The Hong Kong Insurance Authority (IA) has increased the premium levy rate on insurance policies to 0.1% per year, effective April 01, 2021.
This is in accordance with the schedule set out in the Insurance (Levy) Order under the Insurance Ordinance (Cap. 41), the regulator said in its announcement.
The levy, which will be worth 0.1% of the insurance premium per policy year, will be capped at HK$100 for life insurance policies and HK$5,000 for general insurance policies. The ordinance, which took effect in the beginning of 2018, began with a levy rate of 0.04% and was adjusted gradually until