FINANCE

Hong Kong Insurance Sales to Mainland Chinese Unaffected by Investment Crackdown

Published: Jun. 2, 2026 3:06 a.m. GMT+8

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The Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority updated rules governing investment account openings by mainland clients in the city. Photo: VCG

Residents from the Chinese mainland seeking to buy insurance in Hong Kong remain unaffected by a recent regulatory crackdown targeting illegal cross-border investments, according to banks and industry executives.

The reassurance follows a joint campaign launched by the China Securities Regulatory Commission (CSRC) and other ministries to curb illicit cross-border financial activities. The move prompted some Hong Kong banks to suspend opening new investment accounts for mainland clients.

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Mainland residents buying insurance in Hong Kong are unaffected by a recent crackdown on illegal cross-border investments, as investment and insurance are regulated separately.
Banks and insurers report no change in inquiries or policy sales; current rules require physical presence in Hong Kong for purchases.
Regulators recognize the legality of mainland residents purchasing Hong Kong insurance if underwriting and payments are completed locally, a position dating to 2004.

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Who’s Who

Chubb Life Hong Kong: Chubb Life Hong Kong, led by President Belinda Au, stated that Chinese mainland visitors remain a core customer group. Chief Customer Value Officer Kevin Wong noted no noticeable change in inquiries or policy sales following the regulatory crackdown, with business from mainland visitors growing steadily over the past year.

UnionPay: UnionPay cards have restricted use for Hong Kong insurance purchases since 2016. They cannot be used for life, dividend, savings, or investment-linked policies. Only pure protection products like accident and medical insurance are allowed, with a single-transaction cap of $5,000.

UBS: According to the article, UBS released a research report on May 25 stating that insurance sales to mainland Chinese visitors in Hong Kong were unlikely to become the next regulatory target. The bank noted that regulators in both jurisdictions recognize the legality of such purchases, provided underwriting and payments are completed locally.

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What Happened When

2004：: The former China Insurance Regulatory Commission clarified that mainland residents purchasing insurance in Hong Kong does not violate mainland laws.

2016：: Mainland regulators tightened restrictions on using UnionPay cards for insurance purchases in Hong Kong, banning card payments for life, dividend, savings, and investment-linked policies, with a single-transaction cap of $5,000 for pure protection products. Also, mainland buyers were required to sign an Important Facts Statement in person when purchasing policies in Hong Kong, with insurers collecting proof of entry.

April 2024：: The Hong Kong Insurance Authority and the Independent Commission Against Corruption launched a joint enforcement operation against non-compliant intermediary channels on the mainland.

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