This list is the citation ledger of vul.hk: every figure and every statement of regulation across the site should be traceable here to an institution, title, date and link. The tables are grouped first by jurisdiction and topic, then by institution within each group, so that several documents from the same institution can be checked together. The verification date is 2026-10-22; institutions update their pages, so readers citing them should use the current version of the original page. The date column records only the publication, update or copyright date the document or page itself shows; where a page shows no date, the access date 2026-10-22 is recorded. The "used on" column lists the pages of this site that cite the source.
1. How to use this list: status and verification method
The four values in the status column mean different things, and the text decides how far it can go on that basis.
| Status | Meaning | How the text treats it |
|---|---|---|
| Verified | This site read the original or an authoritative copy directly (including HKMA document library copies and statute database originals) | Figures and provisions may be cited, with date and source stated |
| Secondary | Restated by the media, an insurer, a law firm or another body | The text states the nature of the source and adds "the official document prevails" |
| Manual opening required | The official page returns 403 to automated access or depends on scripts | A copy or cross-reference is given; the link must be opened directly in a browser |
| Pending verification | The original could not be read or located | The mechanism is described only; no figure is cited |
This site's verification method has three rules: read the originals from regulators, tax authorities and statute databases first; where the original cannot be read, use an authoritative copy (such as the HKMA document library or a law firm's public copy) and cross-check with at least one independent source; where confirmation is still not possible, downgrade to secondary or pending verification and do not present it as fact in the text. All links in this list are public pages.
2. Hong Kong: regulation, legislation and government documents
The IA website (ia.org.hk) returns 403 to automated access. Links marked "manual opening required" below must be visited directly in a browser; where a copy exists in the HKMA document library, the copy link is used instead.
Joint documents of the Insurance Authority (IA) and the Hong Kong Monetary Authority (HKMA)
| Institution | Title | Date | Link | Used on (pages) | Status |
|---|---|---|---|---|---|
| IA, HKMA | Indexed Universal Life Insurance Products for Professional Investors (INS/TEC/6/100; HKMA/B1/15C): IUL is Class C; traditional universal life is generally not Class C and is governed by GL16; certain GL15 / GL26 requirements may be adjusted when sold to professional investors | 2025-03-13 | HKMA copy | overview, regulation, hk-universal-life, compare, checklist, process, scenarios | Verified |
| IA (issued after consultation with the HKMA) | Circular on the supervisory standards and key requirements on the use of premium financing to take out long term insurance policies (INS/TEC/9/2/2/26): effective 2023-01-01; affordability assessment, definition of over-leveraging, IFS-PF | 2022-04-01 | HKMA copy | premium-financing, regulation, hk-universal-life, account-opening, compare, process, scenarios, checklist, faq | Verified |
| IA, HKMA | Findings from IA-HKMA joint inspection exercise on premium financing (INS/TEC/9/2/2/26; HKMA/B1/15C) | 2024-06-27 | HKMA document library | premium-financing, regulation, hk-universal-life | Verified |
Insurance Authority (IA)
| Institution | Title | Date | Link | Used on (pages) | Status |
|---|---|---|---|---|---|
| IA | GL29 Guideline on Cooling-off Period: cooling-off period of 21 calendar days; effective 2019-09-23 | 2019-09-23 | GL29 | overview, regulation, structure, compare, process, checklist, mainland-residents | Manual opening required; "21 calendar days" corroborated by the Consumer Council report and the IFEC page; the start date (delivery of the policy or the cooling-off notice, whichever is earlier) comes from the GL29 definition, with an insurer's public article (YF Life, 2026-04-16) as a secondary cross-check |
| IA | Circular of 2020-05-25: GL29 compliance assessment grace period extended to 2021-03-31 | 2020-05-25 | Circular | regulation | Manual opening required |
| IA | GL15 Guideline on Underwriting Class C Business; GL26 Guideline on Sale of Investment-Linked Assurance Scheme Products | Current versions | GL15; GL26 | regulation, hk-universal-life, process, compare | Manual opening required; content checked against the IFEC pages (below) and the IUL circular's restatement; original paragraph numbers not read |
| IA | Interpretation Notes – Fulfillment Ratios & Historical Crediting Interest Rates (GL16 interpretation notes; circular of 2023-02-10, effective 2024-01-01): the disclosure scope for universal life historical crediting rates is product series with new policies issued since 2010 and still in force, weighted by account balance, excluding one-off bonuses, covering at least the most recent 10 calendar years (interpretation notes paragraphs 3.2, 3.6, 3.7, 3.9) | 2023-02-10 | Circular; IA interpretation notes; Kennedys copy | hk-universal-life, faq, glossary | Manual opening required (IA page returns 403; the Kennedys copy returns a verification page to some automated access; this site read its full text with a browser identity to verify) |
