The Insurance Commissioner recently announced that his office is working with the Hong Kong Federation of Insurers to better protect Chinese residents who purchase insurance policies in Hong Kong. From mid-2016, all Chinese residents who purchase Hong Kong insurance policies will be required to sign and acknowledge a fact statement that they understand key differences between PRC and Hong Kong law and regulation.
This comes after various reports of misleading advertising being conducted online in China (currently, Hong Kong agents are prohibited from selling insurance products in China). The China Insurance Regulatory Commission also recently issued a warning statement on its website cautioning consumers on the inherent currency and legal risks in buying insurance products in Hong Kong.
The Insurance Commissioner also commented that “The set up of the Insurance Authority will further enhance insurance regulation in Hong Kong.”