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Text Content

Important Notice

Important Notice - Manulife (International) Limited would like to alert
customers to stay vigilant about suspicious phone calls, emails, websites, apps,
etc. allegedly related to Manulife. If you receive any calls claiming to be from
Manulife MPF, first and foremost is to authenticate the caller’s identity (e.g.
full name of advisor and his/her MPF Registration No.). If the caller refuses to
disclose such information, please do not continue with the conversation. Also,
if you notic ... View more

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INSURANCE AUTHORITY LEVY ON INSURANCE PREMIUM

Since 1 January 2018, the Insurance Authority (“IA”) has imposed a prescribed
levy, payable by the policyowner/policyholder#, on insurance premiums in
accordance with the Insurance (Levy) Regulation and the Insurance (Levy) Order
under the Insurance Ordinance (Cap. 41). In this regard, a
policyowner/policyholder is required to pay the levy to the IA through the
relevant authorized insurer each time when a premium is paid, and then the
insurer will remit the levy payment to the IA. As stated in the law, if a
policyowner/policyholder does not pay the levy as required, the IA may impose on
the policyowner/policyholder a penalty of up to HK$5,000, and may recover the
outstanding levy as a civil debt due to the IA.

The levy is calculated as a percentage of premiums on insurance policies. The
levy rate starts at 0.04% of the insurance premium per policy year and will
adjust gradually to 0.1% according to legislation. Generally, the amount of levy
payable for each policy is subject to a cap per policy year. For the purpose of
levy, Manulife’s individual insurance policies, group life insurance policies
(without medical protection) and Occupational Retirement Schemes are subject to
the levy cap for “Long Term Business”; while for group life insurance policies
(with medical protection) are subject to the levy cap for “General Business”.

# Except for certain policies exempted from the levy by law.


Details of the levy rates and caps are set out below (amount in HK$):

Policy Year Date, Policy Effective Date or Policy Anniversary Date

Levy Rate

 

 

 

 

Levy Cap (HK$)

Long term Business

General Business*

1 January 2018 to 31 March 2019 (both dates inclusive)

0.040%

 

 

$40

$2,000

1 April 2019 to 31 March 2020 (both dates inclusive)

0.060%

 

 

$60

$3,000

1 April 2020 to 31 March 2021 (both dates inclusive)

0.085% 

 

 

$85

$4,250

1 April 2021 onwards (date inclusive)

0.100% 

 

 

$100

$5,000

*Group life insurance policies with medical protection will be subject to the
levy cap for General Business.

If the policy currency is not in Hong Kong dollars, the levy cap as stated above
will be converted to the policy currency at an exchange rate as determined by
the Manulife from time to time.

 

For policyowners of individual insurance policies:

Starting from the policy year commencing on or after January 1, 2019, Manulife
will collect levy from policyowners at the same time when premium is paid. The
details regarding our arrangement for collecting levy from policyowners will be
communicated to policyowners of individual insurance policies through the
insurance application form or a notice in the form of mail / email / SMS
message, depending on the commencement date of the policy. Please click here to
know more about the details.

 

For policyholders of group life insurance policies and Occupational Retirement
Schemes:

Manulife will continue to pay the levy on your behalf and remit in accordance
with the arrangements prescribed by the IA, for a period as determined by us
until further notice.
For further information, please contact our customer service hotline on (852)
2108 1188 or refer to the FAQ on our website.

 

Meanwhile, you can access IA's webpage (www.ia.org.hk) for further information
on premium levy.

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Insurance Authority Levy on Insurance Premium
 * Our story
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 * Join us




PRODUCT

 * Life
 * Save
 * Health
 * MPF
 * Invest
 * Investment-linked Assurance Schemes
 * Tax-deductible products
 * Others

Insurance Authority Levy on Insurance Premium
 * Life
 * Save
 * Health
 * MPF
 * Invest
 * Investment-linked Assurance Schemes
 * Tax-deductible products
 * Others




SERVICES

 * Extended Medical Support
 * File a claim
 * Form library
 * Make a payment
 * Premium exchange rate
 * MOVE FAQ
 * Useful calculators
 * Manage your account
 * Useful information
 * Customer service news
 * Customer feedback
 * Annual Member Benefit Statement

Insurance Authority Levy on Insurance Premium
 * Extended Medical Support
 * File a claim
 * Form library
 * Make a payment
 * Premium exchange rate
 * MOVE FAQ
 * Useful calculators
 * Manage your account
 * Useful information
 * Customer service news
 * Customer feedback
 * Annual Member Benefit Statement




GOALS

 * Plan for retirement
 * Build my career
 * Have a baby
 * Get married
 * Buy a new home
 * Grow my business

Insurance Authority Levy on Insurance Premium
 * Plan for retirement
 * Build my career
 * Have a baby
 * Get married
 * Buy a new home
 * Grow my business




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Important Notice

Manulife (International) Limited would like to alert customers to stay vigilant
about suspicious phone calls, emails, websites, apps, etc. allegedly related to
Manulife. If you receive any calls claiming to be from Manulife MPF, first and
foremost is to authenticate the caller’s identity (e.g. full name of advisor and
his/her MPF Registration No.). If the caller refuses to disclose such
information, please do not continue with the conversation. Also, if you notice
any suspicious transaction activities in your account, or any account that is
under your name but not set up by you, please inform us immediately. If you are
in doubt, please contact us at (852) 2108 1188 or by email at
service_hk@manulife.com for assistance.

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