Mainland visitors buying insurance in Hong Kong: signing in Hong Kong, the IFS-MP, premium payment, foreign exchange and tax limits

A mainland visitor buying insurance in Hong Kong is a resident holding mainland identity documents who buys a policy in Hong Kong from an authorised insurer. The policy is made under Hong Kong law and supervised in Hong Kong, but the policyholder remains subject to mainland foreign exchange and tax reporting rules. On the Hong Kong side, the core requirements are that the sale takes place in Hong Kong, documents are signed in person in Hong Kong, the IFS-MP is signed and only licensed intermediaries are used. On the mainland side, the core constraints are that purchased foreign currency may not be used for overseas life insurance and that overseas income must be reported as the law requires. The two sets of rules need to be read together.

Jurisdictions covered: Hong Kong and Mainland China. For tax, foreign exchange and CRS questions, seek professional advice in your own jurisdiction. This page does not describe any route for moving funds out of the mainland or paying premiums.

Market snapshot: how large is mainland visitor business

The IA's provisional statistics for 2024, released on 25 April 2025, show new office premiums from mainland visitors of HK$62.8 billion, up 6.5% year on year and equal to 28.6% of total individual new office premiums. Media reports citing IA data put the split of mainland visitor new policies in the first three quarters of 2024 at about 59% whole life, about 28% critical illness and about 5% medical (Securities Daily, 2025-01-21, secondary). From the first quarter of 2025 the IA stopped reporting mainland visitor figures separately while it reviews how non-local policyholders are counted (Insurance Business Asia, 2026-07, secondary), so any "2025 mainland visitor premium" figure circulating online should first be checked against official IA publications. The latest market-wide statistics are on the Hong Kong insurance overview.

These figures point to two things. First, mainland demand is concentrated in long-term savings and critical illness protection. Second, these policies are often held for decades, so policy servicing, claims and payment arrangements after the sale matter more than the process on signing day. The sections below cover the Hong Kong requirements first, then the mainland constraints, and finally after-sales matters.

Hong Kong rules: five firm requirements

The IA also reminds buyers that "Any misrepresentation or non-disclosure may affect future claims or even invalidate your policy". Mainland customers must likewise disclose health, financial and source-of-funds information truthfully. The identity and entry documents required at application are set by each insurer; the full steps are on the application and underwriting process.

The IFS-MP: why it must be signed

The Important Facts Statement for Mainland Policyholders (IFS-MP) was issued by circular on 8 July 2016 by the Office of the Commissioner of Insurance, the IA's predecessor, and took effect on 1 September 2016. The circular explains that its purpose is to "remind Mainland customers of the factors and risks to be considered when taking out long term insurance policies in Hong Kong".

The IFS-MP is not a box-ticking form. It is the policyholder's written record confirming that they understand the relevant risks and that the sale was completed in Hong Kong. If the facts differ from the declaration (for example, if part of the process took place on the mainland), the policyholder may be at a disadvantage in any later dispute. Read each item before signing and ask the intermediary to explain anything that is unclear. Where premium financing is also used, the Important Facts Statement – Premium Financing (IFS-PF) must be signed as well; see policy loans and financing.

Mainland rules: foreign exchange control and bank card limits (Mainland China)

There is no "open channel" on the mainland for buying life insurance overseas; the published rules are mainly prohibitions:

1. Use of purchased foreign currency: the October 2021 guidance Tips on personal foreign exchange services from the Xiamen Branch of the State Administration of Foreign Exchange states (our translation) that "foreign currency purchased by mainland individuals may not be used for capital account items not yet opened, such as buying property overseas, securities investment, buying life insurance and investment-type participating insurance". The same document explains that life insurance and investment-type participating insurance are financial and capital account transactions not yet opened under current foreign exchange policy.
2. Bank card limits: media reported that from February 2016 a US$5,000 limit applied to overseas insurance purchases on mainland bank cards (Carrier Management republishing Bloomberg, 2016-02-05, secondary); the limit actually applied is subject to the current rules of the card issuer and the foreign exchange authorities.
3. Regulatory risk warnings: the former China Insurance Regulatory Commission issued a risk warning on buying insurance in Hong Kong in 2016. Its main points, and the matching Hong Kong rules, are set out on the mainland residents page of the sister site vul.hk and are not repeated here.

Policyholders should confirm with their bank and the foreign exchange authorities that the funds used for premiums are lawful and that the payment route is compliant.

CRS and tax reporting

Note that there is currently no specific written rule on how bonuses and surrender gains from overseas policies are characterised on the mainland. This site does not conclude either that tax "must be paid at a given rate" or that "no tax is due"; the competent tax authority's position prevails. A full explanation of tax residency and CRS is on the sister site vul.hk.

After-sales servicing, claims and receiving payments

Once the policy is issued, each insurer sets its own procedures for policy servicing (changing beneficiaries, address or payment method), policy loans, claims and surrenders. Some matters may require the policyholder to attend in Hong Kong in person or to submit notarised documents. Which types of account claim and surrender payments can be paid into, and whether overseas accounts are accepted, also depend on the insurer's rules; requirements for opening a receiving account in Hong Kong are on the sister site bankaccount.hk.

Mainland constraints on receiving money also come from foreign exchange control. The Xiamen Branch guidance cited above states clearly that dividends or interest on life insurance and investment-type participating insurance bought abroad (including in Hong Kong) by mainland individuals cannot be remitted into mainland accounts. By contrast, personal accident and illness insurance bought for overseas travel, business or study is a current account transaction, and genuine, lawful claim payments can be credited. In other words, there are explicit limits on crediting bonuses and interest from participating savings policies on the mainland. Before buying, policyholders should consider where they will receive payments in future and in which currency they will use them, and confirm this with their bank and the foreign exchange authorities.

An insurance after-sales service centre for the Guangdong-Hong Kong-Macao Greater Bay Area has been under policy discussion for years. As at October 2026, this site has seen no official announcement that one is formally in operation, so readers should not assume that claims can be handled on the mainland when deciding to buy. Claims documents and complaint channels are covered on claims, complaints and the PPS.

Pre-purchase checklist

1. Can you travel to Hong Kong to complete all meetings and signing in person, and accept the insurer's post-sale confirmation?
2. Are the intermediary and the insurer on the IA register, and does the intermediary's licence type cover the product being sold?
3. Have you read every item of the IFS-MP and understood the exchange rate, foreign exchange control and governing law risks?
4. Are the funds for premiums lawful and explainable, and is your ability to pay premiums over the long term stable? Where will future bonuses and surrender proceeds be received, and can they be credited to a mainland account?
5. Do you understand the difference between guaranteed and non-guaranteed benefits, and the loss from surrendering early?
6. Have you taken professional advice on the mainland about CRS and reporting overseas income?
7. What documents are needed for claims, surrenders and policy servicing, and do they have to be handled in Hong Kong?

Common misunderstandings, such as "a policy signed on the mainland is still valid" or "Hong Kong policies are not exchanged", are covered on common misconceptions about Hong Kong insurance. If you need these points interpreted for your own circumstances, you can register your enquiry through the contact details on this site.