4
(Cap. 50.)
INSURANCE COMPANIES (AMENDMENT) BILL 1988
to a court in the interest of existing or potentiar policy holders or the public interest.
(3) Subsection (1) shall not apply to the disclosure of information
(a) in the form of a summary compiled from similar or related information provided by insurers if the summary is so compiled as to prevent particulars relating to the business of any such insurer being ascertained from it;
(b) with a view to the institution of, or otherwise for the purposes of, any criminal proceedings or investiga- tion, whether-
(i) under this Ordinance or otherwise; or
(ii) in or outside Hong Kong;
(c) by the Insurance Authority, in respect of any audi-
tor of an insurer, to—
(i) the Registrar;
(ii) the Council; or
(iii) the Disciplinary Committee,
under the Professional Accountants Ordinance in respect of any complaint to which section 34 of that Ordinance applies; or
(d) to the Financial Secretary, the Secretary for Mone- tary Affairs, any public officer authorized by the Financial Secretary for the purposes of this para- graph or the Disciplinary Committee referred to in paragraph (c) where, in the opinion of the Insurance Authority, it is desirable or expedient that the infor- mation should be so disclosed in the interests of existing or potential policy holders or in the public interest.
(4) Any person who contravenes subsection (1) com- mits an offence and is liable-
(a) on conviction upon indictment to a fine of $100,000 and, in the case of an individual, to imprisonment for 2 years; or
(b) on summary conviction to a fine of $50,000 and, in the case of an individual, to imprisonment for 6 months.
(5) This section shall apply to—
(a) companies which make application under section 7;
(b) associations of underwriters; and
(c) Lloyd's,
as it applies to insurers.
(6) For the purposes of this section, "function" includes a power and a duty.