| IA | Circular on the revised GL16 and GL34: revised GL16 effective 2026-03-31 (GL34 section 4 from 2026-06-30); the website disclosure requirement for historical crediting rates and the look-back period under the revised version follow the current IA text | 2026-02-06 | Circular; GL16 current version | hk-universal-life, overview, compare, checklist, faq, glossary | Manual opening required; effective date and website disclosure requirement cross-checked against the DLA Piper alert of 2026-03-25 (see section 8) |
| IA | GL3 Guideline on Anti-Money Laundering and Counter-Terrorist Financing: current version amended by the circular of 2025-05-30, gazetted the same day (G.N. 3145 of 2025) and effective | 2025-05-30 | GL3; Circular of 2025-05-30 | account-opening | Manual opening required; version and effective date checked against circular text fragments indexed by search engines |
| IA | Observations on insurance business carried on with the use of premium financing facilities (INS/TEC/9/2/2/26): marked increase in the use of premium financing in the first half of 2026; mainly for participating whole life; financed policies exceeded 80% of some individual products; some sales material claimed policy leverage of up to 9 times; a further joint inspection with the HKMA in the second half of 2026 | 2026-08-20 | HKMA document library | premium-financing | Verified (full text of the HKMA document library PDF read) |
| IA (formerly the Office of the Commissioner of Insurance) | Circular on Important Facts Statement for Mainland Policyholders: IFS-MP effective 2016-09-01, applicable to new applications for individual long term policies by holders of a People's Republic of China resident identity card | 2016-07-08 | Circular; IFS-MP template | overview, regulation, mainland-residents, process, checklist | Manual opening required; cross-checked against circular text fragments, a law firm's regulatory tracker and an insurer's public form (see section 8) |
| IA | Conduct in Focus Issue 07 (Article 02): Mainland customers must sign the IFS-MP to confirm that the sales process took place in Hong Kong | Undated | IA page | mainland-residents | Manual opening required; search extract seen only, original to be checked manually |
| IA | Premium levy rate to be adjusted to 0.1% on 1 April 2021: levy rate 0.1%, capped at HK$100 per policy year for long term policies | 2021-03-31 | IA press release | regulation, process, checklist, faq, glossary | Manual opening required; cross-checked against the AIA Hong Kong public page (see section 8) |
| IA | Cap on illustration rates for participating policies (circular of 2025-02-28; article of 2025-03-30): 6% for HKD policies, 6.5% for non-HKD policies, effective 2025-07-01; regulatory background only, linked to wholelife.hk | 2025-02-28; 2025-03-30 | Circular; IA article | regulation | Manual opening required; via search extracts, cross-checked against the Milliman article |
| IA | Consultation paper on the Policy Holders' Protection Scheme (consultation period 2022-12-30 to 2023-03-31) | 2022-12 | Consultation paper | regulation | Pending verification (manual opening required, 403 this time; the levy and compensation cap proposals are secondary summaries and are not published on this site) |
Hong Kong Monetary Authority (HKMA)
| Institution | Title | Date | Link | Used on (pages) | Status |
|---|---|---|---|---|---|
| HKMA | Premium Financing (Smart Consumers): definition of premium financing and risk warnings; banks must explain the "Important Facts Statement – Premium Financing" | Revised 2024-01-24 | hkma.gov.hk | premium-financing, faq | Verified |
| HKMA | Press release: IA and HKMA issue circulars on premium financing | 2022-04-01 | hkma.gov.hk | premium-financing | Verified |
Financial Services and the Treasury Bureau (FSTB), Legislative Council and Hong Kong Government press releases
| Institution | Title | Date | Link | Used on (pages) | Status |
|---|---|---|---|---|---|
| FSTB | Insurance and Risk Management: the Government is taking forward preparatory work on the Policy Holders' Protection Scheme (PPS), including drawing up details and drafting legislative amendments, with no timetable given | Accessed 2026-10-22 | fstb.gov.hk | regulation, compare, mainland-residents, checklist | Verified (read this time); quarterly re-check of progress recommended |
| Hong Kong Government press release (FSTB) | Consultation conclusions on establishing policy holders' protection scheme published | 2023-12-28 | info.gov.hk | regulation, mainland-residents | Verified |
| Legislative Council Panel on Financial Affairs | Proposal on Establishing a Policy Holders' Protection Scheme (CB(1)271/2023(05)): the three insurer insolvencies since the late 1990s were all small and medium-sized general insurers | 2023-04-03 | LegCo paper | regulation | Verified |
| Hong Kong Government press release | LCQ18: Policy Holders' Protection Scheme (background to the 2018 version of the proposal) | 2018-05-30 | info.gov.hk | regulation | Verified |
| Hong Kong Government press release | IA and HKMA issue circulars on premium financing | 2022-04-01 | info.gov.hk | premium-financing, glossary | Verified |
| Legislative Council Panel on Financial Affairs | Legislative Proposals Relating to Risk-based Capital Regime for Insurance Industry (CB(1)309/2026(08)): proposes to allow IUL business to apply the matching adjustment | 2026-04-10 | LegCo paper | hk-universal-life | Verified (proposed amendment; the final rules prevail) |
