Since July, the Hong Kong and Macau Pass is reduced to 80 yuan to go to Hong Kong to buy insurance?

BEIJING, June 29, according to the website of the National Development and Reform Commission, the National Development and Reform Commission and the Ministry of Finance recently issued a notice to reduce some administrative fees and charges, which is expected to reduce the burden on enterprises and society by 2.6 billion yuan.

Data map: The public carries relevant documents waiting for passport application business. Liu Xinshe

The "Notice" stipulates that since July 1, 2017, the telecommunication network code number resource occupation fee, frequency occupancy fee, citizen entry and exit certificate fee, motor vehicle driving license fee, temporary entry motor vehicle number plate and driving license will be reduced. Fees, soil and water conservation compensation fees, pesticides (test) inspection fees, integrated circuit layout design protection fees and other charges.

Screenshot of the "Notice" section. Source: National Development and Reform Commission website

The "Notice" proposes that the competent pricing departments of the provinces, autonomous regions and municipalities directly under the Central Government should, in conjunction with the relevant departments, carry out a comprehensive clean-up of the administrative and institutional charging policies promulgated in the region, reduce the high charging standards in a timely manner, and conduct publicity and interpretation through the news media, and actively accept social supervision. To further reduce the burden on enterprises.

The "Notice" requires all regions and relevant departments to strictly implement the provisions of this Notice, and the reduced administrative fees should not be delayed or refused for any reason. The price and financial departments at all levels shall strengthen the supervision and inspection of the implementation of the policies, and impose penalties on the charges for violations of the policies in accordance with relevant laws and regulations.

According to estimates, the reduction of various administrative fees and charges is expected to reduce the burden on enterprises and society by 2.6 billion yuan.

Going to Hong Kong to buy insurance?

The insurance channel of the financial sector was informed that in the first quarter of June, the Insurance Market Report issued by the Hong Kong Office of the Commissioner of Insurance (hereinafter referred to as the Insurance Regulatory Commission) showed that the total insurance premiums in the Hong Kong region during the reporting period was HK$122 billion, a year-on-year increase of 20.7%. According to industry insiders, in the first quarter of this year, the insurance premiums issued by mainland insurance companies to mainland visitors doubled year-on-year. There are fewer and fewer people going to Hong Kong to shop, and more people are buying insurance.

Hong Kong insurance has always been a hot topic for everyone to discuss. It is mainly because the two years are too hot. Compared with mainland insurance, each has its own merits. The core points are summarized as follows:

Hong Kong insurance can buy: the history is longer, the mechanism is more mature, and the guaranteed products have low premium, high security, wide coverage, strict access, standardized claims, low claims, global guarantee, agent knowledge, etc. Advantages, investors began to consciously allocate overseas assets.

Hong Kong insurance can not be bought: the premium commission is higher, the premium is not low, and I am required to go to Hong Kong to buy it personally. There is a problem with the renewal of the insurance every year. (The foreign exchange payment is not allowed to be remitted to the insurance company. In the event of dispute settlement, the legal fees are extremely high. Mainland insurance After years of development, there are also some excellent products that are very competitive.

Neutral point of view: Insurance is good, products vary from person to person, and should be truthfully told when insured, marketers should be honest and trustworthy, (in the case of sales, individual salesmen in order to promote, exaggerated tout the sales of insurance, so it is difficult to claim)

According to a recent Boston Consulting Group and China Construction Bank 601939, report of the joint investigation of the clinic stocks showed 22 percent of Chinese high net worth individuals in the overseas asset allocation will give priority to Hong Kong, while in the asset allocation programs, financial assets as priority targets. According to data released by the Hong Kong Office of the Commissioner of Insurance on November 30, 2016, the new office premiums from mainland visitors in the first three quarters of last year were HK$48.9 billion, accounting for 37% of the total personal business for the current period.

Industry insiders suggest that in the current overseas asset allocation projects, customers who purchase Hong Kong insurance account for a large proportion, but should pay attention to avoid risks and choose legal compliance channels.

