The Insurance Authority has warned the public, especially mainland visitors, against unlicensed insurance selling. Peter Gregoire, head of conduct supervision, highlighted that unlicensed individuals often pose as referrers, but actually promote and advise on Hong Kong insurance without a licence, risking mis-selling. Unlicensed insurance selling is illegal in Hong Kong and punishable by fines and up to two years in prison. In the first quarter, new office premiums for life insurance bought by mainland visitors reached HKD15.6bn (USD2bn), accounting for nearly 25% of all new premiums in the life sector.