"Some overseas institutions are evading the relevant policies of SAFE, so SAFE requires relevant acquirers to make adjustments. There are two situations in which domestic residents buy insurance abroad:
Such as tourism, business activities, study abroad, etc. It is necessary to purchase personal accident insurance and sickness insurance, which belong to service trade transactions and are allowed and supported under the policy framework of foreign exchange management.
Life insurance and return on investment dividend insurance are not allowed. The transaction belongs to finance and capital in foreign exchange management, and there has been no policy support. "
"At present, some insurance companies in Hong Kong have suspended accepting mainlanders to pay premiums with UnionPay cards through third-party payment channels in the Mainland."
As soon as the news came out, the small partners who originally planned to buy insurance in Hong Kong began to retreat, and those who had already bought insurance in Hong Kong were even more worried. So, how to understand the statement of the State Administration of Foreign Exchange? Can I continue to buy insurance in Hong Kong? What about friends who have already bought it?
In fact, with the recent domestic economic downturn, the US dollar interest rate hike and other factors, domestic capital outflows are serious, foreign exchange reserves are declining, and the pressure of RMB depreciation is increasing. Therefore, the foreign exchange bureau and UnionPay have tightened foreign exchange control several times in just two months, especially for mainlanders to invest in Hong Kong insurance.
Why does the foreign exchange bureau repeatedly restrict mainland residents from buying insurance in Hong Kong? Investigate its reason, I think it is mainly based on the following considerations:
The amount is huge, and the pressure of foreign exchange outflow has increased greatly. In the whole year of 20 15, the amount of mainland residents' outflow through Hong Kong insurance was as high as HK$ 31600 million, and the number was still growing at a high speed, which contributed to the outflow of foreign exchange and the depreciation of RMB.
The necessity of vigorously fighting corruption and promoting honesty in China. For corrupt officials and rich people, Hong Kong insurance can not only avoid taxes and pay off debts, but also avoid the tracing and supervision of relevant domestic departments, which undoubtedly provides a good shelter for unknown funds in China. The amount of this part of the funds is unknown, so it cannot be stopped.
Put pressure on the mainland insurance industry. Due to the natural advantages of Hong Kong insurance over mainland insurance, the insurance for mainland residents in Hong Kong increased from HK$ 3 billion in 2009 to HK$ 36,543,806 billion in 2065,438+05, which was as high as 65,438+00 times in six years, which caused great pressure on the mainland insurance industry.
Can I still buy insurance in Hong Kong?
At present, the major insurance companies in Hong Kong have also tightened the credit card quota of mainland customers accordingly, mainly for large insurance policies that pay more than $50,000 a year. According to the regulations of China Administration of Foreign Exchange, mainland residents have an annual foreign exchange quota of 50,000 US dollars. Therefore, for low-and medium-value policies with premiums below $50,000, you can buy them as before. As for large insurance policies, you can't buy them through mainland bank cards, but if you have an overseas bank account, you can still buy them without restrictions.
Legally, there is no law in the Mainland that prohibits mainland residents from going to Hong Kong to buy insurance, and the CIRC has no restrictions. Safe is mainly responsible for international settlement business such as foreign exchange receipts and payments, transactions, foreign exchange rates and foreign exchange markets. Therefore, as long as it does not violate the $50,000 limit of SAFE, there is no violation of insurance in Hong Kong.
As far as Hong Kong law is concerned, Hong Kong insurance has the following provisions:
Insurance Companies Ordinance (Chapter 4 1 Laws of Hong Kong): It is legal for any insurance company authorized in Hong Kong to promote life insurance in Hong Kong, regardless of whether the sales target is locals, foreigners or mainlanders in China. "(Excerpted from the reply document No of the Office of the Commissioner of Insurance. INS/ADM/7/ 1)
Hong Kong Insurance Companies Ordinance, Chapter 4 1, Article 46: Unless otherwise ordered by the court, the liquidator shall continue to carry on the long-term business of the insurer with the purpose of transferring the business to another insurer as a going concern.
Therefore, it is really hard to say whether the mainland will legislate in Hong Kong to prohibit the purchase of Hong Kong insurance in the future, but at least for now, mainland residents can still buy Hong Kong insurance with confidence.
What about friends who have already bought it?
Now that you can continue to buy Hong Kong insurance, you don't have to worry about what you have already bought. If there is a law prohibiting mainlanders from going to Hong Kong to buy insurance in the future, it will be implemented after the law is promulgated according to the principle of prescription. For those who have already bought insurance in Hong Kong, don't worry.
In fact, as early as 2004, the insurance industry in Hong Kong opened up mainland residents to buy insurance in Hong Kong. It has been more than 10 years since the search, and non-compliance was found. Is this a little slow? Therefore, the release of non-compliance at this time is mainly in line with the domestic situation, and the small partners who have purchased Hong Kong insurance need not worry.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.