The Hong Kong Insurance Authority Levy
Details on the IA Insurance Levy and how this will be administered by Lloyd’s
The Insurance Authority (IA) was established on 26th June 2017 to replace The Office of the Commissioner of Insurance (OCI) in Hong Kong. The new regulator is to be self-financing with income streams both from the insurance industry and through the introduction of a levy on policyholders (‘the levy’). The levy only impacts business written through a Coverholder or Service Company domiciled in Hong Kong and excludes Marine, Aviation and Goods in Transit insurance and reinsurance.
The levy will have a staggered introduction, starting from 0.04% in 2018 gradually rising to 0.1% in 2021.