TNAG-1648-FCO40-2295-Financial-insurance-and-investment-companies-in-Hong-Kong-In-1987 — Page 76

A16

Addition of new section

55A.

Ord. No. 4/87

INSURANCE COMPANIES (AMENDMENT)

varied under paragraph (a), make arrangement identifying the assets and liabilities of the ins which are attributable to its long term busi carried on in Hong Kong as on such day as ma so specified.

(3) Subject to the terms of any authorization under subsection (1) and to subsection (4), this Ordinance, with the exception of section 22(4), shall continue to apply to an insurer in respect of whom such authorization is in force.

(4) Where an authorization under subsection (1) is in force in relation to any insurer, any references in-

(a) sections 22(1)(a) and (b), (2)(b) and (3), 23 and 45(2) and (5) to the long term business of the insurer, or to the business of the insurer where this is to be construed as a reference to its long term business, shall be construed as a reference to the long term. business of the insurer carried on in Hong Kong; (b) sections 22, 23 and 45 to the fund or funds main- tained by the insurer in respect of its long term business, shall be construed as a reference to the fund or funds maintained by the insurer in respect of its long term business carried on in Hong Kong. (5) Where the Insurance Authority gives any authoriza- tion under subsection (1) he shall, as soon as practicable, publish a notice in the Gazette stating the name of the insurer and the fact that such authorization has been given.".

3. The principal Ordinance is amended by adding after section 55 the following-

"Indemnity.

55A. No liability shall be incurred by the Crown or any public officer as a result of anything done or omitted to be done by a public officer bona fide in the exercise or purported exercise of any functions conferred or imposed by or under this Ordinance.".

Passed by the Hong Kong Legislative Council this 14th day of January 1987.

LAW Kam-sang,

Clerk to the Legislative Council.

This printed impression has been carefully compared by me with the bill, and is found by me to be a true and correctly printed copy of the said bill.

LAW Kam-sang,

Clerk to the Legislative Council.