Articles: Life insurance

10 ex-FWD Life Insurance agents and 7 ex-Sun Life HK agents charged with HK$43m dummy agents commission fraud
ICAC, 13-Oct-2022
The huge alleged scam involved 478 applications for "high commission rate insurance products".
Ex-Sun Life HK insurance agent charged over HK$750k commission fraud
ICAC, 11-Oct-2022
Ex-FWD Life Insurance agent charged with HK$250k commissions fraud over bogus policies
ICAC, 30-Aug-2022
Trio charged over HK$220k dummy insurance agent commission fraud against FWD Life Insurance
ICAC, 12-Jul-2022
Duo posed as dummy Chubb Life insurance agents charged with money laundering for handling HK$1.2m commissions
ICAC, 5-Jul-2022
Yet another case in which fake referrals were allegedly used to collect additional commissions in this highly lucrative industry, for the salesforce, that is. For clients? Not so much.
Insurance agent charged over HK$30m commission scam
ICAC, 22-Jun-2022
It always amazes us how much commission is paid up-front in this industry. Ms Lo Yin Wa was working for another, unnamed firm, and allegedly procured 6 "dummy agents" to receive commissions from Sun Life, into bank accounts she controlled. 208 "high commission rate" products were involved, and the policies lapsed after subsequent premiums were not paid.
14 months' jail for ex-AIA District Manager for fraud over signing fee
ICAC, 12-May-2022
Ex-Manulife regional director charged by ICAC with fraud for taking out dummy policies
ICAC, 28-Apr-2022
10 life insurance policies involved commissions of HK$1.09m, including $340k to the defendant and $750k to 2 downline staff, yet again underlining the inefficiency of this savings product.
Ex-AIA District Manager guilty of fraud over signing fee
ICAC, 28-Apr-2022
She received a signing-on fee of HK$860k by inflating her income at the previous insurer by HK$1.5m. We note that signing fees and high commissions are a common practice in this industry, in which salespeople are not so much selling you a product as selling you to the insurer.
Ex-Sun Life manager jailed for 10 months for HK$640k commission scam
ICAC, 8-Apr-2022
2 ex-Manulife insurance agents jailed for HK$750k commission scam
ICAC, 17-Mar-2022
Ex-Sun Life manager convicted of laundering HK$640k in commissions
ICAC, 31-Jan-2022
In a typical life insurance sales scam, 8 policies were booked to his underling in order to maximise the commissions - an average of HK$80k per policy, which again underlines what an inefficient savings method this industry is.
2 ex-Manulife insurance agents admit HK$750k commission scam
ICAC, 12-Jan-2022
Ex-AXA insurance agents charged with alleged HK$1.2m fraud and HK$2.7m money laundering
ICAC, 14-Sep-2021
Kong Mo Hon, ex-YF Life Insurance, charged with HK$130k bonus fraud
ICAC, 16-Jul-2020
And all that on just one policy!
Ex-ACE Life Insurance manager charged with HK$330k bonus fraud
ICAC, 6-Dec-2019
In the pyramid-selling game of the HK life insurance industry, Ann Kwong Sau Mei is alleged to have faked the credentials of a "down-line agent" in order to meet her bonus target of running 9 down-line agents. The insurer is now known as Chubb Life Insurance Co Ltd.
FWD Life Insurance v Alpha Lam Chi Chuen and Sin Chau Yuk
HK Court of First Instance, 21-Nov-2019
Another case of huge conditional advances made to life insurance agents which underlines just how much the industry takes out of the premiums paid by customers. It is probably the most inefficient form of savings known to mankind, except for fine art. The court orders the advances to be repaid.
Ex-AIA District Director gets 30 months for HK$4.4m signing fee fraud
ICAC, 17-Nov-2016
Ex-AIA District Director guilty of HK$4.4m signing fee fraud
ICAC, 28-Oct-2016
Cindy Poon Sin Mei v FWD Life Insurance Co (Bermuda) Ltd
HK Court of First Instance, 30-Sep-2016
Ex-AIA, AXA insurance agents in court for alleged HK$450k fraud
ICAC, 31-Dec-2015
Ex-AIA District Director in court for alleged HK$4.4m fraud
ICAC, 12-Mar-2015
AIA/SCB trio in court for alleged insurance policy and commissions fraud
ICAC, 17-Apr-2014
Winnie Ho Shuk Ching v George Lung Chee Ming
HK Court of First Instance, 29-Jan-2013
An unlicensed person claims an introductory fee for introducing business to a Manulife insurance agent.
Winnie Shum Ngo Sheung v Stella Tsoi Yan Wah
HK District Court, 28-Dec-2012
A spat between two insurance agents who have worked their way through MassMutual, then AIA and on to Manulife in the course of 6 years.
Five charged with bribery and fraud over bogus insurance policies
ICAC, 11-Jan-2012
American International Assurance Co (Bermuda) Ltd v Cheung Sin Man
HK Court of First Instance, 4-Jan-2012
The impressive thing about this case is the numbers: for selling investment-linked plans and policies which produced premiums of $20.26m in 2011, the agent received commissions of US$789k (HK$6.15m), or about 30.4%. How do the customers of insurance companies expect a decent return with such costs?
Tsoi Yiu Chung v ING Life Insurance Co (Bermuda) Ltd
HK Court of Appeal, 22-Feb-2011

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