HONG KONG
LEGAL REPORT
THE INSURANCE COMPANIES (AMENDMENT)
ORDINANCE 1987
(No. 4 of 1987)
Enclosure No.
2
This Ordinance amends the Insurance Companies Ordinance in two respects.
2.
This Ordinance adds new section 22A which applies to certain foreign insurers whose main business is outside Hong Kong and who have been unable to comply with the requirement of section 22 (which requires insurers carrying on long term business to maintain an account in respect of that business) because of the law of their principal place of business or otherwise. New section 22A enables the Insurance Authority to authorize and require such insurers to maintain an account in respect of their Hong Kong business only, rather than their worldwide business.
3. In addition, the Ordinance adds new section 55A to protect the Insurance Authority from claims for damages in connexion with the bona fide exercise of the Authority's functions under the Ordinance, including the functions conferred by new section 22A.
4.
Before the Acting Governor assented to the Bill in the name and on behalf of Her Majesty, the Attorney General advised that he could properly do so.
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Law Draftsman.
February 1987.
ATTORNEY GENERAL'S CHAMBERS,
HONG KONG.