Dear Business Partner,
Since January 2019, The Insurance Authority and the Hong Kong Federation of Insurers have strengthened its documentation requirement in the Year-End Employee Compensation Declaration. For all Employees’ Compensation insurance policies renewals commenced from 1 January 2019 onwards (with an exception of Domestic Helper insurance policies), the policy holders are required to provide the insurer with a copy of wage roll evidence or MPF record and duly signed on the Employees’ Compensation Insurance Wage Roll Declaration Form.
At QBE, we strive to render the best and seamless services to our customers. With an aim to make the Year-End Employee Compensation Declaration process the simplest and easiest for our partners and our customers than ever, we will implement a minimum threshold of HK$ 2,000 for year-end premium adjustment. Our internal process will take effect from 1 March 2021, and therefore the earliest impact is on the May 1st renewal policies.
What is Year-End Premium Adjustment?
Once our underwriters have vetted the evidence is acceptable and the declaration appears to be accurate, they will calculate if any additional premium or a refund of premium is due.
Under our new arrangement of Year-end premium adjustment, if the variance of the revised premium and original premium is less than HK$ 2,000, we will waive any additional premium or a refund of premium and will not issue any endorsement to optimize the operational efficiency for our partners and customers.
We thank you in advance for your cooperation and continuous support. If you have any questions, please contact your dedicated Agency Manager for assistance.
We’re here for you!
Feel free to contact your QBE Agency Manager if you have any feedback or require any support.