With the depreciation of RMB, Hong Kong's insurance system is relatively perfect, seeking overseas asset allocation. In recent years, Hong Kong insurance policies have begun to be welcomed by mainland customers. Seeing that Hong Kong insurance policies are favored by mainlanders, the China Insurance Regulatory Commission recently issued a "warm reminder" to remind mainlanders of the risks of buying insurance in Hong Kong.
Parameter 1. Insurance policies in Hong Kong are not protected by mainland laws.
The CIRC reminds that mainlanders who want to apply for insurance in Hong Kong need to go to Hong Kong to apply for insurance and sign relevant contracts. The insurance policy is governed by the laws of Hong Kong. If there is any dispute, they should go to court according to the laws of Hong Kong. The China Insurance Regulatory Commission pointed out that the high cost of legal proceedings in Hong Kong may lead to higher time and expense costs, while the large insurance policy disputes of more than 6,543,800 yuan may not be decided by the Insurance Claims Complaints Bureau.
Doubt on the curve: Hong Kong laws make mainlanders trust.
Let's start with a fact. As the number of 20 15 has not been published, we will review the number of insurance complaints of 20 14. In 20 14, the CIRC and relevant institutions * * * accepted 27,902 valid complaints, and actually closed 27,227 cases. In Hong Kong, the Insurance Claims Complaints Bureau 20 14 handled 700 complaints, of which 275 were beyond the scope of the Complaints Bureau. As for the remaining 425 cases, 344 cases have been closed.
In sharp contrast, Hong Kong received 40 times fewer complaints.
What about the complaint? Mainland insurance complaints mainly focus on property insurance and life insurance. Property insurance claims disputes account for 75. 1 1% of contract disputes, which mainly reflect the problems of insurance liability determination, fixed loss price, complicated claims procedures and unreasonable claims materials. Life insurance complaints are mainly about exaggerating product income, confusing the concepts of insurance and bank wealth management savings, concealing exemption clauses, surrender losses, and uncertainty of interests. And misleading insurance is mainly based on dividend insurance.
In Hong Kong, disputes mainly involve the interpretation of policy terms, matters not covered, undisclosed facts, the amount of compensation, and violation of safeguard clauses or policy conditions. Among life insurance products, medical insurance and travel insurance involve the most claims disputes, while life insurance and property insurance account for only a few.
In fact, mainlanders are keen to come to Hong Kong for insurance, mainly because Hong Kong's insurance system (insurance and compensation) has a long history and is relatively perfect compared with mainland insurance companies, and Hong Kong laws also make mainlanders trust it. It is true that "Hong Kong insurance policies are not protected by mainland laws", but whether they are "risks" or "benefits" varies from person to person.
Argument 2, Deposit and Exchange Rate and Foreign Exchange Policy Risk
The CIRC reminds that mainlanders buy insurance policies in Hong Kong, and the indemnity and insurance payment are settled in foreign currencies such as Hong Kong dollars and US dollars. Consumers should bear the risk of foreign exchange. However, the purchase of life insurance and dividend insurance for return on investment in Hong Kong belongs to financial and capital transactions, and the current foreign exchange management policy has not yet opened the project, which has certain policy risks.
Question on the curve: But the RMB is depreciating.
The settlement currency of Hong Kong insurance policies is mostly US dollars and its linked Hong Kong dollars; All the policies in circulation in the market are RMB, Euro and Pound, but the proportion is very small. On the mainland side, its local currency is RMB, and the policy currency is naturally mainly RMB.
The key point is that there is indeed exchange rate risk in buying insurance policies in non-local currencies in other places, but the key point is that the RMB is depreciating at present, and the depreciation trend seems to be there for some time. The disguised appreciation of the US dollar and Hong Kong dollar has actually increased the value of the joint insurance policy! Although the premium paid will appreciate, I believe that the risk of not paying the premium due to exchange rate changes should be small.
As for policy risks, we should pay attention to them, but it depends on the future foreign exchange management policies of the authorities. At present, mainlanders can also insure Hong Kong life insurance and return on investment dividend insurance. The local insurance agent even said that the orders already issued should not be affected, but the new orders in the future will depend on the introduction of policies.
Argument 3. There is uncertainty in the policy income.
The China Insurance Regulatory Commission reminded that the dividend insurance policy guarantees that the dividend above the income is uncertain, and the dividend itself has great uncertainty. Whether it can be realized mainly depends on whether the insurance company can maintain a high return on investment for a long time.
Question on the curve: There is uncertainty in any dividend policy.
Positive solution! But this is common sense. When insuring a dividend policy in Hong Kong, the agent will clearly explain the difference between guaranteed dividends and non-guaranteed dividends, and remind that non-guaranteed dividends depend on the company's investment income, so there is uncertainty in the income of dividend policies in the Mainland and Hong Kong.
