Hong Kong's Securities and Futures Commission hit FWD Life Insurance Co. (Bermuda) Ltd. with a HK$2.4 million fine for failing to comply with key personnel requirements.
The Hong Kong-based insurer, which was also reprimanded, did not ensure that there were at least two key personnel who met the minimum five-year investment experience requirement in managing retirement funds or public funds, the regulator said in a statement.
The commission said the company had only one key staff member in place who met the requirement from December 2012 to November 2016. FWD Life found out about the issue when the Mandatory Provident Fund Schemes Authority made enquiries in January 2017.
Additionally, FWD Life did not implement policies and procedures for the designation and monitoring of key personnel and did not communicate to relevant staff members of their designation as key personnel.
These shortcomings contributed to the duration of the breach, the regulator said. The commission noted that the insurer was cooperative in resolving its concerns and had no previous disciplinary record.