PANews reported on May 29th that, according to First Financial Daily, in response to questions regarding the compliance of mainland residents purchasing Hong Kong insurance, the Hong Kong Insurance Authority stated today that it has maintained close contact with relevant mainland ministries and commissions to communicate on regulatory issues, including illegal cross-border sales. Under current regulations, the entire sales process for Hong Kong life insurance must be conducted within Hong Kong, and licensed insurance intermediaries in Hong Kong are prohibited from soliciting insurance business in mainland China. The responsible parties (i.e., insurance companies, insurance brokerage firms, or insurance agents) have a responsibility to develop and implement effective internal control procedures to ensure that intermediaries conduct regulated activities legally and compliantly. The response mentioned that, regarding mainland residents purchasing insurance in Hong Kong, the Hong Kong Insurance Authority has implemented additional regulatory requirements since 2016, specifically requiring mainland residents to sign a "Declaration of Important Information" to ensure that the entire sales process of the policy must be conducted within Hong Kong, and all application documents must also be signed within Hong Kong. In addition, insurance companies must collect relevant supporting documents (such as immigration records) to prove that the mainland customer was indeed in Hong Kong at the time of application.