TNAG-1519-FCO40-2080-Employment-in-Hong-Kong-1986 — Page 185

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INSURANCE COMPANIES (AMENDMENT) (NO. 2)

Ord. No. 74/85

A371

HONG KONG

No. 74 OF 1985

I assent.

L.S.

Edward YOUDE,

Governor.

19 December 1985

An Ordinance to amend the Insurance Companies Ordinance.

[20 December 1985]

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 Insurance Companies (Amendment) Short title. (No. 2) Ordinance 1985.

2. The principal Ordinance is amended by adding, after section 35, the Addition of new following sections-

"Requirement

under section 35

to make deposit.

35A. (1) Without limiting the generality of section 35, a re- quirement imposed under that section on an insurer may include a requirement that the insurer-

(a) shall make a deposit-

(i) of an amount of money specified in that requirement; (ii) with a bank, or a bank belonging to a class of banks, specified in that requirement;

(iii) in the name of the Insurance Authority as trustee for the insurer; and

(iv) on a date not later than the date specified in that requirement;

(b) shall place in the custody of the Insurance Authority, on a date not later than the date specified in that requirement, a receipt, or other document, that evidences, to the satisfac- tion of the Insurance Authority, that the deposit referred to in paragraph (a) has been made:

(c) shall keep the deposit referred to in paragraph (a) free from any charge both on, and from, the day upon which that deposit is made; and

(d) shall not—--

(i) take any action; or

(ii) issue any instruction to any bank at which the deposit referred to in paragraph (a) is held from time to time.

which would result in the release of that deposit, or any part of that deposit, to the insurer or to any other person.

(2) Nothing in subsection (1) shall prevent an insurer from using, in such manner as it thinks fit, any interest earned on a deposit made under that subsection by the insurer.

sections 35A and 35B. (Cap. 41.)