Hong Kong duo charged with insurance fraud

Hong Kong duo charged with insurance fraud | Insurance Business

Hong Kong duo charged with insurance fraud

A former financial consultant of the AXA Group and a technical representative of an insurance brokerage have been charged with insurance fraud in Hong Kong.

According to a statement by the Independent Commission Against Corruption (ICAC), Fornia Chan Yin-fei, 37, former financial consultant at AXA, and Li Ting-yuen, 56, former technical representative at an insurance broker, face two joint charges of conspiracy to defraud, contrary to Common Law. Meanwhile, Chan faces an additional count of fraud.

ICAC said that the two individuals allegedly defrauded two insurers out of over HK$19,000 in broker commissions by falsely indicating that the Li was the handling agent of two insurance policies.

The charges suggest that due to the accused’s alleged conspiracy, Prudential and AXA China released broker commissions of over HK$12,000 and over HK$7,000 respectively.

The duo, who have been released on bail, appeared at the Eastern Magistrates’ Courts on August 01, but did not enter a plea, reported the Hong Kong Standard. The case was adjourned until August 28.