Huanggang Port Insurance Coverage Expanded Through Agreement with 45 Insurers for Motor and Employee Policies.

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 HKPA. This pragmatic arrangement is beneficial to the public 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, 2026. Insurance policies, being private contracts, however are not automatically extended to cover the HKPA upon the commencement of the Ordinance. The Government has thus taken the initiative to negotiate, via the IA, with the insurance industry to extend the coverage of the mandatory insurance policies of motor and employees' compensation to include the HKPA at no additional premium to be paid by policyholders. This arrangement is similar to that made in 2007 for the Shenzhen Bay Port Hong Kong Port Area.

The FSTB expressed its sincere gratitude to the IA, the Hong Kong Federation of Insurers and the insurance industry for their strong support and collaboration throughout the process.

The public may refer to the website of the FSTB (www.fstb.gov.hk/fsb/en/business/other_matters/index.html) for the details of the aforementioned market agreement and the list of insurers which have signed the agreement.

Source: AI-found images

Company responsible officer fined $51,000 for contravening Employment Ordinance

The responsible officer of Hong Kong Blockchain Development Company Limited was prosecuted by the Labour Department (LD) for violating the requirements under the Employment Ordinance (EO). The responsible officer pleaded guilty at the Eastern Magistrates' Courts today (October 9) and was fined $51,000. The responsible officer was also ordered to pay an outstanding sum of about $2,147,000 to the employees concerned.

The company wilfully and without reasonable excuse contravened the requirements of the EO, failing to pay three employees' wages and payment in lieu of notice within seven days after the expiry of the wage periods and termination of employment contracts, totalling about $1,927,000. The company also failed to pay the awarded sum of about $2,147,000 to the three employees within 14 days after the date set by the Labour Tribunal (LT). The responsible officer was prosecuted and convicted for his consent, connivance or neglect in the above offences.

"The ruling will disseminate a strong message to all employers, directors and responsible officers of companies that they have to pay wages, termination payments and sums awarded by the LT or the Minor Employment Claims Adjudication Board to employees within the statutory time limit stipulated in the EO," a spokesman for the LD said.

"The LD will not tolerate these offences and will spare no effort in enforcing the law and safeguarding employees' statutory rights," the spokesman added.

Source: AI-found images