On Nov. 7, TAI LAB revised premium rates for occupational insurance.
TAI LAB, TAI Justice amended the List of the covered industry and schedule of the premium rates for occupational accident insurance; renamed rules as Table of business category and premium applicable for the occupational accident of labor insurance.
Amendments Overview
The adjustment is made every three years, and is formulated by the TAI LAB based on the actual income and expenditure of insurance and actuarial results.
There are 55 applicable industry classifications; the highest industry-specific disaster rate is 0.89% for oil and natural gas mining, sand, stone mining industry.
The lowest industry-specific disaster rate is 0.05% including electronic components, computer programming, financial services, education; average rate of 0.14%.
Effectiveness
The amendments are effective from Jan. 1, 2025.
Nov. 27, 2024 Single Fee Rate
On Nov. 27, 2024, TAI BLI said the single fee rate as per article 7 of the Regulations governing enrollment into the insurance in accordance with article 10 of labor occupational accident insurance and protection act, is 0.15%, effective Jan. 1, 2025.
Regulators
TAI BLI; TAI Justice; TAI LAB
Entity Types
Corp; Ins
Reference
PR 11/27/2024; RF LAB No. 1130085419, 11/7/2024;
Functions
Actuarial and Valuation; Compliance; Financial; HR; Legal; Product Administration; Treasury
