The Hong Kong Insurance Authority (IA) has intensified its efforts in monitoring and regulating the insurance market, revealing a concerning trend involving certain licensed insurance broker companies. Through rigorous inspections, intelligence gathering, and undercover operations, the IA has uncovered business practices reliant on unlicensed individuals for selling long-term insurance policies to Mainland China Visitors (MCVs).
The IA’s scrutiny has shed light on a pattern where licensed insurance brokers engage unlicensed personnel in the sales process, particularly targeting MCVs. This practice has raised red flags within the regulatory body, prompting swift action to address potential breaches of licensing regulations and consumer protection standards.
