Insurance agent and wife charged by ICAC over $490,0000 commissions fraud
2023-2-28
In the course of a corruption investigation by the ICAC, it was revealed that an insurance agent and his wife had allegedly overstated the wife’s monthly income to deceive the insurer, for which the husband was working, into underwriting a policy for her and releasing commissions and a performance allowance totalling about $490,000 to the husband. The married couple was charged by the ICAC with fraud today (February 28).
Yau Siu-kei, 37, insurance agent of China Taiping Life Insurance (HK) Company Limited (CTLI); and his wife Chow Ka-ying, 37, shop supervisor of a skincare product retailer, jointly face one count of fraud, contrary to section 16A of the Theft Ordinance. They were released on ICAC bail, pending their appearance in the Eastern Magistrates’ Courts on Thursday (March 2) for plea.
At the material time, Yau was an insurance agent of CTLI. He would receive commissions when an insurance product was sold. He would also receive different kinds of performance allowances, subject to his performance.
In February 2019, Yau submitted to CTLI an application form for taking out an insurance policy. Yau and Chow were respectively named as the handling agent and applicant of the application.
It is alleged that between mid-February 2019 and mid-March 2021, Yau and Chow had falsely represented to CTLI that Chow was a sales manager of a skincare product retailer earning a monthly income of $100,000, and with intent to defraud, induced CTLI to underwrite an insurance policy.
The ICAC investigation arose from a corruption complaint. Enquiries revealed that Chow was a shop supervisor of a skincare product retailer earning not more than $47,000. Had CTLI known that the application form contained false information, it would not have underwritten Chow’s insurance policy and released commissions and a performance allowance totalling about $490,000 to Yau.
CTLI has rendered full assistance to the ICAC during its investigation into the case.
Yau Siu-kei, 37, insurance agent of China Taiping Life Insurance (HK) Company Limited (CTLI); and his wife Chow Ka-ying, 37, shop supervisor of a skincare product retailer, jointly face one count of fraud, contrary to section 16A of the Theft Ordinance. They were released on ICAC bail, pending their appearance in the Eastern Magistrates’ Courts on Thursday (March 2) for plea.
At the material time, Yau was an insurance agent of CTLI. He would receive commissions when an insurance product was sold. He would also receive different kinds of performance allowances, subject to his performance.
In February 2019, Yau submitted to CTLI an application form for taking out an insurance policy. Yau and Chow were respectively named as the handling agent and applicant of the application.
It is alleged that between mid-February 2019 and mid-March 2021, Yau and Chow had falsely represented to CTLI that Chow was a sales manager of a skincare product retailer earning a monthly income of $100,000, and with intent to defraud, induced CTLI to underwrite an insurance policy.
The ICAC investigation arose from a corruption complaint. Enquiries revealed that Chow was a shop supervisor of a skincare product retailer earning not more than $47,000. Had CTLI known that the application form contained false information, it would not have underwritten Chow’s insurance policy and released commissions and a performance allowance totalling about $490,000 to Yau.
CTLI has rendered full assistance to the ICAC during its investigation into the case.