整治港险转介乱象，香港保监局新规剑指跨境灰色产业链

Core Viewpoint - A significant regulatory change in Hong Kong's insurance industry aims to curb the rampant gray referral industry, particularly targeting unlicensed referral agents who exploit high commission structures to attract mainland clients [1][2][5]. Regulatory Changes - Starting October 1, licensed insurance brokers are restricted from paying referral fees exceeding 50% of the total commission [3][4]. - From January 1, 2026, commissions for participating in dividend insurance will be paid over a minimum of six years, with a maximum of 70% payable in the first year [3][6]. Market Dynamics - The new regulations are expected to reduce the arbitrage opportunities previously available to referral agents, who often promised high commissions to clients [2][8]. - The Hong Kong insurance market has seen a rise in new policies from mainland visitors, with premiums reaching HKD 62.8 billion in 2024, marking a 6.5% increase from 2023 [4][8]. Referral Industry Issues - Unlicensed referral agents, referred to as "boat companies," have been increasingly active, collecting clients in mainland China and facilitating their insurance purchases in Hong Kong [5][6]. - High commission rates have led to a culture of "rebates," where referral agents return a portion of their commissions to clients, creating unhealthy competition [6][7]. Impact on Licensed Agents - The role of licensed insurance advisors has been diminished, as many have become mere facilitators for unlicensed agents who handle the actual sales process [6][7]. - The new commission structure is seen as a critical measure to address the root causes of referral industry issues, aiming to restore healthy competition [7][8]. Market Regulation and Future Outlook - The series of new regulations is anticipated to push the Hong Kong insurance market towards a more regulated and sustainable development path [8][9]. - Despite the new rules, challenges remain in fully eradicating the gray referral practices, as some unlicensed individuals continue to operate [9][10].