The Independent Commission Against Corruption today (14) sued three former insurance agents of the insurance company AXA Financial, accusing them of conspiring with another insurance agent at the time, falsely claiming that the four insurance policies were handled by each other and defrauding the company’s commissions and bonuses. A total of about 1.2 million yuan, and conspiracy to deal with crimes to benefit more than 2.7 million yuan.
The three have been granted bail by the ICAC and will appear in the Eastern Magistracy on Thursday (16th), pending the transfer of the case to the District Court for defense.
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Three defendants: Li Zongxing (33 years old), former assistant branch manager of AXA, Deng Huilin (35 years old) and Jiang Haozhi (34 years old), both former insurance agents of AXA, were charged with a total of five counts, namely four counts. Conspiracy to defraud, contrary to common law; and a conspiracy to deal with property known or believed to represent the proceeds of an indictable crime, in violation of section 25(1) of the Organized and Serious Crimes Ordinance and the Criminal Offences Ordinance Section 159A.
Li Zongxing was the assistant branch manager of AXA at the time of the case. He was also the on-line manager of Deng Huilin, Jiang Haozhi and another insurance agent. The third agent was introduced to AXA by Jiang Haozhi.
AXA requires insurance agents to meet with customers in person and explain the terms of the insurance policy to customers.
AXA will issue commissions to insurance agents who handle insurance policies, as well as up-line commissions to their upline managers and job referrals.
When insurance agents reach the specified sales targets, or the insurance agents introduced by them to AXA successfully sell insurance policies, AXA will also issue different types of bonuses to them.
According to the case, the charge occurred between September 22, 2015 and September 25, 2017.
Three of the charges allege that Li Zongxing and Deng Huilin were suspected of conspiring together and conspiring with the third insurance agent to defraud AXA, falsely claiming that the insurance agent was the insurance agent handling three insurance applications; The charge alleges that Li Zongxing and Jiang Haozhi were suspected of conspiring together and conspiring with the aforementioned third insurance agent to defraud AXA, falsely claiming that the insurance agent was the insurance agent handling another insurance application; AXA underwrites and issues these policies, and pays a total of approximately 1.2 million yuan in commissions and bonuses.
The remaining charges allege that Li Zongxing and Jiang Haozhi were suspected of conspiring together and conspiring with the aforementioned third insurance agent, knowing or having reasonable grounds to believe that the insurance agent’s name held a bank account of more than 2.7 million The dollar amount represents, in whole or in part, directly or indirectly, any person’s benefit from an indictable crime while still processing the amount.
AXA paid more than 2.7 million yuan in commissions and bonuses to the third insurance agent's successful sales of insurance policies, including the four insurance policies mentioned above.
The ICAC investigation found that the third insurance agent did not participate in the sales of relevant insurance policies.
AXA provided full assistance during the investigation of the case by the ICAC.
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