1988 Ed.]
Insurance Companies
[CAP. 41
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(3) Section 16 of the Audit Ordinance (Cap. 122) shall not apply to any audit carried out under subsection (2).
(Added 74 of 1985 s. 2)
Notice of proposed exercise of power under section 27
36. (1) Before exercising with respect to an insurer the power conferred by section 27 the Insurance Authority shall serve on the insurer a written notice stating-
(a) that the Insurance Authority is considering exercising that power and the ground on which he is considering the exercise of the power; and (b) that the insurer may, within the period of 1 month from the date of service of the notice, make written representations to the Insurance Authority and, if the insurer so requests, oral representations to a public officer appointed for the purpose by the Insurance Authority.
(2) This section shall not apply if the ground on which the Insurance Authority proposes to exercise the power relates (as provided in section 26(1)(e)) to the fitness of any person to hold the position of director or controller of the insurer.
(3) A notice under this section shall give particulars of the ground on which the Insurance Authority is considering the exercise of the power except that no particulars need be given if the ground is that mentioned in section 26(2).
(4) Where representations are made in accordance with this section the Insurance Authority shall take them into consideration before exercising the power.
Notice of proposed exercise of powers on ground of unfitness
37. (1) Before exercising with respect to an insurer any power or powers conferred by sections 27 to 35 on the ground (as provided in section 26(1)(e)) that any person who is a director or controller of the insurer is not a fit and proper person to hold the position held by him, the Insurance Authority shall serve on that person a written notice stating-
(a) that the Insurance Authority is considering exercising a power or powers conferred by those sections and the ground on which he is considering the exercise of the power or powers; and
(b) that the person on whom the notice is served may, within the period of 1 month from the date of service of the notice, make written representations to the Insurance Authority and, if that person so requests, oral representations to a public officer appointed for the purpose by the Insurance Authority.
(2) Unless the Insurance Authority, after considering any representations made in accordance with subsection (1) by the person served with a notice under that subsection, decides not to exercise the power or powers in relation to which the notice was served, he shall before exercising the power or powers serve on the insurer a written notice-
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