TNAG-1663-FCO40-2312-Hong-Kong-localisation-of-civil-aviation-legislation-1987 — Page 15

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Ord. No. 41/87

Short title.

Amendment of section 8.

(Cap. 41.)

INSURANCE COMPANIES (AMENDMENT) (NO. 2)

HONG KONG

No. 41 OF 1987

L.S.

I assent.

David WILSON,

Governor.

2 July 1987

An Ordinance to amend the Insurance Companies Ordinance.

[3 July 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 (Amendment) (No. 2) Ordinance 1987.

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

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

Amendment of section 11.

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-

r

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

INSURANCE COMPANIES (AMENDMENT) (NO. 2)

Ord. No. 41/87

A255

(ii) by deleting "under section 8" and substituting the following-

"under section 8(1)(b)”; and

(b) by inserting after subsection (2) the following-—

"(3) Where the Insurance Authority refuses to authorize a company under section 8(1)(b)(ii), the Insurance Authority shall notify the company in writing of that refusal.

(4) Where notice of a refusal is given to a company under subsection (3) and the company is aggrieved by such refusal, it may, within 1 month from the date of the notice, appeal in writing against such refusal to the Financial Secre- tary, who shall review the Insurance Authority's reasons for such refusal and whose decision shall be final; but his decision shall not affect any refusal under section 8(1)(b)(i).”.

4. This Ordinance shall apply to and in relation to any application Transitional. made under section 7 of the principal Ordinance before the commencement of this Ordinance in respect of which no decision has been made under section 8 of the principal Ordinance before that commencement as it applies to any application made under section 7 of the principal Ordinance on or after that commencement.

Passed by the Hong Kong Legislative Council this 1st day of July 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.

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