On Sep. 19, MAC MA issued regulations on compulsory insurance.
MAC MA issued Regulations on intermediary commissions for compulsory insurance.
Follows MAC MA Oct. 2023 stipulated maximum commission for intermediary, #187305.
Document dated Sep. 19, 2024, received from MAC MA Oct. 16, summarized Oct. 18.
Maximum Commission
Maximum commission payable to intermediaries for compulsory insurance are set out.
20% for motor vehicle liability, yacht insurance; 30% for workers' compensation; 10% for travel agency, advertising installations, lawyer, medical provider liability insurance.
Effectiveness
The rates are effective from Jan. 1, 2025.
Regulators
MAC MA
Entity Types
IB; Ins
Reference
Cir 011/2024-AMCM, 9/19/2024
Functions
Compliance; Financial; Treasury
Countries
Macao (SAR)
Category
State
Products
Insurance; Insurance-Property; Professional Liability; Workers Comp
