Kathmandu. Hong Kong authorities have arrested 15 people in a joint operation related to alleged fraud related to commercial insurance exams.
On August 27, the Insurance Authority and the Hong Kong Police Force conducted searches at nine locations, targeting examination centers that test for the Fellow Life Management Institute qualifications issued by LOMA. Three of those detained were currently licensed insurance intermediaries and three were previously licensed insurance intermediaries. The center in question was operated by the Greater China Weimedia Association Limited.
Investigators found evidence that fraud had been going on for a long time and that LoMA did not properly monitor the process. In response, the Insurance Authority immediately suspended the recognition of the FLMI designation as a valid educational qualification for licensed insurance intermediaries in Hong Kong.
According to officials, they will now review every license case that has been issued through the affected centers. So that it can be determined whether further action is needed. This action is the first joint enforcement action between the insurance authority and the police. This comes after the two agencies signed a memorandum of understanding in March 2024 to strengthen inspections of the area.
Maria Tsui, head of implementation at the Insurance Authority, described the action as the beginning of a strong partnership aimed at maintaining integrity and protecting insurers across the industry. -Agency
