CAP. 41]
Insurance Companies
[1988 Ed.
of 1988]
(ii) who, alone or with any associate or through a nominee, is entitled to exercise, or control the exercise of, one third or more of the voting power at any general meeting of the applicant or of a body corporate of which it is a subsidiary.
(2) Subject to subsection (3), in this section "chief executive", in relation to the applicant or a body corporate of which it is a subsidiary, means an employee of the applicant or that body corporate, who, alone or jointly with others, is responsible under the immediate authority of the directors for the conduct of the whole of the insurance business of the applicant or that body corporate.
(3) In relation to an applicant incorporated outside Hong Kong-
(a) the reference in subsection (1)(a) to a managing director of the applicant includes a reference to a person who is a managing director of the applicant in respect of so much of its insurance business as is carried on within Hong Kong; and
(b) the reference in subsection (1)(b) to a chief executive of the applicant includes a reference to a person employed by the applicant who, alone or jointly with others, is responsible (whether or not under the immediate authority of the directors) for the conduct of the whole of the insurance business carried on by the applicant within Hong Kong, not being a person who-
(i) is also responsible for the conduct of insurance business carried on by the applicant elsewhere; and
(ii) has a subordinate who is responsible for the whole of the insurance business carried on by the applicant within Hong Kong.
(4) In this section "associate", in relation to any person, means-
(a) the wife or husband or minor child of that person;
(b) any body corporate of which that person is a director;
(c) any person who is an employee or partner of that person;
(d) if that person is a body corporate-
(i) any director of that body corporate;
(ii) any subsidiary of that body corporate;
(iii) any director or employee of any such subsidiary,
and for the purposes of this subsection "child" includes a step-child.
Meaning of "relevant amount" in section 8(3)
10. (1) For the purposes of section 8(3)(a), the relevant amount in the case of a company carrying on or intending to carry on general business only shall be the amount applicable to that company according to the following Table-