The Insurance Authority (IA) in Hong Kong has issued a stern warning to the public concerning a suspicious website identified as “https[:]//arvudainsurance[.]com” and an email domain labeled “@arvudainsurance.com.”
According to the IA, individuals should exercise caution as the aforementioned website and email domain claim affiliation with Arvuda Insurance Services Limited, a licensed insurance broker company in Hong Kong.
However, Arvuda has made it clear that it does not operate any official website and has no association with the mentioned website or email domain.
Individuals who may have provided personal information through the fraudulent website or email, or have conducted insurance transactions via the site, are strongly encouraged to promptly notify Arvuda at [email protected] or (852) 2219 8282. Additionally, affected individuals are urged to report the incident to the Hong Kong Police Force.
For accurate information regarding licensed insurance intermediaries in Hong Kong, the public is directed to consult the Register of Licensed Insurance Intermediaries available on the IA website.
This warning comes after the IA recently issued a notice to the public regarding another deceptive website falsely claiming to be the official site of YF Life Insurance International Limited (YF Life). YF Life confirmed that it has no connection with the fraudulent website.
Furthermore, the IA has taken disciplinary action against two former insurance agents for submitting counterfeit academic certificates to meet the minimum education requirements under the previous self-regulatory system.
In the first case, the former agent admitted to providing false information to the Insurance Agents Registration Board (IARB) on two occasions – initially during her registration in 2013 and subsequently during her renewal in 2019. As a result, the IA has imposed a 36-month ban.
In the second instance, the former agent confessed to submitting fabricated academic credentials to the IARB during the 2016 registration process. Due to the severity of the offense and the agent’s cooperation in acknowledging the wrongdoing, the regulator has issued a 23-month ban.
The IA has emphasized the importance of compliance, stating that such actions jeopardize the interests of policyholders by potentially exposing them to advice from agents lacking the requisite educational standards. It also highlights the compromised ethics demonstrated by the use of false certificates.
It’s worth noting that these incidents occurred before the IA assumed regulatory oversight of licensed insurance intermediaries on September 23, 2019, and were managed in accordance with the relevant requirements and disciplinary procedures of the IARB.
