1988 Ed.]
Insurance Companies
[CAP. 41
41
authority of a place outside Hong Kong which is, in his opinion, subject to adequate secrecy provisions in that place, information on matters relating to the affairs of an insurer-
(a) which is incorporated, or which has its principal place of business, in
that place;
(b) which is incorporated in or outside Hong Kong and which is a subsidiary or associate of an insurer which is incorporated, or which has its principal place of business, in that place; or
(c) which is incorporated in Hong Kong and which has, or is proposing to
establish, in that place--
(i) an office or agency for the purpose of carrying on any class of insurance business in or from that place; or
(ii) a subsidiary or associate which is or would be subject to supervision by that insurance supervisory authority.
(2) The Insurance Authority shall not provide any information under this section relating to the affairs of any individual policy holder of an insurer.
(3) This section shall apply to Lloyd's as it applies to insurers.
Examination by external authorities
53C. (1) Any office or agency of an insurer, carrying on any class of insurance business in or from Hong Kong, shall permit the insurance supervisory authority of a place outside Hong Kong to examine its books, accounts and transactions in Hong Kong if-
(a) that insurer-
(i) is incorporated, or has its principal place of business, in that place; or
(ii) is incorporated in or outside Hong Kong and is a subsidiary or associate of an insurer incorporated, or which has its principal place of business, in that place; and
(b) that insurance supervisory authority has, subject to subsection (2), the approval of the Insurance Authority to carry out such an examination.
(2) The Insurance Authority shall not give an approval referred to in subsection (1)(b) except where in his opinion it is desirable or expedient that the examination concerned should be carried out in the interests of existing or potential policy holders or in the public interest.
(3) This section shall apply to Lloyd's as it applies to insurers.
(Part VIIIA added 34 of 1988 s. 6)
PART IX
SUPPLEMENTARY AND TRANSITIONAL
Insurance Advisory Committee
54. (1) There is hereby established an Insurance Advisory Committee (the "Advisory Committee”) to advise the Governor on such matters relating to the administration of this Ordinance or the carrying on of insurance business as the Governor may refer to the Committee or as the Committee may consider to be in the interests of the insurance industry in Hong Kong.