Share

Information for existing policyholders

Insurance Authority levy

The Insurance Authority collects a levy on insurance premiums from relevant Hong Kong policyholders through insurance companies from 1 January 2018 onwards. The levy is payable by relevant policyholders of new and in-force Old Mutual International policies, however the cost is covered by Old Mutual International until further notice. The applicable levy rates and the upper limits per policy are shown below.

 

Phase 1

(Jan 2018 – March 2019)

Phase 2

(April 2019 – March 2020)

Phase 3

(April 2020 –March 2021)

Phase 4

(April 2021 onwards)

Insurance premium levy rate

0.04%

0.06%

0.085%

0.1%

Levy cap for each life insurance policy (HK$)

40

60

85

100

 

Transaction account overdraft limit

The published overdraft limit of transaction accounts for applicable Old Mutual International portfolio bond policies is currently £10,000/US$15,000/€15,000/HK$120,000 or currency equivalent.

If the transaction account remains overdrawn and the debit balance exceeds the overdraft limit, assets will be sold to pay for the outstanding portfolio fund charges and any applicable fees payable by the policyholder in line with the relevant terms and conditions.

To avoid the transaction account going overdrawn, policyholders have to ensure the transaction account has enough credit to pay any fees and charges.

Please Note

Close