The Hong Kong Insurance Authority (IA) issued a public reprimand against Century Investment Planning Limited for failing to keep client monies separate from its own funds and fined another licensed insurance broker company $12,000 for not procuring adequate professional indemnity insurance. Century Investment Planning Limited, a former licensed insurance broker company, failed on multiple occasions between April 2019 and March 2020 to deposit client monies into a separate account, misused the funds involved, and did not settle premiums payable to an insurer in time, breaching a relevant guideline under the former self-regulatory regime and the Insurance (Financial and Other Requirements for Licensed Insurance Broker Companies) Rules (Cap. 41L). In the second case, a broker miscalculated the level of professional indemnity insurance required under the former self-regulatory regime in 2019, resulting in a coverage shortfall of $11.8 million; the IA noted no detrimental effect on policyholders and full cooperation by both firms during the disciplinary process.
Hong Kong Insurance Authority 2025-07-02
Hong Kong Insurance Authority reprimands Century Investment Planning and fines another broker $12,000 over client money segregation and indemnity insurance breaches
The Hong Kong Insurance Authority reprimanded Century Investment Planning Limited for failing to segregate client funds and fined another broker $12,000 for inadequate professional indemnity insurance. Century Investment misused client funds and delayed premium payments, breaching guidelines. The second broker miscalculated insurance coverage, resulting in an $11.8 million shortfall, but no harm to policyholders was noted.