TNAG-1648-FCO40-2295-Financial-insurance-and-investment-companies-in-Hong-Kong-In-1987 — Page 28

Enclosure No.4

INSURANCE COMPANIES (AMENDMENT) (NO. 2) BILL 1987

C353

A BILL

To

Amend the Insurance Companies Ordinance.

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 Short title. (Amendment) (No. 2) Ordinance 1987.

2. Section 8 of the principal Ordinance is amended by deleting Amendment of subsection (1) and substituting the following-

"(1) Upon application made by a company under section 7, the Insurance Authority-

3.

(a) subject to paragraph (b), may authorize the company in writing to carry on, subject to such conditions as he may impose, any class or classes of insurance business; or

(b)

(i) shall refuse the application if subsection (2) or (3) applies; or

(ii) may refuse the application on any other ground whether or not the application has been refused on a ground under sub-paragraph (i).”.

Section 11 of the principal Ordinance is amended-

(a) in subsection (2)—

(i) by inserting after “Financial Secretary" the following—

", who shall review the Insurance Authority's reasons for such refusal and”; and

section 8.

(Cap. 41.)

Amendment of section 11.