The Insurance Authority (IA) has banned former technical representative and broker To Kong until July 14, 2024, for several breaches of the code of conduct for registered insurance professionals.
The IA’s decision came after the Mandatory Provident Fund Schemes Authority (MPFA) suspended To’s registration for 40 months for violating the conduct requirements under the Mandatory Provident Fund Schemes Ordinance (Cap. 485). The MPFA found that To had made transfers without the consent of a scheme member, misused the member’s personal information, forged the member’s signature on certain forms, and impersonated them to call a Mandatory Provident Fund trustee to obtain account information.
According to the IA, To’s behaviour was against the Insurance Ordinance (Cap. 41), which determines whether a person is fit and proper to be a licenced insurance intermediary. The regulator said that To’s lack of integrity, which was proven by the MPFA’s findings, also makes him unfit to hold his insurance licence.
“Policy holders and potential policy holders must be able to trust the licensed insurance intermediaries on whom they rely for their insurance services,” the IA said. “For this reason, licensed insurance intermediaries must be persons of integrity. Conduct which displays a lack of integrity, particularly where the conduct involves actions similar to those which a licensed insurance intermediary carries on when serving policy holders or potential policy holders, may render the person no longer fit and proper to be licensed. In these circumstances, the IA will have no hesitation in taking disciplinary action to ensure policy holders and potential policy holders are protected and the reputation of the insurance industry is maintained.”
