The Hong Kong Insurance Authority responded to cross-border insurance applications: It will continue to crack down on market misconduct and maintain communication with relevant mainland ministries.

CoinFeed reported on May 29th that, according to First Financial Daily, in response to questions regarding the compliance of mainland residents purchasing Hong Kong insurance, the Hong Kong Insurance Authority stated today that it has maintained close contact with relevant mainland ministries and commissions to communicate on regulatory issues, including illegal cross-border sales. Under current regulations, the entire sales process for Hong Kong life insurance must be conducted within Hong Kong, and licensed insurance intermediaries in Hong Kong are prohibited from soliciting insurance business in mainland China. The responsible parties (i.e., insurance companies, insurance brokerage firms, or insurance agencies) have a responsibility to develop and implement effective internal control procedures to ensure that intermediaries conduct regulated activities legally and compliantly.