Securities and Futures Commission (SFC), Legislative Council and Hong Kong e-Legislation
| Institution | Title | Date | Link | Used on (pages) | Status |
|---|---|---|---|---|---|
| SFC, Legislative Council | Legislative Council Brief: Securities and Futures (Professional Investor) Rules: four additional classes of professional investor under section 3 (trust corporations with total assets of at least HK$40 million; individuals with a portfolio of at least HK$8 million; corporations or partnerships with a portfolio of at least HK$8 million or total assets of at least HK$40 million); real property is not counted in an individual's portfolio | 2002-11 | SFC document | regulation, compare, checklist, faq, glossary | Verified; threshold figures follow the text in force |
| Legislative Council | Legislative Council Brief 2018ln099 (2018 amendment: calculation of the non-associate share of joint accounts and acceptable evidence) | 2018-05-16 | LegCo paper | regulation, checklist | Verified (read during research; not re-read this time) |
| Hong Kong e-Legislation | Securities and Futures (Professional Investor) Rules (Cap. 571D), text in force | Current version | elegislation.gov.hk | regulation, checklist | Pending verification (page depends on scripts and could not be read; the text says "text in force prevails") |
Investor and Financial Education Council (IFEC) and Consumer Council
| Institution | Title | Date | Link | Used on (pages) | Status |
|---|---|---|---|---|---|
| IFEC | Regulatory measures of ILAS: ILAS minimum death benefit of 105% of account value since 2015-01-01; scope of GL15 / GL26 | 2023-02-20 | ifec.org.hk | hk-universal-life, regulation, compare | Verified |
| IFEC | Selling Process (ILAS): FNA / RPQ / IFS mandatory; post-sale confirmation call within 5 working days of issue; 21-day cooling-off | 2023-02-20 | ifec.org.hk | regulation, process | Verified |
| IFEC | Complaints and appeals: Insurance Complaints Bureau cap of HK$1 million (2018 page); division of complaints between the IA and the HKMA | 2018-01-18 | ifec.org.hk | mainland-residents, regulation | Verified; the figure is the 2018 version and has been superseded by newer sources |
| Consumer Council | Executive Summary – Report on Cooling-off Period: start date of the cooling-off period and 21 calendar days | 2018 | Consumer Council | regulation, process | Verified |
3. Hong Kong: tax and CRS
Inland Revenue Department (IRD)
Most IRD pages show no revision date; the date column records the access date.
| Institution | Title | Date | Link | Used on (pages) | Status |
|---|---|---|---|---|---|
| IRD | Estate Duty: estate duty abolished from 2006-02-11; life policy benefits were an exempt item under the old regime | Accessed 2026-10-22 | ird.gov.hk | tax-crs, overview, structure, regulation, checklist | Verified |
| IRD | Profits Tax: territorial source principle; profits from the sale of capital assets are excluded from assessable profits | Accessed 2026-10-22 | ird.gov.hk | tax-crs, account-opening | Verified |
| IRD | Automatic Exchange of Financial Account Information: ordinance framework effective 2016-06-30; reportable jurisdictions increased from 75 to 126 (from 2020-01-01); 2026 amendment developments | Accessed 2026-10-22 | ird.gov.hk | tax-crs, account-opening, compare, faq | Verified |
| IRD | FAQ on AEOI: definition of individual resident (180 days / 300 days); covered accounts include cash value insurance contracts; self-certification to be updated within 30 days of a change in circumstances; reporting usually in early June of the year | Accessed 2026-10-22 | ird.gov.hk | tax-crs, account-opening, checklist, faq | Verified (re-read this time) |
| IRD | List of Reportable Jurisdictions: 129 in total; the Mainland is in the group starting 2018, with the first reporting period 2017-07-01 to 2017-12-31 | Accessed 2026-10-22 | ird.gov.hk | tax-crs, faq | Verified |
| IRD | Inland Revenue (Amendment) (Crypto-Asset Reporting Framework and Amended Common Reporting Standard) Bill 2026: gazetted 2026-05-22, first reading 2026-06-03; if passed, CARF applies from 2027-01-01 and the amended CRS from 2028-01-01 | Accessed 2026-10-22 | ird.gov.hk | tax-crs, faq, glossary | Verified (re-read this time; no announcement of third reading found; the version passed by the Legislative Council prevails) |
| IRD | Inland Revenue (Amendment) (Automatic Exchange of Information) Ordinance 2026: gazetted 2026-06-26, effective 2027-01-01; mandatory registration of reporting institutions, six-year record keeping, new penalties | Accessed 2026-10-22 | ird.gov.hk | tax-crs | Verified (re-read this time) |
| IRD | CARF page | Accessed 2026-10-22 | ird.gov.hk | tax-crs | Verified |
Legislative Council Panel on Financial Affairs
| Institution | Title | Date | Link | Used on (pages) | Status |
|---|---|---|---|---|---|
| Legislative Council Panel on Financial Affairs | Amendments to the IRO for Implementation of CARF and Latest Arrangements of CRS (CB(1)56/2026(06)): target implementation dates for CARF and the amended CRS | 2026-02-02 | LegCo paper | tax-crs | Verified |
4. Singapore: regulation, legislation and industry documents
Monetary Authority of Singapore (MAS) and statute database
| Institution | Title | Date | Link | Used on (pages) | Status |
|---|---|---|---|---|---|
