chan King-wang, Executive Director (Regulation and Anti-Money Laundering) of the HKMA, said: “The HKMA continues to strengthen enforcement through close collaboration with the IA, thereby protecting the interests of bank customers and maintaining high standards of conduct in the financial industry. This disciplinary action underscores the importance of upholding high integrity in the distribution of financial products.”
The joint enforcement action was conducted under a memorandum of understanding between the HKMA and the IA on cross-sectoral cooperation. Further information is available on the IA’s website under “Enforcement News” and “Register of Licensed Insurance Intermediaries”, as well as the HKMA’s website under “Disciplinary Actions”.