TNAG-1772-FCO40-25242-Business-and-financial-legislation-in-Hong-Kong.-Part-2-of-2-1988 — Page 157

Disclosure of information.

INSURANCE COMPANIES (AMENDMENT) BILL 1988

Examination by

external authorities.

53B. (1) Subject to subsection (2) and notwithstanding section 53A, the Insurance Authority may, if he considers that it is in the interests of existing or potential policy holders of an authorized insurer, provide to the insurance supervisory authority of a place outside Hong Kong which is, in his opinion, subject to adequate secrecy restrictions in that place, information on matters relating to the affairs of an authorized insurer-

(a) which is incorporated, or which has its principal

place of business, in that place;

(b) which is incorporated in or outside Hong Kong and which is a subsidiary or associate of an insurer which is incorporated, or which has its principal place of business, in that place; or

(c) which is incorporated in Hong Kong and which has,

or is proposing to establish, in that place----

(i) an office or agency for the purpose of carrying on any class of insurance business in or from that place; or

(ii) a subsidiary or associate which is or would be subject to supervision by that insurance supervisory authority.

(2) The Insurance Authority shall not provide any information under this section relating to the affairs of any individual policy holder of an authorized insurer.

(3) This section shall apply to

(a) associations of underwriters approved under section

6; and

(b) Lloyd's,

as it applies to authorized insurers.

53C. (1) Any office or agency of an authorized insurer, carrying on any class of insurance business in or from Hong Kong, shall permit the insurance supervisory authority of a place outside Hong Kong to examine its books, accounts and transactions in Hong Kong if-

(a) that insurer—

(i) is incorporated, or has its principal place of business, in that place; or

(ii) is incorporated in or outside Hong Kong and is a subsidiary or associate of an insurer incorpor- ated, or which has its principal place of business, in that place; and

(b) that insurance supervisory authority has, subject to subsection (2), the approval of the Insurance Authority to carry out such an examination.

5