Ningbo people group went to Hong Kong to buy insurance

Ms. Shen is a private entrepreneur in Yuyao. A few years ago, she and several small sisters went to Hong Kong to buy a critical illness insurance with an annual payment of 10,000 US dollars and a five-year payment period. In the first half of last year, under the recommendation of a Hong Kong insurance broker in the city, she made a special trip to Hong Kong to buy a dividend insurance for her daughter. "At the time, we went to five people and went to buy insurance. It was only after I found out that there were so many people to buy and I needed to line up."

Fenghua’s Miss Yan is a Hong Kong insurance broker. Her insurance company has a history of more than 150 years. In the first year of her work, she was in the list of Hong Kong people. In the second year, she basically took the list of mainlanders. After that, she will return to Ningbo in a month or two to visit and expand customers. She said that in recent years, more and more Ningbo people have organized a group to go to Hong Kong to buy insurance. For this reason, their company has also set up a "Ningbo Group" for Ningbo customers.

Ms. Ni, who works at Ningbo Yi Investment Company, sells Hong Kong insurance part-time. Although she was exposed to Hong Kong insurance last year, her business has done a good job. “What I did was paid on time. Most of the customers bought 50,000 US dollars a year, and paid a total of 5 years.” Miss Ni said that her client did not buy much, among her peers, Many people buy millions of dollars. She said that most of the insurance companies that go to Hong Kong to buy insurance are the owners of private enterprises. The ones that buy the most are heavy illness insurance and insurance with dividends.

Hong Kong insurance encounters regulatory tips

The extraordinary heat of mainland customers buying overseas insurance has also attracted the attention of the regulator. In April 2016, the China Insurance Regulatory Commission issued a risk warning for mainland residents to purchase insurance in Hong Kong. Hong Kong insurance policies are not protected by mainland laws. Mainland residents who insure Hong Kong insurance policies must go to Hong Kong to insure and sign relevant insurance contracts. If they are insured in China, they are illegal. The "underground policy" is neither protected by the laws of the Mainland nor protected by the laws of Hong Kong.

After half a year, UnionPay International issued the "Guidelines for the Acceptance of Domestic UnionPay Cards by Overseas Insurance Merchants", which has blocked the channels for mainland customers to purchase overseas investment insurance, emphasizing that domestic UnionPay cards must be used in accordance with overseas card purchase insurance: domestic residents Overseas purchases of current account insurance related to tourism expenses such as accidents and diseases can be paid by UnionPay cards, but other insurance items are strictly prohibited from using UnionPay cards; foreign insurance companies that strictly implement foreign exchange policies do not trade more than US$5,000 or other single transactions. Restrictions on the amount of foreign currency equivalents; strengthen the management requirements of overseas merchants for insurance merchants, including: accurately setting merchant category codes, strengthening merchant training and abnormal transaction monitoring, and strengthening merchant inspections.

Not long ago, Bank of China, 601988, attending stocks, China Merchants Bank 600036, clinics shares have released outside compliance requirements cardholder card announcement, affirmed the bank's domestic foreign currency cards may not be used to buy foreign insurance products. This is the first time that a commercial bank has set up a card for overseas investment insurance after UnionPay and the SAFE have begun to strictly control overseas investment.

Opening a Hong Kong account threshold

Miss Ni told reporters yesterday that she has rarely done insurance in Hong Kong. The main reason is that the funds are difficult to go to sea. "When I led the team to Hong Kong in December last year, UnionPay cards were banned. Visa and MasterCard were not completely banned. However, Hong Kong's insurance companies have quota requirements. The daily limit is $10,000. If the amount is high, It takes a few days to brush up, which is more troublesome.” Miss Ni said that at the time, several of her clients took 5,000 US dollars to leave the country, stayed in Hong Kong for two days, only 10,000 US dollars a day, the rest of the money turned After going to the Hong Kong account, she went to the Hong Kong bank to open the unregistered ticket and then sent it to the insurance company.

However, this is only for customers who have already opened a Hong Kong account. Ms. Ni said that in January of this year, one of her clients had no success in opening an account in Hong Kong because the threshold for Hong Kong accounts was greatly improved.

According to reports, in the past, mainland residents can open a Hong Kong card account with the identity card, but since mid-December last year, there is a threshold for opening a Hong Kong account, and there are bank regulations for three consecutive months. The average daily assets of customers should reach 50,000 yuan. To put it simply, it means that within an average of 50,000 yuan per day, it will be placed on the Hong Kong One-card account within three months.

