To support the financial independence of the Insurance Authority (IA), starting from 1 January 2018, a levy on insurance premiums will be collected from policy holders through insurance companies. The levy rate in the first phase will be 0.04% of the insurance premium and there will be a levy cap. Policy holders must pay the levy in accordance with the law. The insurance levy applies to new business and inforce policies with premium payment of both life insurance and general insurance policies. However, reinsurance business, policies underwritten by authorized captive insurers, and marine, aviation and goods-in-transit business are exempt from the levy.