Over the last few years the UK insurance industry has been blighted by the reputation damaging phenomenon of ghost insurance broking.
Thankfully instances of this criminal activity are far and few between. I’m sure that several successful media attention grabbing prosecutions have played a part in convincing would be ghost insurance brokers that engaging in this activity is a not a good idea.
Just in case there are any Ghost Brokers in waiting out there contemplating this activity, I thought I would share some advice. Don’t do it. It’s despicable and whatever you do, don’t even contemplate doing it in China. The Chinese take this crime very seriously indeed.
Over the weekend I read that Chen Yi, the former boss of Shanghai Fanxin Insurance Agency, was sentenced to death for selling fake insurance products to over 4,000 customers. Her accomplice was sentenced to life in prison.
The good news for Ms Chen Yi is that the court has shown some mercy, if she displays good behaviour the sentence will be commuted to life in prison.
Ghost Brokers, you have been warned…