The Hong Kong Insurance Authority has reaffirmed its commitment to cracking down on market misconduct related to cross-border insurance sales. In response to inquiries about mainland residents purchasing insurance in Hong Kong, the Authority emphasized its ongoing communication with mainland ministries to address regulatory issues, including illegal cross-border sales.
Under current regulations, all sales of Hong Kong life insurance must occur within Hong Kong, and licensed intermediaries are prohibited from soliciting business in mainland China. Since 2016, additional measures require mainland residents to sign a "Declaration of Important Information" to ensure compliance, with all application documents signed in Hong Kong. Insurance companies must also collect supporting documents, such as immigration records, to verify the presence of mainland customers in Hong Kong during the application process.
Hong Kong Insurance Authority to Enforce Cross-Border Insurance Regulations
Disclaimer: The content provided on Phemex News is for informational purposes only. We do not guarantee the quality, accuracy, or completeness of the information sourced from third-party articles. The content on this page does not constitute financial or investment advice. We strongly encourage you to conduct you own research and consult with a qualified financial advisor before making any investment decisions.