| Singapore Statutes Online (SSO, AGC) | Securities and Futures Act 2001, section 4A: three tests for an individual accredited investor (net personal assets above S$2 million; net financial assets above S$1 million; income of at least S$300,000 in the past 12 months); primary residence counted at no more than S$1 million | Accessed 2026-10-22 | sso.agc.gov.sg | overview, regulation, compare, process, checklist, scenarios | Manual opening required (page depends on scripts and returns a blank response to automated access; this site read the original earlier); the three tests and the primary residence cap cross-checked against the MAS FAQ of 2019-02-04 and the parliamentary reply of 2025-02-05 |
| MAS | Written reply to PQ on the review of investor definitions under the SFA: AI criteria updated in 2018; an express opt-in is required | 2025-02-05 | mas.gov.sg | overview, regulation, checklist, faq | Verified |
| MAS | FAQs on the Definition of Accredited Investor and Opt-In Process: opt-in from 2019-01-08, transition period to 2019-04-07 | 2019-02-04 | regulation, checklist, faq, glossary | Manual opening required (the MAS media library PDF returns a maintenance page to some HTTP clients; this site has read the full text); the opt-in date cross-checked against the MAS parliamentary reply of 2025-02-05 | |
| MAS | Notice 307 Investment-Linked Policies: disclosure, investment guidelines, borrowing limits and more; version effective 2021-07-01 | 2021-06-28 | mas.gov.sg | overview, regulation, hk-universal-life, structure, checklist | Verified |
| MAS | Notice FAA-N16 (Amendment) 2025: paragraphs 16, 17 and 27A (Customer Knowledge Assessment, CKA) | 2025-12-29 | Notice; Tracked amendment PDF | regulation, process | Verified; no express CKA exemption for individual AIs was found in the notice text, so the text does not say "AIs are exempt from the CKA" |
| MAS | MAS Requires Intermediaries to Assess Investment Knowledge and Experience of Retail Customers (CKA, from 2012-01-01) | 2011-07-28 | mas.gov.sg | regulation, glossary | Verified |
| MAS | Guidelines on Fair Dealing – Board and Senior Management Responsibilities (FSG-G04): effective 2024-05-30 | 2024-05-30 | mas.gov.sg | regulation, premium-financing | Verified |
| MAS | Notice 314 Prevention of Money Laundering and Countering the Financing of Terrorism – Direct Life Insurers: paragraphs 6.31 to 6.33 (due diligence for non-face-to-face business relations), most recently amended 2025-06-30 | 2025-06-30 | Page; PDF | mainland-residents, regulation, account-opening, process, checklist | Page verified; the PDF returns a maintenance page to some HTTP clients and must be opened manually (this site has read paragraphs 6.31–6.33); individual insurers' remote application rules pending verification |
| MAS | Guidelines to MAS Notice 314 (2025 edition), sections 6-11: non-face-to-face customer due diligence measures | 2025 | mainland-residents, regulation, process | Verified (read during research) | |
| MAS | Circular AMLD 01/2022 Non-Face-to-Face Customer Due Diligence Measures: control requirements for identity verification by video conference | 2022-02-08 | Page; PDF | mainland-residents, process | Verified |
| MAS | MAS enables online nomination of insurance beneficiaries | 2023-07-26 | mas.gov.sg | structure, checklist | Verified |
MoneySense (the MAS consumer education platform)
| Institution | Title | Date | Link | Used on (pages) | Status |
|---|---|---|---|---|---|
| MoneySense (MAS) | Interpreting your insurance documents: 14-day free-look period; refund calculation; part of the illustrated cash value of participating policies and ILPs is not guaranteed | 2026-05-11 | moneysense.gov.sg | overview, regulation, compare, process, mainland-residents, checklist | Verified |
| MoneySense (MAS) | Investment-linked policies: Guide to fees and pricing: insurance charges rise with age and are usually paid by selling units; charges may be non-guaranteed and revisable | 2026-09-28 | moneysense.gov.sg | compare, checklist, faq | Verified |
Life Insurance Association Singapore (LIA Singapore)
| Institution | Title | Date | Link | Used on (pages) | Status |
|---|---|---|---|---|---|
| LIA | Enhancements to Policy Illustration (PI) of Investment-Linked Policy (ILP): from paragraph 10, a 0% column is required in addition to the capped 8% and 4% columns; paragraph 13 statement that the policy value may fall to zero | Document undated; accessed 2026-10-22 | regulation, compare, checklist | Verified; the circular itself is undated | |
| LIA | LIA Guidelines on Policy Illustrations, Cover Page and Bundled Product Disclosure (MU 22/24): issued 2024-06-07, superseding the 2018-06-29 version | 2024-06-07 | LIA page | regulation, compare | Verified |
| LIA | Appendix IV(b) Main PI Format – Investment-Linked Policy: the 2026-07-28 revision supersedes the 2024-06-07 version and includes the 0% return column and lapse statement | 2026-07-28 | regulation, compare | Verified | |
| LIA | Your Guide to Nomination of Insurance Nominees (YGTNIN Mar 2026 v1.0): trust nomination and revocable nomination | 2026-03 | structure, checklist | Verified |
Singapore Deposit Insurance Corporation (SDIC)
| Institution | Title | Date | Link | Used on (pages) | Status |
|---|---|---|---|---|---|
| SDIC | PPF Entitlement: aggregate guaranteed sum assured capped at S$500,000; aggregate guaranteed surrender value per life assured per insurer capped at S$100,000; investment-linked policy benefits tied directly to account value not covered | Accessed 2026-10-22 | sdic.org.sg | overview, regulation, structure, compare, mainland-residents, scenarios, checklist | Verified (re-read this time) |
