Billing & Payment
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Billing & Payment

What is the Insurance Authority (“IA”)? What is Premium levy and why do I need to pay a levy?

The Insurance Authority (“IA”) is an insurance regulator independent of the government and the industry. Its objectives are to provide better protection for policyholders and encourage development of the insurance industry, among others. Starting from 1 January 2018, Insurance Authority collects premium levy from policyholders through insurers under The Insurance (Levy) Regulation and the Insurance (Levy) Order the Insurance Ordinance (Cap.41). The levy rate started at 0.04% of insurance premiums and will be adjusted gradually until it reaches 0.1%, subject to a levy cap. As The Insurance Authority ("IA") is the independent regulator of Hong Kong's insurance industry, it has to cover its own operating costs. To maintain financial independence, the IA has been collecting levy on insurance premiums since the start of 2018. From April 1, 2020 to March 31, 2021, the levy rate is 0.085% based on the premium of each policy year, which means that only HKD 0.85 will be collected for every HKD 1,000 of premium. The rate will be increased to 0.1% from April 1, 2021, which means that only HKD 1.00 will be collected for every HKD 1,000 of premium. For further information, please visit https://www.ia.org.hk/en/aboutus/role/financial_arrangements.html .

I received two transaction notifications. Was my card charged twice?

OneDegree will only charge your card once for a policy purchase. When you purchase a policy, we will request an authorization for the payment, but we won’t charge your card until 7 days later. That’s because we allow full refunds within 7 days of purchase. You might receive another transaction notification from your bank when the payment has completed. You can check your billing records at any time: Can I check my payment record? If we had charged you twice by mistake, please contact our customer service via live chat or email us at care@onedegree.hk.

Can I check my payment records?

Yes, you can readily view all payment records online: 1. Log into your personal account. 2. Select "Billing History" from the main dropdown menu by hovering your cursor on top your name Records are not available to download, so if you need a hard copy please refer to the credit card statements from your bank. 

Can I delete my credit card information from my OneDegree account?

You can delete details of a credit card from your account by replacing it with another valid card in the payment section. When your policy expires or is terminated, we will remove all your payment details from our system. You may refer to our FAQ: How do I update my credit or debit card details? for more details. 

How do I update my credit or debit card details?

Update the card used for payment by: Desktop 1. Log into your personal account 2. Select "Payment" from the main dropdown menu by hovering your cursor on top your name 3. Click the edit icon and choose "Use a new card" Mobile 1. Log into your personal account 2. Select "Payment" from the menu by clicking the menu icon from the top right side of the screen. 3. Click the edit icon and choose" Use a new card"

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