Here's what you need to know about having insurance while living in Hong Kong as an expat.
26 February 2014| Last updated on 16 August 2017
Many expats like to live in Hong Kong because they feel that they are looked after by the city. After all it has one of the best health care systems in the world and life expectancy is at a high 84years for women. While there are many amenities that expats can use, such as the public healthcare system, there are also many amenities which expats should be insured against.
From an insurance perspective health insurance is at the top of the list of priorities for expats; however there are a few things that all residents of Hong Kong are expected to be insured for. One of these is motor vehicle insurance – this is mandatory for all car owners in Hong Kong with options available for third party and comprehensive insurance.
There are many other life insurance schemes available to the residents of Hong Kong. They are all regulated by the Office of the Commissioner of Insurance who regularly update the list of the authorized insurance providers in Hong Kong. Expats should always err on the safe side and check that their prospective insurance provider is listed on the list as authorized. The list of authorized insurance providers in Hong Kong can be found here>>
The Mandatory Provident Fund Scheme (MPF) is another form of insurance that is a must in Hong Kong. There is a government site that will help residents with information regarding MPFs.
Their mission is “to ensure the provision of retirement protection for Hong Kong’s workforce through an effective and efficient system of regulation and supervision of privately managed provident fund schemes.”
And their role:To regulate and supervise the operations of mandatory provident fund (“MPF”) schemes and occupational retirement (“ORSO”) schemes.
The MPFA’s functions as laid down in section 6E(1) of MPFSO are:
• to be responsible for ensuring compliance with MPFSO;
• to register provident fund schemes as registered schemes;
• to approve qualified persons to be approved trustees of registered schemes;
• to regulate the affairs and activities of approved trustees and to ensure as far as reasonably practicable that those trustees administer the registered schemes for which they are responsible in a prudent manner;
• to make rules or guidelines for the payment of mandatory contributions and for the administration of registered schemes with respect to those contributions;
• to consider and propose reforms of the law relating to occupational retirement schemes or provident fund schemes;
• to promote and encourage the development of the retirement scheme industry in Hong Kong, including the adoption of a high standard of conduct and sound prudent business practices by trustees and other service providers; and
• to exercise such other functions as are conferred or imposed on MPFA by or under MPFSO or any other Ordinance.
The MPFA also acts as Registrar of Occupational Retirement Schemes as provided under section 5(1) of the Occupational Retirement Schemes Ordinance (Chapter 426, Laws of Hong Kong).”
More info click here: www.mpfa.org.hk/eng/mpfa/scopes_of_work/mission_and_role/index.jsp