Premium levy is the small portion of your premium that we pay on your behalf to the Hong Kong Insurance Authority.
A new rule since January 1, 2018 requires insurance companies to collect levies from their customers and paid to the Insurance Authority (IA). The rate started at 0.04% of a policy's annual premium and will gradually be raised to 0.1% by 2021.
The IA was established as an independent body to regulate the insurance industry. The levy is meant to help it become self-sustaining with financial help from the industry or government, so that it can be a completely objective watchdog.