TNAG-1785-FCO40-2545-Hong-Kong-Civil-Service-Limited-Compensation-Scheme-Pneumoc-1988 — Page 18

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INSURANCE COMPANIES (AMENDMENT)

Examination by external authorities.

7.

Ord. No. 34/88

A165

(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 insurer.

(3) This section shall apply to Lloyd's as it applies to insurers.

53C. (1) Any office or agency of an 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.

(2) The Insurance Authority shall not give an approval referred to in subsection (1)(b) except where in his opinion it is desirable or expedient that the examination concerned should be carried out in the interests of existing or potential policy holders or in the public interest.

(3) This section shall apply to Lloyd's as it applies to insurers.".

Section 5(1)(b) of the principal Ordinance as amended by section Transitional. 2(a) shall apply to an authorized insurer whether authorized before, on or after the commencement of this Ordinance.