Articles: Life insurance
Insurance Authority and ICAC conduct first joint operation against suspected unlicensed selling to Mainland visitors
ICAC, 11-Apr-2024
ICAC, 11-Apr-2024
3 ex-AXA insurance agents jailed for 12-35 months for HK$2.7m fraud and money-laundering
ICAC, 25-Mar-2024
Another case involving commission payments to a fictional downline insurance agent, who then kicked the payments back up the line, in the pyramid-selling scheme that is the HK life insurance industry.
ICAC, 25-Mar-2024
Another case involving commission payments to a fictional downline insurance agent, who then kicked the payments back up the line, in the pyramid-selling scheme that is the HK life insurance industry.
8 months' jail for ex-Chubb Life duo for conspiring with dummy insurance agent to launder HK$270k in commissions
ICAC, 19-Dec-2023
ICAC, 19-Dec-2023
Ex-Immigration Officer charged by ICAC over outside work and insurance commission fraud
ICAC, 3-Dec-2023
ICAC, 3-Dec-2023
Chow Tsz Sin (fka Zhou Chuqian), ex-Sun Life, jailed for 30 weeks for HK$750k commission fraud
ICAC, 22-Aug-2023
ICAC, 22-Aug-2023
Duo charged with money laundering for allegedly conspiring with dummy insurance agent to handle HK$270k commissions
ICAC, 19-May-2023
Another alleged "handling agent" scam. It seems that life insurers will pay out extra commissions if their agent can name a third party handling agent who introduced the business, rather than just diverting part of the commission from the primary agent to the handling agent. This is an obvious incentive to create dummy handling agents.
ICAC, 19-May-2023
Another alleged "handling agent" scam. It seems that life insurers will pay out extra commissions if their agent can name a third party handling agent who introduced the business, rather than just diverting part of the commission from the primary agent to the handling agent. This is an obvious incentive to create dummy handling agents.
Another ex-AXA insurance agent charged with alleged HK$1.5m commissions fraud
ICAC, 20-Apr-2023
We infer an incentive to invent clients, pay the first premium on their behalf, and claim the commission. The "policies eventually lapsed after subsequent premiums were not paid". Are buyers in general aware that all of their initial premiums are soaked up by commissions?
ICAC, 20-Apr-2023
We infer an incentive to invent clients, pay the first premium on their behalf, and claim the commission. The "policies eventually lapsed after subsequent premiums were not paid". Are buyers in general aware that all of their initial premiums are soaked up by commissions?
China Taiping Life Insurance agent and wife charged with over HK$490k commissions fraud
ICAC, 28-Feb-2023
Mr Yau Siu Kei allegedly sold a life insurance policy to his wife and they exaggerated her monthly income from $47k to $100k, earning him a commission of $490k, another indication of just how inefficiently-priced these products are,
ICAC, 28-Feb-2023
Mr Yau Siu Kei allegedly sold a life insurance policy to his wife and they exaggerated her monthly income from $47k to $100k, earning him a commission of $490k, another indication of just how inefficiently-priced these products are,
Defendant in FWD-Sun Life dummy insurance agents commissions fraud case faces 19 additional charges
ICAC, 21-Feb-2023
The 18 defendants now face a total of 20 charges, namely 2 of conspiracy to defraud and 18 of conspiracy to launder crime proceeds, involving 478 insurance policies and commissions totalling about HK$50m.
ICAC, 21-Feb-2023
The 18 defendants now face a total of 20 charges, namely 2 of conspiracy to defraud and 18 of conspiracy to launder crime proceeds, involving 478 insurance policies and commissions totalling about HK$50m.
AXA China Region again allegedly conned into paying commissions
ICAC, 1-Feb-2023
Yuki Fan Ting Yan is charged with defrauding AXA of HK$1.9m in commissions and bonuses. As long as the industry offers large up-front rewards built into product prices, it will keep the ICAC busy at taxpayers' expense. Insurers should pay the ICAC a commission too.
ICAC, 1-Feb-2023
Yuki Fan Ting Yan is charged with defrauding AXA of HK$1.9m in commissions and bonuses. As long as the industry offers large up-front rewards built into product prices, it will keep the ICAC busy at taxpayers' expense. Insurers should pay the ICAC a commission too.
Senior District Director of insurer AIA charged with accepting HK$360k luxury gifts from down-liners for clients
ICAC, 9-Dec-2022
Two Hermes handbags purportedly worth over HK$160k each and a Bvlgari necklace - but she's not accused of poor taste. Once again, the takeaway for life insurance clients should be "insurers can afford such large commissions out of my money - so why am I buying this"?
ICAC, 9-Dec-2022
Two Hermes handbags purportedly worth over HK$160k each and a Bvlgari necklace - but she's not accused of poor taste. Once again, the takeaway for life insurance clients should be "insurers can afford such large commissions out of my money - so why am I buying this"?
Dummy ex-Chubb Life insurance agent admits money laundering for handling HK$270k commissions
ICAC, 7-Dec-2022
The unnamed ringleaders are apparently still at large. The ICAC says "Two insurance agents of Chubb, including a cousin of his, had recruited him to take part in the scam".
ICAC, 7-Dec-2022
The unnamed ringleaders are apparently still at large. The ICAC says "Two insurance agents of Chubb, including a cousin of his, had recruited him to take part in the scam".
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".
ICAC, 13-Oct-2022
The huge alleged scam involved 478 applications for "high commission rate insurance products".
Ex-FWD Life Insurance agent charged with HK$250k commissions fraud over bogus policies
ICAC, 30-Aug-2022
ICAC, 30-Aug-2022
Trio charged over HK$220k dummy insurance agent commission fraud against FWD Life Insurance
ICAC, 12-Jul-2022
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.
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.
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.
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.
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-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.
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-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.
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.
Ex-AXA insurance agents charged with alleged HK$1.2m fraud and HK$2.7m money laundering
ICAC, 14-Sep-2021
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!
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.
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.
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.
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.
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.
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.
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?
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?
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