Recent ICAC Cases

Feb 2023
Insurance agent charged as ICAC probe reveals $1.9m commissions fraud over bogus policies

An insurance agent was charged by the ICAC yesterday (January 31) following its corruption investigation which revealed that the defendant had allegedly defrauded an insurer of commissions and bonuses totalling about $1.9 million by making false representations that seven clients had taken out various insurance policies.

Yuki Fan Ting-yan, 47, then financial consultant of AXA China Region Insurance Company Limited (AXA), faces 14 counts of fraud, contrary to section 16A of the Theft Ordinance. She was released on ICAC bail, pending her appearance in the Eastern Magistrates’ Courts tomorrow (February 2). The prosecution will make an application for transferring the case to the District Court.

At the material time, the defendant was a financial consultant of AXA. She would receive a first year commission when an insurance product was sold, and a renewal year commission upon renewal of an insurance policy. She would also receive various bonuses after meeting her sales target.

Between November 2014 and September 2016, AXA received 14 insurance policy applications purportedly taken out by seven clients. It is alleged that the defendant had falsely represented to AXA that the applications were genuinely taken out by those clients, and with intent to defraud, induced the insurer to approve the applications and release the respective commissions and bonuses to her.

The ICAC investigation arose from a corruption complaint. Investigation revealed that the seven clients did not make the above applications and had never paid any premium for the policies. Had AXA known that the 14 applications contained false information, it would not have approved them and released to the defendant commissions and bonuses totalling about $1.9 million.

AXA has rendered full assistance to the ICAC during its investigation into the case.

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