Here comes the point again. The reason why mainlanders like to buy dividend-paying policies in Hong Kong is that dividend-paying policies in Hong Kong have high returns, especially Feng XX of AIA and Juan X of Prudential, which are said to have basically realized non-guaranteed dividends. Therefore, some mainlanders believe that it doesn't matter if the policy income is uncertain. The most important thing is to be close to the expected income.
Argument 4, the loss of surrender in the early stage of the policy is large.
The CIRC reminds that the insured who surrenders midway can only get the cash value of the policy. The cash value of most long-term policies in Hong Kong is very low, even zero in the first two years.
Curve doubt: it is common sense that there is a loss in early surrender.
This question is common sense again. It is true that customers who surrender their long-term policies in advance will suffer heavy losses, but if they take out long-term policies, I believe most people will not choose to surrender their insurance in advance, right? !
Argument 5. You need to read the insurance product terms carefully.
The last tip is really important! That is to say, the insurance product terms in Hong Kong use traditional Chinese characters, and the expression is different from that in the Mainland.
Doubt on the curve: insurance agents have mainlanders; There are simplified characters in the brochure.
In fact, many insurance agents in Hong Kong are mainlanders, and insurance companies have brochures in simplified characters. The content of the insurance policy is not difficult to understand. Of course, if you don't know, you will ask. ......
In fact, it is becoming more and more common for mainlanders to take out insurance in Hong Kong. According to the data of the China Insurance Regulatory Commission, the new office premiums of mainlanders last year were 31600 million yuan, accounting for 24.2% of the total office premiums130.9 billion yuan, up 2.8 percentage points year-on-year. If the growth rate is even sharper by quarter, the new premiums of mainland customers soared by 40% to 654.38+005 billion yuan in the fourth quarter of last year, and the recent depreciation of the RMB promoted the sales of US dollar and Hong Kong dollar insurance policies. However, I don't know why, this warm reminder from the CIRC seems to be praising the insurance policy in Hong Kong.
It is not difficult to see from the replies to the above documents that Hong Kong, as a world financial center, meets the requirements for anyone to complete insurance in Hong Kong.
Again, let's think about it the other way around. Domestic insurance companies also accept insurance from foreigners, and it is legal to buy insurance.
To sum up, it is reasonable, reasonable and legal for mainlanders to choose insurance products that suit them in Hong Kong. Our safe strictly controls foreign exchange management only because of the recent devaluation of the renminbi, and the way of credit card payment will be more restricted. This regulation is aimed at all foreign exchange channels, not just Hong Kong insurance.
Finally, to add, Hong Kong insurance card payment is only for the convenience of mainland customers. Insurance can also be done by remittance, online banking, transfer and cheque. I still suggest that while you can swipe your card, you should pay close attention to buying products and get a Hong Kong bank card, which will be more convenient in the future.
First of all, we must understand that it is completely legal for mainland residents to take out insurance in Hong Kong.
According to the laws of China, it is legal for mainland residents to purchase insurance from Hong Kong insurance companies during their stay in Hong Kong. As early as 20 10, Guangdong Insurance Regulatory Bureau made it clear that if mainland policyholders leave the country voluntarily and buy insurance in Hong Kong, then these policies are legal and protected by law.
In addition, according to the Insurance Companies Ordinance (Chapter 125, Laws of Hong Kong). 4 1), 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.
The insurance industry in Hong Kong is open to the whole world. Insurance companies from all over the world can apply to operate in Hong Kong, and people from all over the world can come to Hong Kong to buy insurance. As long as the process conforms to the laws of Hong Kong, this is a free market economy.
Hong Kong is a world-renowned free economy, with a perfect common law system left over from Britain, which has been effectively implemented. Therefore, as long as the insurance policy is legally signed in Hong Kong, regardless of the nationality of the insured, it is supervised by the Office of the Commissioner of Insurance of Hong Kong and protected by the laws of Hong Kong.
Legal insurance policies signed by mainland residents (mainland residents) in Hong Kong enjoy exactly the same rights and interests as those signed by local people in Hong Kong.
In fact, Hong Kong insurance companies have very strict control over a series of procedures for customer insurance.
Insurance companies in Hong Kong generally set up signing certification centers. When applying for insurance in Hong Kong, mainland residents must go in person (/kloc-minors under the age of 0/8 can have guardians to carry the information on their behalf). When a customer goes through the insurance formalities in Hong Kong, he or she will be witnessed by three parties in the insurance company endorsement certification center, and audio and video recordings will be made as the record of the customer's insurance in Hong Kong. In addition, mainland residents' Hong Kong and Macao passes and even customs clearance records (customs clearance receipts) will be kept as insurance certificates. All these insurance documents signed in Hong Kong are recognized and protected by the laws of Hong Kong.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.