港险版“报行合一”，能否治理违规卖保险乱象 ｜银行与保险

Core Viewpoint - The article highlights the increasing attention on the illegal sale of Hong Kong insurance products, driven by a surge in demand and regulatory changes that have created a "last chance" effect among consumers [2][4][5]. Group 1: Market Trends - The Hong Kong insurance market has seen a significant rise in new single premiums, reaching HKD 93.4 billion in Q1 2025, a 43.1% increase compared to HKD 65.2 billion in the same period of 2024 [2]. - The adjustment of the demonstration interest rate cap for Hong Kong insurance policies has led to a surge in market activity, with many intermediaries promoting high rates as a "last window" opportunity [2][5]. Group 2: Regulatory Issues - There are increasing reports of insurance intermediaries in mainland China engaging in illegal sales of Hong Kong insurance products, which poses legal and financial risks due to regulatory differences between the two regions [4][8]. - The Hong Kong Insurance Authority has implemented new regulations to curb irrational competition in the insurance market, particularly regarding the demonstration interest rates that have deviated from market fundamentals [5][13]. Group 3: Consumer Behavior - The policy changes have created a "last train" effect among consumers, leading to panic buying of insurance products. For instance, a typical policy with a demonstration interest rate drop from 7% to 6.5% could result in a projected income reduction of USD 320,000 over 30 years [5]. - The influx of mainland visitors purchasing insurance in Hong Kong has resulted in new policy premiums of HKD 62.8 billion in 2024, a 6.5% increase year-on-year, indicating a growing trend in cross-border insurance purchases [7][11]. Group 4: Commission Structures - The upcoming "reporting and commission integration" policy will limit the first-year commission for dividend insurance to 70%, with the remaining 30% to be distributed over at least five years, aiming to create a more sustainable commission structure [11][13]. - The disparity in commission rates between agents and brokers has led to market distortions, with brokers often receiving commissions up to 2.5 times higher than agents, exacerbating the issue of commission-driven sales [12][13].