TNAG-1785-FCO40-2545-Hong-Kong-Civil-Service-Limited-Compensation-Scheme-Pneumoc-1988 — Page 15

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Amendment of section 24.

Ord. No. 34/88

"Conditions imposed under section 8 may be revoked.

(34 of 1988.)

4.

INSURANCE COMPANIES (AMENDMENT)

12. (1) Where any authorization is granted subject to conditions imposed under section 8(1)(a), the Insurance Authority may revoke any such conditions by notice in writing given to the insurer concerned.

(2) Any condition referred to in subsection (1) which was in effect immediately before the commencement of the Insurance Companies (Amendment) Ordinance 1988 shall continue to have effect until it is revoked under that subsection.

(3) Where any condition referred to in subsection (1) is revoked under that subsection, the Insurance Authority may direct that any matters recorded in respect of that condition in the register kept under section 5 shall be erased.".

Section 24(3)(a) of the principal Ordinance is amended by deleting "Home Affairs" and substituting the following—

Amendment of section 40.

5.

"Administrative Services and Information".

Section 40 of the principal Ordinance is amended--

(a) by deleting subsections (1) and (2) and substituting the following--

"(1) Where an authorized insurer ceases to carry on-

(a) any insurance business;

(b) insurance business of any class; or

(c) insurance business which is part of any class,

the Insurance Authority may direct that it shall cease to be authorized to carry on-

(i) insurance business;

(ii) insurance business of that class; or

(iii) insurance business which is that part of that class,

as the case may be.

(2) Where an insurer authorized to carry on insurance business of any class has not at any time carried on insurance business-

(a) of that class; or

(b) which is part of that class,

in or from Hong Kong, and at least 12 months have elapsed since the date of authorization, the Insurance Authority may direct that it shall cease to be authorized to carry on insurance business

(i) of that class; or

(ii) which is that part of that class,

as the case may be."; and

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