19 March 2025
The Eastern Magistrates’ Courts today (19 March 2025) convicted and fined Aurex Insurance Brokers Limited, a licensed broker company, $26,060 for failing to submit its audited financial statements to the Insurance Authority within 6 months after the end of the financial year on two occasions, thereby contravening section 73(1) of the Insurance Ordinance (Cap. 41) (“IO”).
The audited financial statements, auditor’s report and auditor’s compliance report are important documents containing information necessary to assess whether a licensed broker company is capable of meeting the whole suite of regulatory requirements that render it worthy of being entrusted by members of the public to conduct their insurance business. Any failure to comply with section 73(1) of the IO attracts a fine at level 6 that amounts to $100,000 and a further fine of $500 for each day during which the offence continues.
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