| SDIC | Scope of PPF Coverage: covers policies issued by Singapore-licensed life insurers, for residents and non-residents alike; policies issued by overseas branches not covered | Accessed 2026-10-22 | sdic.org.sg | regulation, mainland-residents | Verified (re-read this time) |
Financial Industry Disputes Resolution Centre (FIDReC)
| Institution | Title | Date | Link | Used on (pages) | Status |
|---|---|---|---|---|---|
| FIDReC | Jurisdiction of FIDReC (knowledge base article KA-01131): no monetary cap on mediation; adjudication claims capped at S$100,000 per claim (filed before 2024-07-01) and S$150,000 (filed on or after 2024-07-01); eligibility; 6-month time limit after the final reply | Accessed 2026-10-22 | KA-01131; Home page | mainland-residents, checklist, compare | Verified (re-read this time); non-resident eligibility follows FIDReC's current terms of reference |
5. Singapore: tax and CRS
Inland Revenue Authority of Singapore (IRAS) and statute database
| Institution | Title | Date | Link | Used on (pages) | Status |
|---|---|---|---|---|---|
| IRAS | Estate Duty: no estate duty for deaths on or after 2008-02-15 | 2026-03-09 | iras.gov.sg | tax-crs, overview, structure, checklist | Verified |
| IRAS | Gains from sale of property, shares and financial instruments: capital gains on personal investments are generally not taxed; may be taxable if regarded as trading | 2026-02-27 | iras.gov.sg | tax-crs | Verified |
| IRAS | Individual Income Tax rates (tax residency tests: citizens and permanent residents, 183 days, three consecutive calendar years, straddling two calendar years) | 2026-04-27 | iras.gov.sg | tax-crs, account-opening, process, scenarios, checklist | Verified |
| IRAS | CRS Overview and Latest Developments: exchanges since September 2018; reporting by 31 May; amended CRS applies from 2027-01-01, with exchanges expected from 2028 | 2026-09-09 | iras.gov.sg | tax-crs, compare, faq, glossary | Verified (re-read this time) |
| IRAS | IRAS e-Tax Guide: Common Reporting Standard (fifth edition) | 2026-08-11 | tax-crs, glossary | Verified | |
| Singapore Statutes Online (SSO) | Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulations 2016 (S 621/2016): specified insurance company; reporting of cash value or surrender value | 2016 | sso.agc.gov.sg | tax-crs | Manual opening required; content checked against the IRAS e-Tax Guide's restatement |
6. Mainland China: tax, foreign exchange and regulatory warnings
Standing Committee of the National People's Congress, Ministry of Finance and State Taxation Administration
| Institution | Title | Date | Link | Used on (pages) | Status |
|---|---|---|---|---|---|
| Standing Committee of the National People's Congress (reproduced in the State Taxation Administration legal database) | Individual Income Tax Law of the People's Republic of China: Article 1 resident individuals; Articles 2 and 3 taxable income and the 20% flat rate; Article 4 exempt items including insurance compensation; Article 7 credit for foreign-sourced income; Article 13 filing of foreign-sourced income between 1 March and 30 June of the following year | 2018-08-31 | Legal database | tax-crs | Verified (Articles 1 to 4, 7 and 13 read this time) |
| Ministry of Finance, State Taxation Administration | Announcement on individual income tax policy for foreign-sourced income (Announcement No. 3 of 2020): other categorised income computed separately; filing between 1 March and 30 June of the following year; applies to the 2019 tax year onwards | 2020-01-17 | Legal database | tax-crs | Verified |
| State Taxation Administration and five other departments | Announcement on the Administrative Measures for Due Diligence on Tax-related Information of Non-resident Financial Accounts (Announcement No. 14 of 2017): in force from 2017-07-01; specified insurance institutions; definition of account holder (Article 11); 30 days / 90 days after a change in circumstances (Articles 19 and 32); reporting content (Article 35); reporting by 31 May (Article 36) | 2017-05-09 | Legal database | tax-crs, account-opening | Verified (Articles 6, 11, 19, 32, 35, 36 and 44 read this time) |
State Administration of Foreign Exchange
| Institution | Title | Date | Link | Used on (pages) | Status |
|---|---|---|---|---|---|
| SAFE Xiamen Branch | Tips on individual foreign-exchange services ("Individual Foreign-Currency Purchase Application"): personal foreign-currency purchases in the Mainland may not be used for life insurance, investment-type participating insurance and other capital-account items not yet opened | 2021-10 | account-opening, mainland-residents, checklist | Verified (official branch document); no single current head-office document located | |
| SAFE Sichuan Branch | Sichuan Branch website FAQ: overseas life insurance is a capital-account item, currently not opened, and cannot be transacted at banks | 2019-05-27 | account-opening, mainland-residents | Verified (official branch document); SAFE's current rules prevail |
7. Industry and market data
Insurance Authority (IA) statistical press releases
The IA website must be opened manually. The figures below were first read from IA original text fragments indexed by search engines, then cross-checked against the industry press; the two places use different bases, see Hong Kong and Singapore life insurance market data side by side.
