Chan brings more than 35 years of industry experience and previously served as chairman of the Hong Kong Confederation of Insurance Brokers and on the Insurance Authority's transition working group.
The penalty relates to ICICI Lombard's failure to document ₹7.10bn (US$75.1m) of sales, marketing and business support spending in FY2019, part of which went to agents of other insurers.
Both agencies said the benefit will hinge on how the five state-owned (re)insurance groups deploy the money, with heavier equity investment raising asset risk.
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