TNAG-1648-FCO40-2295-Financial-insurance-and-investment-companies-in-Hong-Kong-In-1987 — Page 75

PRINTED AND PUBLISHED BY H. MYERS, GOVERNMENT PRINTER

AT THE GOVERNMENT PRINTING DEPARTMENT, HONG KONG

8

INSURANCE COMPANIES (AMENDMENT)

HONG KONG

No. 4 OF 1987

L.S.

I assent.

Ord. No. 4/87

A15

David AKERS-JONES,

Acting Governor.

15 January 1987

An Ordinance to amend the Insurance Companies Ordinance.

[16 January 1987]

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) Ordinance 1987.

2. The principal Ordinance is amended by adding after section 22 the Addition of following

"Foreign

22A. (1) Where an insurer which carries on long term insurers may be business is incorporated or formed outside Hong Kong, the

authorized to

maintain an

account in

relation to their Hong Kong business.

Third Schedule.

Insurance Authority may, at the request in writing of the insurer, authorize the insurer to maintain an account of long term business carried on in Hong Kong in place of the account referred to in section 22(1) and, if such an authoriza- tion is given, the insurer shall maintain an account of long term business carried on in Hong Kong in accordance with that authorization.

(2) The Insurance Authority may, in giving his author- ization under subsection (1)—

(a) modify or vary any of the requirements of the Third Schedule in its application to the insurer as may be appropriate; and

(b) specify the period within which the insurer shall, in accordance with the Third Schedule as modified or

new section 22A.

(Cap. 41.)

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