The owners of Macau-licensed cars entering Hengqin are responsible for purchasing compulsory insurance for the liability of any traffic accidents that occur in the Mainland, according to a press release published by the Monetary Authority of Macau (AMCM) on Friday. The regulations in Mainland China require any cross-border vehicles going to Hengqin be insured with ‘motor vehicle traffic accident liability insurance’.
According to a co-operation agreement signed between Guangdong and Macau, Macau agencies can provide vehicle insurance services for the use of Macau-licensed cars on the island.
At the moment, two local insurance companies have signed the agreement with the Mainland insurers: China Taiping Insurance (Macau) Co., Ltd. and Asia Insurance Company Ltd. The scheme is scheduled to kick off tomorrow as previously announced.
Requirements
The first phase of the scheme will allow owners of Macau-licensed cars who have companies operating in Hengqin to obtain car entry permits. The requirement states that at least one independent legal entity has to be established in Hengqin. That entity has to pay company taxes within five years, and also needs to be one of the first 100 registered companies in Hengqin, according to the Government Spokesperson’s Office.
Macau companies or legal entities that have obtained land in Hengqin can also apply for a maximum of three non-operating vehicles with no more than nine seats to enter Hengqin.
The temporary entry permits given to certain Macau-licensed vehicles are valid for three months. In this period, the permitted vehicles can enter the island multiple times.
For now, the owners of Macau-licensed cars are also required to obtain a Mainland driving license. But the Director of the Administrative Committee of Hengqin New Area, Niu Jing, said that more convenient ways will be arranged soon to allow more Macau cars to travel to Hengqin in the next stage of the scheme.
Currently, more than ten vehicles are in the process of applying for entry permits, according to Director Jing.
