From referral fee regulation to accountability of responsible persons: How Hong Kong insurance is emerging from gray prosperity

Ten years ago, I wrote an article in Caixin titled “The Truth About Hong Kong Insurance.” That article took a very long time to write. I reviewed hundreds of related documents, interviewed a dozen or so people from within the industry, and the response was strong—it also changed the direction of my professional career. After I finished writing, I said one line at the end: “Wherever the food is, it is hard to speak fairly; let readers see clearly for themselves.”

Ten years have passed. Today, this line is even more applicable than it was back then. Over the course of those ten years, I left Hillhouse Capital in Hong Kong, founded Tang Seng Bao Promotion Internet Regular Life Insurance in Shenzhen, and then moved north to Guangzhou and Beijing, where I worked as a chief actuary for many years, until the end of 2025, when I returned to Hong Kong to serve as CEO at a large Hong Kong insurance brokerage firm. In other words, every regulatory change, and every market trend, that this article is going to discuss is directly related to my current work. So, just like ten years ago, I will first tear through that thin layer of window paper. Once readers finish reading my article, whether it is fair or not is something they should judge with clear insight on their own.

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