Since February 1 this year, the threshold for assets of mainland customers to open Hong Kong accounts has been raised again. Some of them have demanded more than 5 million yuan (inclusive) of assets for three consecutive months, which is 50,000 yuan than the previous threshold. Yuan has risen 100 times.

Some policyholders are in a dilemma

Under various restrictions, the upsurge of buying insurance in Hong Kong may fade. However, for some of the paying citizens who bought insurance in Hong Kong, they are more entangled: renewal is not easy, and surrender is too bad.

It is understood that in terms of renewal of insurance, since UnionPay announced that it is forbidden to use UnionPay to pay for the purchase of overseas investment insurance, several major insurance companies in Hong Kong have also responded, and the renewal insurance payment does not accept bank card payment. AXA said that all insurance products purchased by mainland customers cannot be used to renew UnionPay cards if they need to renew their insurance. Metropolitan Life also said that mainland customers can not use UnionPay cards in addition to accident insurance and medical insurance. Other types of insurance, whether they are new single payment or renewal, can not use UnionPay cards. In the past, many customers used the renewed insurance route "wire transfer", which was also blocked by some banks, that is, they could not send money to Hong Kong to pay premiums.

Renewal is not easy, and surrender is even less cost-effective. People in the insurance industry said that for the most popular types of insurance such as savings dividend insurance and critical illness insurance, if the insurance is surrendered in the middle, the insured can only obtain the cash value of the policy. The shorter the insurance period, the less the cash value. Take a certain type of critical illness insurance product as an example. The cash value of the first two years of payment is zero. Even in the third year, the cash value is very small.

According to a Hong Kong insurance agent, they are still exploring various ways to help customers complete their renewal. However, people in the insurance industry also said that after the craze, mainlanders' understanding of Hong Kong insurance will return to rationality.

The insiders reminded insurance consumers that insurance policies purchased by mainland residents in Hong Kong, indemnities and insurance payments are settled in foreign currencies such as Hong Kong dollars and US dollars. Consumers are responsible for foreign currency exchange risks.

Experts argue fiercely about Hong Kong insurance

Regarding Hong Kong insurance, Wang Fuzhong, a professor at the Central University of Finance and Economics and a well-known economist, mentioned in the program of Youku’s “Financial Chihua” that “most of them are flashy.” He believes that the high returns claimed by Hong Kong insurance do not actually exist. It's just an expectation, it just looks beautiful. He also warned consumers that the agenda of overseas asset allocation proposed by Hong Kong Insurance not only has a risk of return, but is also an illegal act in a gray area. “In addition to consumer insurance and travel insurance, the so-called overseas asset allocation is an illegal act.”

Zhang Chunwei, a well-known financial media person, debated this. "I believe in insurance companies in the Mainland." She said that Hong Kong's non-investment insurance, such as life insurance and health insurance, are characterized by fast payouts, high quotas and limited restrictions. The payment is quick, and the procedure is simple and easy to operate, it is worth buying. In "Finance Chica", she takes children's insurance as an example: "How much is the maximum amount of child insurance (in domestic)? 100,000 yuan is topped... As a result, you find that you bought 1 million and lost 100,000, but you Going to Hong Kong to buy insurance, first, people (Hong Kong insurers) professional one is one, two is two, said very clearly. Why? (Because Hong Kong insurers) people not only pick up your order, people are connected to the world Chinese Single."

With the rise of the economic level, the purchase of insurance has become an inevitable choice for Chinese people. The choice of insurance and the control of policy risks will continue to be the hot topic of high-net-worth people in China.

As a professional insurance information platform, the financial sector insurance believes that buying insurance is not much better, but buying less and buying less. This sentence insurance practitioners will not tell you. Let's talk about the inside story of an insurance company (including Hong Kong). If you want to know what you want to continue, you can skip to the bottom of the message.

What is an insurance company? Essentially a risk to the gambling agency. In addition to selling products to you, he is paying money for you. Others are basically nothing. Some people say that there are services. I don’t know how many people have bought the products and can enjoy the service. What services do you enjoy? If you say the service, the most intimate service is to buy the product, even for a few days, and try your best to serve you. Once you buy it, people go tea, so the insurance company is also a kind of A legal gambling company, the contract signed is a risk-to-gambling contract. Unfortunately, the vast majority of policyholders and insureds will lose the contract. (Sorry, it’s a bit too straightforward!)