| Institution | Title | Date | Link | Used on (pages) | Status |
|---|---|---|---|---|---|
| IA | Insurance Authority releases provisional statistics for 2025: long term business new office premiums (excluding retirement schemes) HK$330.9 billion; linked individual business HK$18.5 billion; total 2025 gross premiums HK$827.0 billion | 2026-04-24 | IA press release | market, hk-universal-life | Manual opening required; totals and growth rates checked against Insurance Business Asia |
| IA | Insurance Authority releases provisional statistics for the first half of 2025: long term business new office premiums HK$173.7 billion; linked individual business HK$6.9 billion | 2025-10-24 | IA press release | market | Manual opening required; cross-checked against search extracts |
| IA | Provisional statistics for the first quarter of 2026: long term business new office premiums HK$141.1 billion; linked individual business HK$5.7 billion (+77.2%) | 2026-07-24 | IA press release | market, hk-universal-life | Manual opening required; checked against the Asia Insurance Review and Insurance Business Asia reports |
| IA | Insurance Authority releases provisional statistics for 2024: Mainland visitor new business HK$62.8 billion, 28.6% of individual new business; whole life, critical illness and medical policies about 59%, 28% and 5% | 2025-04-25 | IA press release | market, mainland-residents, scenarios | Manual opening required; total and share checked against Insurance Business Asia, product mix cross-checked against press release text fragments indexed by search engines and Asia Insurance Review 2025-05-09 |
| IA | Quarterly statistical press releases: separate publication of the Mainland visitor item suspended since the first quarter of 2025, pending a review of the scope and criteria for collecting data on non-local policyholders | From 2025-07-25 | IA press release | market, mainland-residents | Manual opening required; checked against the Insurance Business Asia report (five consecutive periods) |
Life Insurance Association Singapore (LIA Singapore), MAS and company announcements
| Institution | Title | Date | Link | Used on (pages) | Status |
|---|---|---|---|---|---|
| LIA | Singapore's life insurance sector achieves 11.3% growth for 2025 with S$6.53 billion Total Weighted New Business Premiums: weighted new business premiums S$6.53 billion; investment-linked products 44% (up from S$2.253 billion to S$2.880 billion) | 2026-02-11 | market, overview | Verified (full text read this time, including footnotes and summary table); VUL not shown separately | |
| LIA | More than S$10.6b in payouts made in first half of 2026 which also recorded increased take-up of linked and par policies in Singapore: first-half 2026 weighted new business premiums S$3.63 billion (+21.4%); investment-linked products S$1.59 billion (+24.2%), 44% | 2026-08-12 | market | Verified (full text read this time); VUL not shown separately | |
| MAS | Written reply on SFOs: assets under management of S$6.7 trillion in 2025; more than 2,000 single family offices receiving tax incentives as at end-December 2025 | 2026-08-05 | mas.gov.sg | market | Verified (re-read this time) |
| Manulife Singapore | Manulife Singapore issues a single US$300 million life insurance policy | 2026-02-24 | Official site; Caproasia reproduction | market | Verified (checked via the reproduction); the official site returned 403 this time; product type not stated |
8. Secondary sources, items pending verification and material not cited
The sources below are restatements by others, copies or cross-references. Wherever the text relies on them, it states the nature of the source and cross-checks against the official sources above where possible.
Secondary sources and copies
| Institution | Title | Date | Link | Used on (pages) | Nature and alternative verification |
|---|---|---|---|---|---|
| YF Life | What is the cooling-off period (restating GL29: 21 calendar days, full refund and market value adjustment) | 2026-04-16 | Blog | regulation, process | Secondary; "21 calendar days" corroborated by the Consumer Council and IFEC; the start date (delivery of the policy or the cooling-off notice, whichever is earlier) matches the GL29 definition and is used as a cross-check; refund details remain the insurer's restatement, and the market value adjustment rule is in SFC Code paragraphs 5.12–5.13 |
| AIA Hong Kong | Information about the Insurance Authority collecting levy on insurance premiums | Accessed 2026-10-22 | aia.com.hk | regulation, checklist | Secondary cross-check, used to verify the phased levy rate table |
| Milliman | The Milliman Fulfillment Ratio Index: Reporting year 2024 | 2026-05-01 | milliman.com | regulation | Secondary cross-check, used to verify the regulatory background of fulfilment ratios and the illustration rate cap |
| KPMG China | Get ready for indexed universal life | 2025-04 | KPMG | hk-universal-life, compare | Secondary research briefing; restates the annex to the IUL circular; GL15 original pending verification |
| The Asset | Regulators bolster oversight on Hong Kong's new IUL market | 2025 | The Asset | hk-universal-life | Pending verification (title seen only; its content is not cited) |
| Hogan Lovells | Insurance Regulatory Tracker Q2 2016 – China, Hong Kong, Singapore | 2016 | mainland-residents, process | Secondary cross-check, read; used to verify the IFS-MP circular | |
| Kennedys | Interpretation Notes (copy of the GL16 interpretation notes) | 2023 | hk-universal-life | Manual opening required (returns a verification page to some automated access); this site read its full text with a browser identity; the IA original also requires manual opening | |
| DLA Piper | Insurance Authority of Hong Kong issues revised guideline: revised GL16 effective 2026-03-31, GL34 section 4 effective 2026-06-30; restates the revised requirement to disclose on the website the historical crediting rates of product series since 2010 | 2026-03-25 | dlapiper.com | hk-universal-life, overview | Secondary law-firm alert, read; used to cross-check the IA circular of 2026-02-06 |
| The Standard | IA warns on premium financing risks as new business contributions hit 36pc in H1 2026 | 2026-08-20 | thestandard.com.hk | premium-financing | Secondary; the 36% and 15 percentage points are media figures not contained in the IA circular of 2026-08-20, as flagged in the text |
