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clause 6 inserts new provisions on secrecy, disclosure of
information and examination by outside authorities. These
new provisions create a general prohibition against the
disclosure of information obtained under the Ordinance
and, notwithstanding that prohibition, specify in what
circumstances and to whom such information may be
disclosed. This will enable the Insurance Authority to
exchange information on authorised insurers with
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regulatory bodies in Hong Kong and insurance supervisory
authorities overseas in the interests of policy holders or
potential policy holders. Again, in doing so, it will
bring the Ordinance into line with the relevant provisions
of the Banking Ordinance.
بو
Sir,
Any company wishing to carry on any class of ᄉ
insurance business must first seek and obtain
authorisation from the Insurance Authority. Section 8 of
the Ordinance enables the Authority to impose conditions,
as necessary, for the better regulation of the insurer and
the protection of policy holders. Section 12 provides
that any such conditions will automatically cease to have
effect five years after the date of authorisation.
However, the Authority does need to impose conditions
which are of a continuing nature for the protection of
policy holders. Clause 3 amends section 12 to give the
Authority a discretion to determine when conditions
imposed under authorisation should be revoked. This will
allow a distinction to be drawn between conditions imposed
for an initial period and those intended to be of a
continuing nature.