License Suspension of Chan Lok Wang
The Hong Kong Insurance Authority (IA) has imposed a four-month suspension on the license of Chan Lok Wang, identified by License No: IM7603. This decision follows the discovery that Chan forged a client’s signature on a form used to surrender an insurance policy.
An investigation by the IA revealed that in December 2022, Chan was assigned a new client from a different company representative. This client wished to terminate one of their two long-term insurance policies. The client provided Chan with a partially filled surrender form, which included their signature. Misunderstanding the client’s intent, Chan assumed that both policies needed cancellation. He then duplicated the form, filled in additional details, and submitted it, resulting in the unintended termination of both insurance policies.
Seriousness of the Violation
The IA has emphasized that falsifying a client’s signature is a grave offense, regardless of the circumstances, as it exposes policyholders to potential financial harm. Moreover, the IA underlined the necessity for diligence, especially when dealing with ‘orphan policies’—policies assigned to new agents—since proper management is essential to uphold trust within the insurance industry.
In determining the disciplinary action against Chan, the IA considered several factors: Chan’s admission of his misconduct, his cooperation during the investigation, and the internal disciplinary measures already taken by his employer.
Alert on Fraudulent Websites
The IA has issued a public alert regarding fraudulent websites and social media pages impersonating Bupa (Asia) Limited, a recognized insurance provider in Hong Kong. Bupa has confirmed its lack of association with these fraudulent sites, which are as follows:
- Website 1
- Website 2
Individuals who may have provided personal information or engaged in transactions on these sites are advised to contact Bupa at (852) 2517 5175 or via email at enquiry@bupa.com.hk. The IA also recommends that affected individuals report these incidents to the Hong Kong Police Force. A comprehensive list of authorized insurers can be accessed on the IA’s official website.
Efforts to Combat Fraud
In a broader initiative to combat fraud, the IA last year collaborated with other financial regulators to launch the Anti-Scam Consumer Protection Charter 2.0. This initiative encourages financial institutions to adopt robust measures against scams. The updated charter includes commitments from participating organizations to strengthen their anti-fraud strategies. A total of 230 financial entities have endorsed this initiative, comprising 73 authorized insurance companies and brokerage firms.
