境外保险再遭“点穴”，佣金驱动的“地下保单”何以上岸

Core Viewpoint - The surge in demand for Hong Kong insurance products among mainland visitors is leading to a rise in illegal "underground policies," prompting regulatory warnings about the associated risks [1][4][5]. Regulatory Environment - The Hebei Financial Regulatory Bureau issued a risk alert on July 30, highlighting the illegal promotion and sale of overseas insurance products, including those from Hong Kong, which are not protected by mainland laws [3][4]. - The alert emphasizes that consumers should be cautious and avoid participating in illegal transactions, particularly those promising high returns [4][9]. Market Dynamics - The trend of mainland residents purchasing insurance in Hong Kong has been ongoing, with new premium income from mainland visitors reaching HKD 628 billion in 2024, a 6.5% increase year-on-year [6]. - The appeal of Hong Kong insurance products is attributed to higher historical returns and broader coverage compared to domestic options, driven by the disparity in interest rates between the US dollar and the Chinese yuan [6][7]. Sales Practices - A complete industry chain has emerged around the illegal sale of Hong Kong insurance, involving various channels such as "insurance salons" and high-yield promotional content [3][4]. - High commission rates for Hong Kong insurance products, which can reach 70%-100% in the first year, incentivize agents to engage in illegal sales practices [7][9]. Consumer Risks - Consumers face significant risks when purchasing overseas insurance, including potential invalidation of policies bought through illegal channels and difficulties in claims due to jurisdictional issues [9][10]. - The complexity of Hong Kong insurance contracts, often in traditional Chinese and English, poses additional challenges for mainland customers in understanding terms and conditions [10][12]. Recommendations for Consumers - Industry experts recommend that consumers verify the qualifications of sales personnel and institutions before purchasing insurance, ensuring compliance with legal channels [11][12]. - Consumers should be aware of the potential for misleading sales tactics and the importance of understanding the risks associated with high-yield insurance products [12][13].