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Hong Kong Insurance Authority sanctions six intermediaries over false bank draft declarations
Hong Kong's Insurance Authority announced on Oct 14 that six intermediaries bought bank drafts worth about HK$7.3 million for clients to pay premiums, then helped the clients falsely declare they had bought the drafts themselves; all six were banned or suspended for six to 13 months.
Why it matters
This is the Insurance Authority's latest enforcement action over false bank draft declarations. An insurer's sample check earlier found that 68 of 126 declarations did not match the actual buyer; less than three weeks ago the IA fined an insurer partly over the same issue, signalling tighter scrutiny of premium payment authenticity.
Full report
Hong Kong's Insurance Authority announced on October 14, 2026 disciplinary action against six insurance intermediaries, banning or suspending them for periods of six to 13 months. The six bought bank drafts worth some HK$7.3 million for customers to settle premiums, then helped those customers falsely declare that they had purchased the drafts themselves.
The IA said an insurer's sample showed 68 of 126 declarations did not match who had actually bought the drafts. The six intermediaries are Lam Nam, Lang Chit, Liang Shuxian, Ng Chi Wah, Yeung Chung Chak and Zhang Xindan. The IA's announcement did not name their appointing insurers or specify the penalty and duration for each individual.
Less than three weeks earlier, the IA fined an insurer partly over customer declarations on bank drafts that did not match the actual buyers, though the latest announcement does not refer to that case. The IA has long advised policyholders to pay premiums through official channels provided by insurers.
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