The law has always mandated that residents of the Chinese mainland report and pay taxes on income generated from offshore investments, according to the Hong Kong Insurance Authority. This clarification comes amid concerns that some mainlanders were being asked to pay individual income tax on earnings from Hong Kong insurance policies. Executives from family offices and tax attorneys interviewed by this publication stated that none of their clients had received notices to pay such taxes on Hong Kong insurance income. The Hong Kong government and the Insurance Authority are actively monitoring the evolving mainland tax policies on financial products and are maintaining ongoing dialogue with industry stakeholders. The authority highlighted the maturity of the Hong Kong insurance market, noting its flexible and sophisticated product offerings.