12 March 2025
The Insurance Authority (IA) has suspended the licence of Mr Chan Lok Wang (Licence No: IM7603) for four months.
In December 2022, a client inherited by Mr Chan from other colleagues working in the same company requested to surrender one of the two long term insurance policies held by him and handed over a partially completed form with his signature. Mr Chan mistakenly believed that the client would like to surrender both policies and produced a second form by photocopying the one received, filled in the relevant details and submitted it without making any clarifications. As a result, both policies were cancelled.
It is unacceptable for a licensed insurance intermediary to forge the signature of his/her client by whatever means or with the best intentions because it could expose the policy holder to undue risk or financial impairment. This incident also highlights the need to exercise due diligence in servicing orphan policies which is crucial in preserving trust and confidence accorded by members of the general public to the insurance industry.
In arriving at this decision, we acknowledge that Mr Chan admitted to his wrongdoing, that he has already been subject to internal disciplinary action imposed by the insurer concerned, and that he remained fully cooperative throughout the disciplinary process.
For further information, please see the section titled “Enforcement News” or the “Register of Licensed Insurance Intermediaries” on the IA website.
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