| Asia Insurance Review | Hong Kong: Mainland visitors' new business HK$62.8bn in 2024 (reporting the IA press release of 2025-04-25) | 2025-05-09 | AIR | market | Secondary, read; used to cross-check the Mainland visitor total and share |
| China Life (Overseas) website | Important Facts Statement – Mainland residents taking out personal / life insurance policies in Hong Kong (form number HK-UWIFS-MP202304) | 2025-08 | mainland-residents, checklist | Insurer's public form, read; wording may differ between insurers, and the IA template on the IA website prevails | |
| Lloyd's | Complaint Handling Summary – Hong Kong – June 2025; Complaints handling – Hong Kong (web page) | 2025-06; accessed 2026-10-22 | PDF; Web page | mainland-residents, regulation, compare, checklist | Secondary, PDF read: ICB cap HK$1.5 million, and from 2024-05-01 claims above the cap can be accepted if the claimant agrees to the limit; the web page may still show the old HK$1.2 million figure; the ICB's current terms of reference prevail |
| Community Legal Information Centre (CLIC) | Insurance complaints and appeals | Accessed 2026 | clic.org.hk | mainland-residents | Secondary; search extract seen only (page connection failed this time), used as a reference for ICB time limits |
| The Paper; Wuhan Municipal Financial Work Bureau (reproducing Securities Daily) | Risk warning on buying insurance in Hong Kong (restating the former CIRC warning of April 2016); Hong Kong Insurance Authority: zero tolerance for unlicensed sale of Hong Kong insurance | 2016-11-01; 2024-06-25 | The Paper; Wuhan 2024 | mainland-residents, faq | Secondary; the original text of the former CIRC's 2016 warning was not located on a regulator's website, and the government-website reproduction serves as a cross-check only, not presented as an NFRA document |
| cs.com.cn | SAFE refines individual foreign-currency purchase declarations (Individual Foreign-Currency Purchase Application required from 2017-01-01) | 2017-01-05 | cs.com.cn | account-opening, mainland-residents | Secondary; background only, its figures are not cited |
| Insurance Business Asia; Asia Insurance Review | Hong Kong insurance market extends growth run as data gap widens; Hong Kong: Long-term business new office premiums up 51% in 1Q2026 | 2026-07-25; 2026-07 | IBA; AIR | market, mainland-residents | Secondary, read; used to cross-check IA press release figures and the statistical gap |
| The Straits Times (reproduced by Nanyang Technological University) | Why borrowing money to fund insurance policies can prove detrimental | 2022-07-22 | ntu.edu.sg | premium-financing | Secondary; used only for the market report that Singapore financing rates are often pegged to SORA |
| Charltons | New CARF and Amended CRS for Hong Kong | 2026-07-24 | charltonslaw.com | tax-crs | Secondary; used to cross-check the registration requirements of the Automatic Exchange of Information Ordinance 2026 |
| Caproasia | Manulife Singapore issues S$300 million life insurance policy (reproduction) | 2026-02-24 | See section 7 above | market | Reproduction, used to verify the content of the Manulife website |
Items pending verification and remaining work
| Item | What is missing | Suggested source for verification | Pages affected |
|---|---|---|---|
| IA website documents | Original paragraph numbers of GL29, GL15, GL16 and GL26; full text of the IFS-MP circular; Conduct in Focus Issue 07 | IA website, legislative framework section (manual opening required) | regulation, hk-universal-life, mainland-residents, process |
| Professional investor threshold, text in force | Current text of Cap. 571D | Hong Kong e-Legislation | regulation, checklist |
| ICB cap | ICB website, current terms of reference; three figures coexist, HK$1 million, HK$1.2 million and HK$1.5 million | Insurance Complaints Bureau website | mainland-residents, regulation, checklist |
| Hong Kong PPS progress | Announcement of gazettal or introduction of the bill | FSTB, Legislative Council (quarterly re-check recommended) | regulation, compare, mainland-residents |
| Hong Kong amended CRS legislation | Date of third reading and final implementation date of the bill | IRD page, Legislative Council | tax-crs |
| Mainland amended CRS | No official timetable found by this site | State Taxation Administration announcements | tax-crs |
| Former CIRC 2016 risk warning | Official original text | NFRA policy document library | mainland-residents |
| SAFE head-office wording | A single current document on overseas life insurance and the Individual Foreign-Currency Purchase Application | SAFE website | account-opening, mainland-residents |
| Whether AIs are exempt from the CKA | Exemption arrangements for AI customers under the Financial Advisers Regulations | MAS, Singapore Statutes Online | regulation, process |
| LIA ILP benefit illustration circular | The circular itself is undated | LIA member circulars | regulation, compare |
| Individual insurers' remote application rules | Specific procedures for video witnessing and electronic signature | Insurers' written statements | mainland-residents, process |
| IA provisional statistics for the first half of 2026 | The previous year's figures were published on 2025-10-24; first-half 2026 figures had not been released as at 2026-10-22 | IA press release page | market |
| Revised GL16 original | Look-back period and format of historical crediting-rate disclosure under the version effective 2026-03-31 (this site describes the mechanism from the interpretation notes and the law-firm alert only) | IA website: current GL16, interpretation notes and circular of 2026-02-06 | hk-universal-life, faq, glossary |
| Revised GL3 original | Specific content of the 2025-05-30 amendment (described in the circular as consequential amendments for the company re-domiciliation regime) | Annex A to the IA circular of 2025-05-30 | account-opening |
Material this site does not cite
- Product training material, channel plans, short-video transcripts and any internal material are used only to understand readers' concerns, never as the source of any figure or statement.
