1988 Ed.]
Insurance Companies
[CAP. 41
31
(2) Where under a judgment given or decree pronounced in proceedings brought by virtue of the said section 147(3) on behalf of an insurer a sum is recovered in respect of a loss of assets representing a fund or funds maintained by the insurer in respect of its long term business the court shall direct that the sum shall be treated for the purposes of this Ordinance as assets of that fund or those funds and this Ordinance shall have effect accordingly.
Withdrawal of authorization
40. (1) Where an authorized insurer ceases to carry on
(a) any insurance business;
(b) insurance business of any class; or
(c) insurance business which is part of any class,
the Insurance Authority may direct that it shall cease to be authorized to carry on-
(i) insurance business;
(ii) insurance business of that class; or
(iii) insurance business which is that part of that class,
as the case may be. (Replaced 34 of 1988 s. 5)
(2) Where an insurer authorized to carry on insurance business of any class has not at any time carried on insurance business-
(a) of that class; or
(b) which is part of that class,
in or from Hong Kong, and at least 12 months have elapsed since the date of authorization, the Insurance Authority may direct that it shall cease to be authorized to carry on insurance business-
(i) of that class; or
(ii) which is that part of that class,
as the case may be. (Replaced 34 of 1988 s. 5)
(3) A direction under this section is without prejudice to a subsequent authorization to carry on insurance business of a class to which the direction relates.
(4) Where an authorized insurer ceases to be authorized to carry on insurance business, the Insurance Authority may direct that any matters recorded in respect of that insurer in the register kept under section 5 shall be erased.
(5) Where an authorized insurer ceases to be authorized to carry on insurance business of any class, the Insurance Authority may direct that any matters recorded in respect of that insurer in relation to that class in the register kept under section 5 shall be erased. (Added 34 of 1988 s. 5)
Offences under Part V
41. (1) Any person who