3 September 2025
The Eastern Magistrates' Courts today (3 September 2025) convicted and imposed a fine of $10,000 on Mr. Yan Zhiyu for failing to attend without reasonable excuse an interview concerning the investigation into suspected misappropriation of premium payment belonging to two policy holders, thereby contravening section 64ZZL(1) of the Insurance Ordinance (Cap. 41) (“IO”).
To facilitate the Insurance Authority in discharging its statutory responsibility of regulating the conduct of insurance intermediaries, a person may be requested to attend interviews or render assistance in the related investigations. Failure to comply with section 64ZZL(1) of the IO could result in a fine of $200,000 and imprisonment for 1 year upon conviction on indictment, or a fine at level 5 that amounts to $50,000 and imprisonment for 6 months on summary conviction.
Ends