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⏭... Insurance Authority – Briefing Session on 21 July 2017 31 July 2017 1 Bullet points of major principles/concepts for premium levy collection: Deduct levy (together with premium) by auto-pay Need policy holder consent, e.g. notify policy holder of the “default option” and allow opt out in...
https://www.ia.org.hk/english/portal_for_insurers/lisa/files/Principles_ConceptsforPremiumLevyCollectionpw.pdf -
Date: 2019-10-23
... America) (item 27) Jama'at al-Tawhid wa'al-Jihad (JTJ) (item 78) You should review your records carefully to see whether you have had, or currently have, accounts, transactions or dealings with the named individuals or entities. If such review reveals any suspicious accounts...
https://www.ia.org.hk/english/legislative_framework/circulars/antimoney_laundering/circular241104.html -
Date: 2017-06-23
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Introduction
... Decoding Premium Financing and its Risks What is Premium Financing? Premium financing is an insurance funding arrangement whereby a policy holder borrows funds from a financial institution (usually a bank) to pay the premium of a new insurance policy...
https://www.ia.org.hk/english/premium_financing/index.html -
Date: 2024-01-18
... Note on Collection of Levy on Insurance Premium (Version 1.6) Page 1 INSURANCE AUTHORITY Note on Collection of Levy on Insurance Premium (the “Note”) Revised – March 2018 INTRODUCTION The Insurance (Levy) Order (the “Order”) specifies the prescribed classes of insurance business and types of...
https://www.ia.org.hk/english/portal_for_insurers/lisa/files/Notes_on_collection_of_Levy_on_Insurance_Premiumv2.pdf -
Date: 2019-10-23
... Supervisory standards and requirements When carrying on business involving the use of premium financing, insurers and insurance intermediaries must comply with the Guideline on Underwriting Long Term Insurance Business (other than Class C Business) (GL16...
https://www.ia.org.hk/english/premium_financing/supervisory_standards_and_requirements.html -
Date: 2024-01-18
[PDF]
Circular_01042022.pdf
... Circular on the supervisory standards and key requirements on the use of premium financing to take out long term insurance policies /….. 1 April 2022 Our Ref: INS/TEC/9/2/2/26 To: Chief Executives of authorized insurers carrying on long term business and responsible officers of licensed insurance...
https://www.ia.org.hk/english/legislative_framework/circulars/reg_matters/files/Circular_01042022.pdf -
Date: 2022-05-31
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Financial Arrangements
... Insurance Authority (IA) in its initial years are being covered by government funding. In the long run, the IA has to be financially independent and recover its operating costs through the collection of premium levies payable by policy holders and fees payable by insurance companies, designated insurance...
https://www.ia.org.hk/english/aboutus/role/financial_arrangements.html -
Date: 2021-09-13
[PDF]
Circular_30092021.pdf
... Joint Inspection on the Use of Premium Financing to Take Out Long Term Insurance Policies in Hong Kong 30 September 2021 Ref: INS/TEC/9/2/2/26 HKMA/B1/15C To: Chief Executives of all authorized insurers carrying on long term insurance business, Responsible Officers of all licensed insurance broker...
https://www.ia.org.hk/english/legislative_framework/circulars/reg_matters/files/Circular_30092021.pdf -
Date: 2021-12-10
... marine, aviation and goods-in-transit insurance. 2. Group life insurance policies with medical protection offered by employers are subject to the levy cap for general insurance policies. 1 3. “Inception date” means the date on which the first premium under the contract becomes payable. Small Levy Big...
https://www.ia.org.hk/english/infocenter/files/Small_Levy_Big_Protection_EN.pdf -
Date: 2021-12-14
... marine, aviation and goods-in-transit insurance. 2. Group life insurance policies with medical protection offered by employers are subject to the levy cap for general insurance policies. 1 3. “Inception date” means the date on which the first premium under the contract becomes payable. Small Levy Big...
https://www.ia.org.hk/english/infocenter/files/Small_Levy_Big_Protection_EN.pdf -
Date: 2022-05-24