The Hong Kong Insurance Authority has fined a licensed insurance broker firm and suspended it for failing to submit its audited financial statements and auditor’s report within six months of the financial year ending.
The firm is not named, nor is the value of the fine specified. It is also not clear how long the suspension lasts and what measures are required to overturn it.
The penalties were in accordance with the rules that preceded the Insurance Authority taking over responsibility for brokerage firms, which occurred on 23 September 2019.
This was because the infraction occurred before that date.
New rules
Had the offence taken place after that date, the firm would be liable to pay HK$100,000 (£9.682, $12,819, €11,362).
In the case of a continuing offence, a further penalty of HK$500 per day would be liable until the matter was remedied.
“Further, such offence will be a matter of public record and may adversely impact the fitness and properness of the broker company to continue to be licensed,” the regulator said.
The Insurance Authority took the opportunity to urge companies to “ensure they submit their financial statements and auditor’s reports on time”.
