Marty Lui, Executive Director of Long Term Business at Insurance Authority (IA), remarked that a formal consultation on customer definition and regulatory framework will be conducted next quarter, in a bid to promote Hong Kong's business with mainland Chinese residing overseas, especially high-end clients, according to a report by Ming Pao. Guidelines on customer definitions and related regulations will be issued within this year.

Currently, Hong Kong's insurance regulations do not differentiate mainland visitors based on their habitual residence. For example, regulations require mainland Chinese to come to Hong Kong in person to purchase insurance, but if they do not habitually reside in mainland China, new identity definitions and separate regulatory frameworks may be applied in the future so that they can purchase insurance without visiting Hong Kong in person.

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