1988 Ed.]
Insurance Companies
[CAP. 41
27
(2) The Insurance Authority may require any statement which under section 19 is required to be furnished to him by an insurer within a period prescribed under that section to be furnished to him on or before a specified date before the end of that period.
Power to obtain information and require production of
documents
34. (1) The Insurance Authority may require an insurer to furnish him, at specified times or intervals, with information about specified matters being, if he so requires, information verified in a specified manner.
(2) The Insurance Authority may-
(a) require an insurer to produce, at such time and place as he may
specify, such books or papers as he may specify; or
(b) authorize any person, on producing (if required so to do) evidence of his authority, to require an insurer to produce to him forthwith any books or papers which that person may specify.
(3) Where by virtue of subsection (2) the Insurance Authority or a person authorized by him has power to require the production of any books or papers from any insurer, the Insurance Authority or that person shall have the like power to require production of those books or papers from any person who appears to him to be in possession of them; but where any person from whom such production is required claims a lien on books or papers produced by him, the production shall be without prejudice to the lien.
(4) Any power conferred by or by virtue of subsections (2) and (3) to require an insurer or other person to produce books or papers shall include power-
(a) if the books or papers are produced-
(i) to take copies of them or extracts from them; and
(ii) to require that person, or any other person who is a present or past director, controller, auditor or actuary of, or is or was at any time employed by, the insurer in question, to provide an explanation of any of them;
(b) if the books or papers are not produced, to require the person who was required to produce them to state, to the best of his knowledge and belief, where they are.
(5) A statement made by a person in compliance with a requirement imposed by virtue of this section may be used in evidence against him.
(6) References in this section to books and papers shall be construed as if they were contained in the Companies Ordinance (Cap. 32).
Residual power to impose requirements for protection of policy holders
35. Subject to section 26(5), the Insurance Authority may require an insurer to take such action as appears to him to be appropriate for the purpose of protecting policy holders or potential policy holders of the insurer against the risk that the insurer may be unable to meet its liabilities or to fulfil the reasonable expectations of policy holders or potential policy holders.