TNAG-1729-FCO40-2442-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 288

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Section 40 of the Ordinance empowers the

Insurance Authority to withdraw authorisation where an

authorised insurer ceases to carry on any insurance

·

business, or insurance business of any class, or has not

commenced to carry on insurance business of any class

within 12 months of his being authorised for that class.

As the law now stands, the Authority has no power to

withdraw the authorisation of a type of insurance business

which is not a

of insurance within the meaning of

bclassi

the First Schedule to the Ordinance. This has caused

practical difficulties. Clause 5 amends section 40 to

enable the Insurance Authority to withdraw authorisation

for a part of a class of insurance business in the

part

circumstances set out in the Ordinance.

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Sir, I move that the debate on this motion be

now adjourned.

Question on adjournment proposed, put and agreed to.