Announcement

Notifications and Alerts - 19 December 2017


Alert: Collection of Levy
Background


Under the new regulatory regime, a levy on insurance premiums for insurance policies will be payable to the Insurance Authority (IA) by policyholders under the Insurance (Levy) Order and the Insurance (Levy) Regulation. From 01 January 2018 to 31 March 2019, Aviva HK will pay the levy on behalf of our policyholders. Starting from 01 April 2019 onwards, the levy will be collected from policyholders through Aviva HK and then remit to IA as required by the law.

To help protect you in the future, you can check details of firms and/or individuals that are regulated by regulators on the following regulatory websites.

Levy Rate & Cap


Levy payable is calculated as a percentage of premiums. Please refer the table below for details of levy rate and cap.
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To ensure Aviva to collect the levy for IA, following rules will be applied with effective from 01 April 2019:
  • Levy must be paid when the premium is paid.
  • If the payment received is not sufficient for both premium and levy, the payment will be used to settle premium first, then the earliest outstanding levy.
  • If premium is paid by autopay, the levy shall also be settled by autopay.
  • For any renewal premium of policy being paid by Automatic Premium Loan (APL), such levy shall be part of APL on which interest shall be charged in accordance with the policy provisions.
As stipulated in the regulation, insurance companies are obligated to report to IA any policyholders who fail to pay the levy. IA may impose on the policyholders a penalty of up to HK$5,000 and recover the outstanding levy as a civil debt due to IA.
For further information, please contact our Customer Service Center at 3929 3948 or visit the website of IA on https://www.ia.org.hk/ for details.