The following is issued on behalf of the Hong Kong Monetary Authority:
This press release is issued jointly by the Insurance Authority (IA) and the Hong Kong Monetary Authority (HKMA) today (November 11):
The IA has banned Lim Ka Kit, former technical representative (agent) of an Authorized Institution (Licence number: IC3091), from being an insurance intermediary for nine months in a joint enforcement action with the HKMA.
The investigation conducted by the HKMA revealed that Lim had pressurised eight clients into acquiring medical insurance coverage via telemarketing despite their requests for time to consider. On two occasions, he went further by inducing the clients to alter their heights and weights for the purpose of meeting relevant underwriting requirements.
The Head of Enforcement of the IA, Ms Maria Tsui, said, "This case underscores the importance of ethical selling and treating customers fairly. We would like to thank the HKMA for demonstrating its shared commitment to ensuring that the financial industry focuses on honesty, transparency and integrity to build long-term trust."
The Executive Director (Enforcement and AML) of the HKMA, Mr Raymond Chan, said, "The HKMA continues to strengthen enforcement through close collaboration with the IA with a view to safeguarding the interests of bank customers and upholding high standards in the financial sector. The conclusion of this disciplinary case underlines the importance of acting with high integrity in the distribution of financial products."
This joint enforcement action is effected under the Memorandum of Understanding on cross-sector collaboration signed by the HKMA and the IA. Further details can be found at the section titled "Enforcement News" and the "Register of Licensed Insurance Intermediaries" on the IA's website as well as the section titled "Enforcement Actions" on the HKMA's website.