Insurance extended to HK port area

The Government has entered into a market agreement with 45 insurers to extend the coverage of mandatory motor and employees' compensation insurance policies to the Huanggang Port Hong Kong Port Area (HKPA), backdated to July 31. The official opening of the Huanggang Port is scheduled for Monday. The Financial Services & the Treasury Bureau has signed market agreement with individual insurers, expanding the geographical scope of the mandatory motor and employees' compensation insurance policies to cover the HKPA without incurring any extra cost to policyholders. The bureau said its collaboration with the Insurance Authority (IA) and the insurance industry eliminates potential public confusion prior to the opening of the HKPA. It added that the arrangement is beneficial in ensuring policyholders' continuous compliance with the mandatory insurance requirements while minimising the administrative burden on stakeholders. The Huanggang Port Hong Kong Port Area Ordinance came into operation on July 31. As private contracts, insurance policies were not automatically extended to cover the HKPA upon commencement of the ordinance. The Government therefore took the initiative to negotiate with

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