- Commission, revenue-share and referral-fee figures, and any real client's name, policy or asset data.
- Rumour and reports without an official source: 2026 media reports on new requirements by Hong Kong banks for Mainland customers, reports of new rules on referral fees and commission spreading, rumours of back-tax notices sent to holders of overseas policies in individual cities, and regulatory document numbers circulating within channels.
- Third-party estimates of the size of Mainland visitor business (after the IA suspended publication, no substitute estimate is cited).
This update (2026-10-22)
- Added: LIA first-half 2026 results (2026-08-12), the original text of MAS Notice 314 paragraphs 6.31 to 6.33, an insurer's public IFS-MP form, the FIDReC adjudication cap and time limit, the IRD AEOI FAQ and 2026 ordinance page, and the relevant articles of the Mainland CRS measures.
- Upgraded: the 21 calendar days of GL29, the IFS-MP, the Insurance Complaints Bureau cap, the progress of the Policy Holders' Protection Scheme, SFA section 4A, the non-face-to-face due diligence framework and the SAFE branch documents, from pending verification or secondary to verified or cross-verified.
- Reviewed and revised: GL16 disclosure rules restated on the revised-version basis (effective 2026-03-31) with the "10 calendar years" figure removed from other pages; GL3 updated to the 2025-05-30 current version; the cooling-off start date attributed to GL29 only (the Consumer Council and IFEC corroborate the 21 calendar days only); the HKMA document library first-hand link added for the IA premium financing circular of 2026-08-20; the Kennedys copy, the MAS media library PDF and SSO section 4A re-marked "manual opening required"; the PLP press release and the LIA policy owners' protection FAQ entries, not cited in the text, deleted.
Three points when citing this list. First, the verification date is 2026-10-22; regulatory and statistical pages are updated, so figures and provisions should be taken from the current version of the original page. Second, the IA website restricts automated access; if a document cannot be opened even in a browser, try the HKMA document library copy given in this list, or search by document number in the legislative framework section of the IA website. Third, this list contains only the sources this site actually cites and does not imply endorsement of any institution, product or practice; this site is an information resource, not an insurer or a bank, and it does not carry on insurance sales activity in Mainland China. To have this applied to your own circumstances, you may register your needs through the contact options on this site.
Sources and dates
- Indexed Universal Life Insurance Products for Professional Investors (INS/TEC/6/100; HKMA/B1/15C) — Insurance Authority (IA), Hong Kong Monetary Authority (HKMA) · 2025-03-13
- Circular on the supervisory standards and key requirements on the use of premium financing to take out long term insurance policies (INS/TEC/9/2/2/26) — Insurance Authority (IA) · 2022-04-01
- Circular on Important Facts Statement for Mainland Policyholders (IFS-MP) — Insurance Authority (formerly the Office of the Commissioner of Insurance) · 2016-07-08
- Legislative Council Brief: Securities and Futures (Professional Investor) Rules — Securities and Futures Commission (SFC), Legislative Council · 2002-11
- Automatic Exchange of Financial Account Information — Inland Revenue Department, Hong Kong (IRD) · 2026-10-22
- Securities and Futures Act 2001, section 4A (accredited investor) — Singapore Statutes Online · 2026-10-22
- Notice 314 Prevention of Money Laundering and Countering the Financing of Terrorism – Direct Life Insurers — Monetary Authority of Singapore (MAS) · 2025-06-30
- CRS Overview and Latest Developments — Inland Revenue Authority of Singapore (IRAS) · 2026-09-09
- 中华人民共和国个人所得税法 (Individual Income Tax Law of the People's Republic of China) — Standing Committee of the National People's Congress (reproduced in the State Taxation Administration legal database) · 2018-08-31
- 关于发布《非居民金融账户涉税信息尽职调查管理办法》的公告（2017 年第 14 号）(Announcement on the Administrative Measures for Due Diligence on Tax-related Information of Non-resident Financial Accounts, Announcement No. 14 of 2017) — State Taxation Administration and five other departments · 2017-05-09
- 个人外汇业务服务小贴士 (Tips on individual foreign-exchange services) — State Administration of Foreign Exchange (SAFE), Xiamen Branch · 2021-10
- Singapore's life insurance sector achieves 11.3% growth for 2025 with S$6.53 billion Total Weighted New Business Premiums — LIA Singapore · 2026-02-11