INSURANCE | Staff Reporter, Hong Kong

Hong Kong adjusts insurance premium levy rate to 0.1%

Levy cap is at HK$100 for life policies and HK$5,000 for general policies.

The Hong Kong premium levy rate has been adjusted to 0.1% of the insurance policy per year, according to the city’s Insurance Authority (IA).

The levy cap is set at HK$100 for life insurance policies and HK$5,000 for general insurance policies.

Except for certain policies that are exempt from the levy by law, policy holders of all new or in-force life insurance policies and general insurance policies have to pay the levy along with their premium.

To mitigate the impact on policy holders, an incremental approach has been adopted since 2018 to gradually adjust the premium levy rate until the target rate of 0.1% is reached.

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