Chinese buying insurance in HK may face further curbs

SHANGHAI: Chinese residents buying insurance in Hong Kong will no longer be able to swipe their credit cards multiple times to get around previously imposed curbs intended to slow sales, according to people with knowledge of the matter.

Purchases of insurance in Hong Kong using MasterCard Inc and Visa Inc credit cards issued in China have been capped at US$5,000 per insurance product, according to the people, who asked not to be identified because the changes haven’t been made public. Hong Kong insurers were notified by the card companies about the change, which took effect last Saturday, the people said.