Mandatory insurance coverage on motor and employees' compensation extended to Huanggang Port Hong Kong Port Area

In connection with the official opening of the Huanggang Port on October 12, the Government has entered into a market agreement with 45 insurers to extend the scope of coverage of their existing mandatory motor and employees' compensation insurance policies to the Huanggang Port Hong Kong Port Area (HKPA). The agreement covers insurance policies required under section 4 of the Motor Vehicles Insurance (Third Party Risks) Ordinance (Cap. 272) and section 40 of the Employees' Compensation Ordinance (Cap. 282) respectively. The effective date is July 31, 2026, i.e. the day the Huanggang Port Hong Kong Port Area Ordinance (Cap. 659) came into operation. The market agreement was signed between the Financial Services and the Treasury Bureau (FSTB) and individual insurers to expand the geographical limit under the existing mandatory motor and employees' compensation insurance policies to cover the HKPA without incurring any extra cost to policyholders. A spokesperson for the FSTB said that this proactive collaboration of the FSTB with the Insurance Authority (IA) and the insurance industry eliminates potential public confusion by reaching a market agreement prior to the opening of the HKP

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