BREAKING NEWS: HK commissioner issues fake insurance warning

BREAKING NEWS: HK commissioner issues fake insurance warning | Insurance Business

BREAKING NEWS: HK commissioner issues fake insurance warning
The Office of the Commissioner of Insurance in Hong Kong has warned the public of a scam involving fake car insurance policies purporting to be from five major insurers.

The Commissioner warned that Lip Shing Insurance Limited and Lip Shing Insurance Brokers Limited has arranged most of the fraudulent policies with Ping An, Direct Asia Insurance, QBE, Tokio Marine and Zurich named as the policies used to dupe clients.

“The public should be aware that Lip Shing is not an authorised insurer under the Insurance Companies Ordinance (Cap. 41), nor an appointed insurance agent or authorised insurance broker,” the Commissioner said in a statement.

“The Hong Kong Police Force has taken up the case for further investigation.” reports that four people have been arrested under suspicion of selling fake car insurance policies to at least 26 people. Two men and two women, aged between 17 and 24 were arrested for suspected conspiracy to defraud and money laundering

The news site also reported that superintendent for the Commercial Crime Bureau, So Man-kuen, said that many of those duped were new drivers and the bureau is investigating around 1,000 instances where drivers may have been peddled fake policies.

The statement urges customers with questions regarding their policies to contact the insurers concerned.

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