Levy payable is calculated as a percentage of premium. The levy rates prescribed under The Insurance (Levy) Order are reproduced below:
From 1 January 2018 till 31 March 2019 (both dates inclusive)# – Rate: 0.040% (Max. Levy*: HK$2,000.00)
From 1 April 2019 till 31 March 2020 (both dates inclusive)# – Rate: 0.060% (Max. Levy*: HK$3,000.00)
From 1 April 2020 till 31 March 2021 (both dates inclusive)# – Rate: 0.085% (Max. Levy*: HK$4,250.00)
From 1 April 2021 onwards (inclusive of that date)# – Rate: 0.100% (Max. Levy*: HK$5,000.00)
# A policy inception date, or a policy inception anniversary date (as the case may be) which marks the beginning of a policy year
* Maximum levy for specified general business