In fact, every insurance company has a very strong core position called actuary. It is also possible to calculate the North American actuaries. They will build models to accurately and accurately calculate the probability of various types of risk triggers, and then open in the insurance contract. The odds of the bet, that is, the calculated premium. Give a chestnut:

Statutory "China Life 601628, shares of the insurance industry consultation experience life table (2000-2003)" male mortality is an example: a 30-year-old birthday in the probability of healthy men died within a year after birth 0.881 per kilo

40-year-old male is 1.715 per thousand

60-year-old male is 9.13 per thousand

80-year-old male is 76.187 thousand

Calculate the cost of insurance costs with this probability, you can see how much it is:

At the age of 30, if you want to buy a one-year insurance premium of 100,000 yuan, you only need 0.881*100000/1000*(1+20%)=106 yuan.

At the age of 40, you need 1.715*100000/1000*(1+20%)=206 yuan.

At the age of 60, you need 9.313*100000/1000*(1+20%)=1118 yuan.

At the age of 80, you need 76.187*100000/1000*(1+20%)=9142 yuan.

When an insurance company sells insurance products to customers, plus sales commissions, operating costs, insurance company profits, etc., it becomes the final premium. In this way, the insurance company will certainly not lose money, but for customers, buy insurance. In fact, it is a negative and a game, right, negative and game!

So what is negative and game? For example, four friends gather at home to play mahjong. This is a zero-sum game. The final loser and the winning money must be equal. However, if four friends agree to go to the chess room to play mahjong, the person who wins the last time pays the table room rent of the chess room, and finally wins the money + rent = lose money, and has more rent, that is the negative and the game. For example, the A-share index is rising in the long run. It is a positive and a game. The bond market is a positive game. The futures are negative and the game. The worst is the lottery. The return rate is the lowest. It is a negative game.

There are two kinds of people who can not participate in negative and game, that is, the top of wealth and the bottom of wealth, Ma Yun can not buy insurance, the risk of insurance products he has enough funds to bear; the base youth can not buy insurance, because the insurance costs To improve life is a more cost-effective option.

Therefore, insurance, because people vary from place to place, the focus is to select a few types of quality products for their own life risks. Insurance product selection, financial sector insurance knows you better! (Comprehensive interface, Southeast Business Daily, etc.)

In recent years, the Mainland and Hong Kong insurance industry regulators have frequently exchanged and cooperated. In May of this year, the China Insurance Regulatory Commission and the Hong Kong Insurance Regulatory Commission signed the "Framework Agreement between the China Insurance Regulatory Commission and the Insurance Authority of the Hong Kong Special Administrative Region on the Equivalent Evaluation of the Solvency Regulatory System," which marked the formal launch of solvency. Regulatory equivalence assessment work to achieve equivalent mutual recognition of the regulatory system and enhance mutual trust in insurance supervision between the two places. In the next step, the China Insurance Regulatory Commission will start the equivalent assessment of Hong Kong's solvency supervision system as soon as possible, and introduce preferential treatment policies for Hong Kong's insurance industry on the basis of regulatory equivalence.

On June 26, the Hong Kong Insurance Industry Regulatory Authority officially took over the Hong Kong Insurance Authority and began to perform its supervisory duties. The important difference between the Hong Kong Insurance Regulatory Bureau and the Supervisory Office is that the Supervisory Office is a government department, and the Insurance Regulatory Authority is a regulator independent of the government and the insurance industry. One of the objectives of the establishment is to make the insurance regulatory agency financially and operationally independent of Government and industry. On the same day, the Hong Kong Insurance Authority was officially dissolved.

The current Chief Executive Officer of the Hong Kong Insurance Regulatory Bureau, Mr Leung Chi-yin, is responsible for the overall effective operation of the Insurance Regulatory Bureau. Prior to this, Mr Leung was the Commissioner of the Hong Kong Insurance Regulatory Commission. According to the appointment arrangement, Liang Zhiren's term of office is temporarily one year. The purpose is to ensure the smooth transition of the Insurance Regulatory Bureau and allow the Insurance Authority to find more suitable candidates for the Chief Executive.