揭秘一条横跨两地的灰色产业链

Core Viewpoint - The article discusses significant regulatory changes in Hong Kong's insurance industry aimed at curbing the rampant referral fee practices and ensuring a more sustainable market environment. Starting October 1, new rules will limit referral fees and alter commission payment structures for insurance products, particularly dividend insurance [3][4][6]. Regulatory Changes - From October 1, licensed insurance brokers are restricted from paying referral fees exceeding 50% of the total commission [5][6]. - Beginning January 1, 2026, commissions for dividend insurance will be paid over a minimum of six years, with no more than 70% paid in the first year [6][10]. Industry Context - The article highlights a growing trend of mainland Chinese visitors purchasing insurance in Hong Kong, with new policy premiums from these visitors reaching HKD 62.8 billion in 2024, a 6.5% increase from 2023, accounting for 28.6% of total new policy premiums [7][10]. - The rise of unlicensed referral agents, referred to as "boat companies," has created a gray market where high commissions lead to unhealthy competition and potential risks for policyholders [9][10]. Impact on Market Dynamics - The new regulations are expected to reduce the incentive for high commission payouts that have fueled the referral fee chaos, promoting a more regulated and competitive market [4][11]. - The shift in commission structure aims to address the underlying issues of the insurance market, where high upfront commissions have led to a culture of kickbacks and poor service for clients [11][14]. Challenges Ahead - Despite the new regulations, challenges remain in fully addressing the referral chaos, as some unlicensed individuals continue to operate and offer specific insurance products [15].