The Hong Kong Insurance Authority (IA) has suspended an insurance agent, Chan Hung Fei, for 34 months due to the misappropriation of premium payments from two policyholders. Chan, who sold insurance policies to the individuals, directed premiums totalling HK$36,093 to his personal bank account without promptly remitting them to AXA, causing their policies to lapse. The IA emphasized the importance of intermediaries upholding professional and ethical standards, and policyholders were reminded to settle premium payments through official insurer channels. Chan’s return of premiums, admission of misconduct, and cooperation with the IA were considered in determining the disciplinary action.
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