Hong Kong insurance agent suspended for forging client's signature

The Hong Kong Insurance Authority (IA) has suspended the license of Chan Lok Wang (License No: IM7603) for four months after determining that he falsified a client’s signature on an insurance policy surrender form.

The IA’s investigation found that in December 2022, a client inherited by Chan from another company representative sought to cancel one of two long-term insurance policies.

The client provided a partially completed surrender form bearing his signature. However, Chan incorrectly assumed that both policies should be terminated. Without verifying the request, he duplicated the form, completed additional details, and submitted it, leading to the cancellation of both policies.

Insurance agent suspended after falsifying client’s signature

The IA stated that falsifying a client’s signature, regardless of intent, is a serious violation that could expose policyholders to financial risks.

It also emphasised the importance of diligence when handling “orphan policies,” or policies assigned to new agents, as proper management is critical in maintaining trust within the insurance sector.

When determining the disciplinary action, the IA considered Chan’s admission of wrongdoing, his cooperation during the investigation, and the internal disciplinary action already imposed by his employer.

Public alerted to fraudulent insurance websites

The IA has also issued a public warning about fraudulent websites and social media pages impersonating Bupa (Asia) Limited, an authorised insurer in Hong Kong.

Bupa confirmed that it has no connection to these websites, which include:

• http://www[.]casenetcourse[.]com/
• https://www[.]quoralife[.]com/articles/bupa-hero-voluntary-health-insurance/
• https://www[.]onlinecoursetoday[.]com/articles/free-bxbup/
• https://www[.]linkedinlifes[.]com/articles/axa-voluntary-health-insurance-scheme-vhis-comprehensive-protection-for-your-health
• https://www[.]facebook[.]com/permalink.php?story_fbid=pfbid02QSHwkwvjoxVdH4948VseJd8ubywoxh6kkxPbzFaJn6zxkiZFozHNRB3VMNV2Nf4xl&id=61569941796020
• https://www[.]facebook[.]com/permalink.php?story_fbid=pfbid02yWMHPdycbzNCgwph9GtBj4vipnKUbLFUsPXuXsgZPANpk5vUgNrpeBzHeBrgEQn3l&id=61559815871632
• https://www[.]facebook[.]com/share/1RJEFbJHW/?mibextid=wwXLIFE

Individuals who have shared personal details or conducted transactions through these sites are urged to contact Bupa at (852) 2517 5175 or via email at [email protected]. The IA also advises affected individuals to report the matter to the Hong Kong Police Force.

A comprehensive list of authorised insurers is available on the IA’s official website.

Enhanced anti-scam consumer protection measures

In a broader effort to combat fraud, the IA last year joined financial regulators in launching the Anti-Scam Consumer Protection Charter 2.0, which encourages financial institutions to implement stronger measures to prevent scams.

The revised charter includes commitments from signatory organisations to: 

• refrain from sending electronic messages with links that collect personal data
• add scam warnings to communications with clients and the public
• provide accessible channels for customer inquiries related to scams
• enhance staff training on fraud prevention measures

A total of 230 financial institutions have endorsed the initiative, including 73 authorised insurance companies and brokerage firms.