The bureau that keep watch violates of plan broker company to take discipline action to two first

28 May 2021

Insurance superintendency bureau (the bureau that keep watch) take discipline action to of company of broker of two insurance that hold a card first. About discipline the action results from company of these two broker has no 6 months after relevant financial year is terminative inside, refer forms for reporting statistics of classics audit finance affairs and nuclear number division to report (a general designation is " financial document " ) . The bureau that keep watch brings to bear on to these two companies amerce 1, temporary cancel among them the license plate of company of a broker.

The bureau that keep watch takes over the immediate plan of insurance intermediary person to provide the job from September 23, 2019. Before this, insurance intermediary person is in charge of by the metric of autonomic regulation control of industry. As a result of company of these two broker violate compasses act at happening before September 23, 2019, basis of the bureau that keep watch " insurance byelaw " (the 41st chapter) (" byelaw " ) subordinate list of 112 transitional arrangement, the relevant regulation when bringing act to send handles matters concerned of concerned discipline action.

In the new rule that implements since September 23, 2019 tubal system falls, company of broker of every insurance that hold a card still must fulfill the 6 months introversion after financial year is terminative to protect inspect bureau to refer the primary responsibility of financial document. The financial document such as this is offerred concern state of broker company finance and the close compasses case important information that provide a provision to main gauge, it is to ensure interest of guarantee slip holder is ensured indispensable compasses to provide a mechanism.

In new rule tubal system falls, if companies of any broker of the insurance that hold a card fail to submit financial document on time, the bureau that keep watch but basis " byelaw " violate compasses act at this point, make check accuse to this broker company (and do not be confined to to take discipline to act) . Be based on the importance of concerned regulation, meeting Bo unhesitating takes the bureau that keep watch execute the law the action. Once broker company is ruled accusation holds water, can be in the 6th class fines 3; If belong to,last crime, each days during can lasting with respect to this crime, be in additionally to fine $500. If broker company ever offended,concern crime, the proper person selected that whether may still also be company of broker of the insurance that hold a card to its causes undesirable effect.

Be over

Remarks:

Basis of the 1 bureau that keep watch " insurance byelaw " the amerce that bring to bear on will move a government by the bureau that keep watch average income.

2 " insurance byelaw " subordinate list 11 the 113rd (4) (D) point out, violate in what handle autonomic compasses to be in charge of an orgnaization to was not solved compasses when the case, the bureau that keep watch can be in charge of the punish that the meeting when the orgnaization handles this case brings to bear on according to autonomic compasses, bring to bear on to demonstrate personage the punish such as this.

3 " criminal proceeding byelaw " (the 221st chapter) subordinate list 8 order bright, amerce of the 6th class is uptodate for $10 10 thousand.

(turn from Hong Kong insurance to superintend bureau 28/5/2021 press release)