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Submitted URL: http://www.manulife.com.hk/link/levy-en
Effective URL: https://www.manulife.com.hk/en/individual/services/useful-information/insurance-authority-levy-on-insurance-premium.html
Submission: On May 12 via api from SG — Scanned from DE
Effective URL: https://www.manulife.com.hk/en/individual/services/useful-information/insurance-authority-levy-on-insurance-premium.html
Submission: On May 12 via api from SG — Scanned from DE
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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 View more * * Personal customer login * Employer login * Learn more about customer website * * * Individual * Corporations * English 繁體 简体 * * Search Skip to main content Skip to notification content * Products * Life * Save * Health * MPF * ManulifeMOVE * Invest * Investment-linked Assurance Scheme * Tax Deductible * Others * * Promotions * Latest customer offers * COVID-19 support * Introducing a new customer website and App * Manulife Retirement Solutions * Manulife Life Planning Starter Solution * Tax-Deductible Solutions * ManulifeMOVE * The Manulife stay-healthy guide * * Fund price * Hong Kong * Macau * * 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 * * BuySimple * VHIS * MPF TVC * MPF Personal Account * * About * Our story * Our people * Newsroom * Manulife in the news * Year in review * Investor Relations * Corporate Social Responsibility * Join us * * Contact us * * * Search Back * Individual * Corporations * * Individual Individual Corporations * English 繁體 简体 * Search * Login Personal customer login Employer login Learn more about customer website Useful information * 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 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. ABOUT US * Our story * Our people * Newsroom * Investor Relations * Corporate Social Responsibility * Join us Insurance Authority Levy on Insurance Premium * Our story * Our people * Newsroom * Investor Relations * Corporate Social Responsibility * 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 Terms of Use Privacy Policy facebook youtube linkedin wechat © 2002-2022 Manulife (International) Limited (Incorporated in Bermuda with limited liability) Global Back Close 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. View more Confirm Close ARE YOU LOOKING FOR: Manulife Products Manulife Products Premium exchange rate Premium exchange rate Form library Form library File a claim File a claim Make a payment Make a payment Understanding Your Participating Policy Understanding Your Participating Policy Close