Starting from 1 January 2020, all Certified Tax Advisers (CTA) who are in public practice are required to be covered by Professional Indemnity Insurance (PII), unless they are exempt because their liabilities have already been covered by PII obtained in their other professional capacity. Employees who hold themselves out as a CTA and provide taxation services should be covered by their firm’s PII.
The Institute has negotiated a master policy for members which is administered by the sole insurance broker, AMTD, and is underwritten by Chubb. Representatives from the two companies will introduce the master policy to members at the coming information session to be held on 9 July 2019 (Tuesday). The first 34 members to enroll in the PII master policy, which will be effective from 1 October 2019, will enjoy an early bird discount of HK$900 offered by the Institute. The deadline for early-bird enrollment is 31 August 2019.
Members are advised to read through the FAQ on PII requirements and the quotation from AMTD and Chubb at www.tihk.org.hk/professional-indemnity-insurance/ (member’s log-in requried)
Please note that PII cover may be effected with any reputable insurance company or underwriter through any reputable insurance broker. Members should be aware that the Institute cannot recommend that members take out a particular PII scheme.