The Insurance Authority and the Hong Kong Federation of Insurers have recommended an enhanced process for managing declarations for Employees Compensation policies, including the provision of appropriate evidence. We wish to confirm that QBE Hongkong & Shanghai Insurance Limited (“QBE”) will be adopting the new recommendations.
For new business quotations in future, as a minimum, we require 1 years of payroll history with evidence of past actual salaries, wages and other earnings. We will also require evidence of past 3 years of Employees’ Compensation claims information.
For policies renewing on 1st January 2019, all Hong Kong Employees’ Compensation policy holders (with the exception of Domestic Helper only policies) in addition to signing a wages declaration, will be required to provide to QBE corresponding evidence of actual salaries, wages and other earnings during the insured period. The evidence can be in the form of MPF returns, taxation documents confirming the policy holder wages total, payroll book copies or other evidence that can confirm actual pay roll total for the business during the period of insurance.
If we do not receive an appropriately signed wages declaration and the corresponding evidence, we reserve our right to cancel the Employees Compensation policy.
It is important to note that provision of correct salaries, wages and other earnings is a requirement of policy holders in order to comply with the Employees’ Compensation Ordinance (ECO), Chapter 282. In addition, under reporting of salaries, wages and other earnings may result in reduced reimbursement for claim costs for injuries to employees for which the employers will become liable for the amount we do not reimburse.
New Business Quotations
For new business quotations in future, as a minimum, we require 1 years of payroll history with evidence of past actual salaries, wages and other earnings. We will also require evidence of past 3 years of Employees’ Compensation claims information.
Renewals
For policies renewing on 1st January 2019, all Hong Kong Employees’ Compensation policy holders (with the exception of Domestic Helper only policies) in addition to signing a wages declaration, will be required to provide to QBE corresponding evidence of actual salaries, wages and other earnings during the insured period. The evidence can be in the form of MPF returns, taxation documents confirming the policy holder wages total, payroll book copies or other evidence that can confirm actual pay roll total for the business during the period of insurance.
If we do not receive an appropriately signed wages declaration and the corresponding evidence, we reserve our right to cancel the Employees Compensation policy.
It is important to note that provision of correct salaries, wages and other earnings is a requirement of policy holders in order to comply with the Employees’ Compensation Ordinance (ECO), Chapter 282. In addition, under reporting of salaries, wages and other earnings may result in reduced reimbursement for claim costs for injuries to employees for which the employers will become liable for the amount we do not reimburse.
Frequently Asked Questions
The evidence can be in the form of MPF returns, taxation documents confirming the policy holder wages total, payroll book copies or other evidence that can confirm actual pay roll total for the business during the previous periods of insurance.