,Hong Kong

HK Insurance Authority bans former agent for misconduct

Yam Wai Shu will not be allowed to apply for a licence for five months.

The Hong Kong Insurance Authority (IA) has reprimanded a former individual insurance agent appointed by Prudential Hong Kong and banned him from applying for a licence for five months, according to an announcement.

Yam Wai Shu is not allowed to apply to be licensed from 28 June to 27 November 2021 for violating the Insurance Ordinance (Cap. 41) and the IA’s Code of Conduct for Licensed Insurance Agents.

The disciplinary action arises from a message that Yam sent through his social media account on 23 January which encouraged the recipients to leave Hubei province, come to Hong Kong to escape the pandemic and take out insurance policies from him. 

The IA received numerous complaints about the message which appeared to be the cause of considerable public concern, the regulator said.

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The insurer's shares plummeted over concerns of exposure.
RetireSavvy allows Singaporeans to adjust their retirement plans.
This is the first time that the insurance industry has taken the lead against banks.
This is part of the group’s plans to streamline its assets.
The German reinsurer anticipates growth in the P&C and health reinsurance.
It is slated to be the biggest IPO in the country.
Chan is an industry veteran with over 20 years of experience.
The company was said to be operating an unauthorized brokerage service.
Dash PET is an insurance savings plan co-created with insurer partner Etiqa.
Terms of the investment were not disclosed.
He will succeed Craig Ellis as CEO and director.
General insurance premiums to rise to 10% above pre-COVID-19 levels in 2021.
The IRDAI said that standardisation of policy wording is not desirable at this juncture.