14
CAP. 41]
44/9054
Insurance Companies
[1988 Ed.
(a) the Insurance Authority shall serve on the insurer and the person
concerned a preliminary written notice stating-
(i) that the Insurance Authority is considering the service on the insurer of a notice of objection under that subsection on the ground referred to in paragraph (b) thereof;
(ii) that the insurer and that person may, within months from the date of service of the preliminary notice, make written representations to the Insurance Authority and, if the insurer or that person so requests, oral representations to a public officer appointed for the purpose by the Insurance Authority;
(b) the Insurance Authority shall not be obliged to disclose to the insurer or to that person any particulars of the ground on which he is considering the service on the insurer of the notice of objection;
(c) where representations are made under paragraph (a)(ii), the Insurance Authority shall take them into consideration before serving the notice of objection.
(6) If the insurer or the person concerned is aggrieved by the decision of the Insurance Authority to serve a notice of objection under this section, the insurer or person concerned may, within 1 month from the date on which the notice is served on the insurer or person concerned as the case may be, appeal against the decision to the Financial Secretary whose decision shall be final.
(7) In this section “authorized insurer” does not include an insurer to which section 52 applies except an insurer referred to in subsection (7) of that section.
(8) Any person who fails to comply with subsection (1), (2) or (3) commits an offence and is liable to a fine of $100,000 and, in the case of an individual, to imprisonment for 2 years, together with a fine of $1,000 for each day on which the offence continues.
PART III
ACCOUNTS AND STATEMENTS
Appointment of auditor and actuary
15. (1) Every insurer shall appoint-
(a) as auditor of the insurer-
(i) a person who is qualified for appointment as auditor of a company under the Professional Accountants Ordinance (Cap. 50) and is not disqualified under section 140 of the Companies Ordinance (Cap. 32); or
(ii) in the case of an insurer incorporated outside Hong Kong, a person qualified for appointment as auditor thereof under the law of the place of its incorporation; or
(iii) a person acceptable to the Insurance Authority; and
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