AMCM warns public to avoid illegal insurance

The Monetary Authority of Macao (AMCM) has urged the public to be vigilant of product sales by unlicensed insurance companies to avoid being cheated.

The AMCM found that several institutions, online platforms and individuals that are not licensed by the authorities, purporting to offer wealth management services in Macau and China, promoted life insurance products and financial products that were advertised as equivalent to savings accounts and financial management. Terminology like “high yield” and “high dividend” were used to attract the public’s attention, but this language was all in service of defrauding members of the public.

The authorities noted that the illegal sales may involve misleading or fraudulent activities, and because such actors are not licensed to sell insurance products, they may also violate the article 33 of Decree-Law No.38/39/M — the legal framework governing the carrying on of an insurance intermediary business, which is possibly also in violation of the regulations of mainland China. 

The AMCM calls on the public to obtain insurance products and services through insurance companies or intermediaries approved by authorities so as to avoid financial loss and the risk of being involved in illegal financial activities, or even criminal offences.

The public can visit the website of the AMCM (https://www.amcm.gov.mo/) and call the authorities (number: 28221180) to see the list of permitted insurance companies and intermediaries. Staff reporter