President of the Legislative Assembly Kwan Tsui Hang has said that future users of the construction and urbanism registration system will be required to purchase mandatory liability insurance.
After a meeting with the media yesterday she stated that, companies will be responsible for buying insurance and if professionals are self-employed they will have to purchase the insurance themselves. If they are not already covered by a liability and insurance plan the new law will make it impossible for them to complete the registration procedure.
She told the press after the meeting yesterday that the companies will be responsible for buying insurance. But if the professionals are self-employed, they will have to buy the insurance themselves. The new law will also make it impossible for people to complete the registration procedure if they are not already covered by a liability insurance plan.
She went on to say that the setting of the insurance premium will depend on the amount of insurance benefits and risk involved. As a result, the government will be negotiating with professional and insurance industries after the law is passed. She also stressed that the negotiation will be a lengthy process.
First, insurance companies do not know how strict the requirement on professionals will be, especially in terms of their technical liability, after the law is passed. Therefore it is, as the Monetary Authority of Macau has told us, difficult to set the insured amount at this moment… Even after the law is passed, the [articles regarding the] insurance will not come into force immediately. It gives, I believe, a pretty long period of time for this issue to be discussed.”
The government would establish a minimum insurance amount through administrative law she added. She also said that it is difficult for the legislation to be passed within the current session.