Insurance Authority Bans Two Former Insurance Agents for Three Years for Using False Academic Certificates Under the Former Self-Regulatory Regime


The IA has taken disciplinary action against two former insurance agents who used false academic certificates to meet the minimum education requirements for insurance agents. Both cases were handled in accordance with the requirements at the time the false certificates were submitted. The agents submitted false certificates in 2013 and 2017 when first applying, and again in 2019 to satisfy enhanced vetting requirements. The IA emphasizes the importance of ethics and integrity for insurance agents and states that individuals who use false certificates violate public trust. The IA has introduced a provision making it a criminal offense to provide false information, and offenders may face fines and imprisonment. Insurers are expected to conduct thorough checks during the onboarding process. The IA will assess insurers’ controls and processes on this issue and hold them accountable.



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