Hong Kong Insurance Authority and Hong Kong Monetary Authority Joint Enforcement Action: Lam Ka Kit Prohibited from Applying for an Insurance Intermediary License for Nine Months

The Hong Kong Insurance Authority and the Hong Kong Monetary Authority took joint enforcement action and prohibited Lam Ka Kit, a former business representative (agent) of an authorized institution, from applying for an insurance intermediary license for nine months. An investigation conducted by the Hong Kong Monetary Authority found that Lam Ka Kit pressured eight customers through telemarketing into purchasing medical insurance despite their requests for time to consider. In two sales, he further induced customers to change their height and weight information in order to meet the relevant underwriting requirements. Tsui Man Yee, Head of the Enforcement Division of the Hong Kong Insurance Authority, said that this case highlights the importance of ethical selling and fair treatment of customers. She thanked the Hong Kong Monetary Authority for demonstrating shared commitment to ensuring that the financial industry focuses on honesty, transparency and integrity in order to build long-term trust. Chan King Wang, Assistant Chief Executive (Enforcement and Anti-Money Laundering) of the Hong Kong Monetary Authority, said that the Hong Kong Monetary Authority will continue to strengthen enforcement through close collaboration with the Hong Kong Insurance Authority, thereby protecting the interests of bank customers and maintaining a high standard of conduct in the financial industry. This disciplinary action underscores the importance of upholding high integrity in the distribution of financial products.