shall be exempt from the provisions of sections * 10 0.
(2) An jnsurance company entitled to exemption under subsection (1) shall deposit with the Registrar of Companies a signed copy of every nudited return, statement and other document deposited by it with the Secretary of State pursuant to the Insurance Companies Act 1974, and duly signed as required by the Act, within 12 months after the close of the financial year to which the audited return, statement and other document relates.
(2A) An insurance company shall cease to be exetupt under subsection (1) E-
(a) in the case of a company to which subsection
(IXa) applies, it ceases to comply with the Insurance"}, Compañícs Act 1974; or
J
(b) in the case of a company to which subsection"
(1KB) applies-
( it ceases to be authorized to carry on in Great Britain fire and marine insurance business; under the Insurance Companies Act 1974; or
(i) it fails to deposit with the Secretary of State audited returns of its business with respect to any financial year of the insurance company, within 12 months after the close of that financial yeRT OT (c) it fails to comply with subsection (2).
(20) Subsection (I) shall not apply to an insprance company that has been required by the Secretary of State to restrict its business or to limit its premium income pur- suant to the Insurance Companies Act 1974".
HONG EUNG
No. 64 of 1975
assent
M. N. le
Governor.
24th October, 1975.
An Ordinance to amend the Life Insurance Companies Ordinance.
31st October, 1975)
Enacted by the Governor of Hong Kong, with the advice and consent
of the Legislative Council thereof.
1. This Ordinance may be cited as the Life Insurance Companies Shon ütle, (Amendment) Ordinance 1973.
1. Section 31 of the principal Ordinance is amended by deleling Amendment of subsections (1) and (2) and substituting the following-
11971 = 40)
"(1) Subject to subsection (28), a company which, after production to the Registrar of such evidence as he may require, obtains from him a declaration that he is satisßled either
(a) that the company has complied with the Insurance
Companies Act 1974; or
(6) that the company-
() is authorized to carry on in Great Britain the business of life insurance under the Insurance Com- panies Act 1974; and
(ii) has deposited with the Secretary of State audited returns of its business, for the last financial
Bection 31. (Cap. 363