Premium Levy
There are three main types of insurance premium levies: IA, ECI and MIB
Insurance Authority Levy
Long-term insurance (life insurance) and general insurance both include insurance premium levy, which is 0.1% of the premium.
Maximum premium levy for long-term insurance: $100
Maximum premium levy for general insurance: $5,000
Motor Insurance Bureau Levy
The levy protects traffic accident victims under different circumstances, and the premium levy is 3% of the premium.
First Fund: Covers cases where the at-fault driver is uninsured or untraceable. (current rate is 1%)
Insolvency Fund: Covers cases where the at-fault driver's insurer becomes insolvent and cannot pay out claims. (current rate is 2%)
Employee Compensation Insurance Levy
The levy funds the Employee Compensation Assistance Fund Board, which is responsible for handling matters related to work-related accidents. The premium levy is 10.8% of the premium.
Employee Compensation Insurance Levy (ECIL 5.8%)
Government Terrorism Surcharge (GTFC 3%)
The Employees Compensation Insurer Insolvency Bureau (ECIIB 2%)
