“Individuals applying to be licensed insurance intermediaries must establish that they are fit and proper to perform the role,” the IA said. “Being fit and proper not only requires attaining the minimum education qualifications, but also being honest, reliable, and having integrity. These character traits prove that the individuals concerned can be trusted to advise and provide services to members of the public on insurance matters.”
By submitting false academic certificates, the individuals failed to prove they meet the minimum education qualifications as well as demonstrated a lack of integrity, which warrants being banned from joining the insurance industry, the regulator said.
According to the IA, these cases were legacy matters, meaning they occurred prior to the IA taking over regulatory duties for insurance intermediaries in September 2019. As such, the cases were handled under the transitional arrangements in Schedule 11 of the Insurance Ordinance (Cap. 41), applying the disciplinary approach of the Insurance Agents Registration Board.
Under the new regime, the submission of false academic certificates has been upgraded to a criminal offence, with a fine of HK$50,000 and six months’ imprisonment.
“The IA will have no hesitation in prosecuting any individual who seeks to submit a false academic certificate to the IA as part of the licencing process,” the regulator said. “Insurers also have a part to play in ensuring that … they carry out adequate checks on the accuracy of the information being submitted to the IA as part of a licensing application by their prospective new insurance agent.”