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. For further information, please see the document Hong Kong Insurance Authority: IA Levy.