1704
No. 11 of 1907.
Existing companies, before continuing business, must deposit, etc.
LIFE INSURANCE COMPANIES.
Every company registered in Hongkong which shall begin to carry on the business of life insurance in China, shall deposit with the Registrar securities to be approved by the Governor-in-Council to the value of 50,000 dollars.
(2) Every company, wherever established, which before the passing of this Ordinance carried on the business of life insurance in Hongkong, if it continues to carry on such business in Hongkong, and every company registered in Hongkong which before the passing of this Ordinance had carried on the business of life insurance in China, if it intends to carry on such business in the Colony or in China, shall deposit, within 6 months from the commencement of this Ordinance, with the Registrar, securities approved as aforesaid to the value of 50,000 dollars.
(3) Provided that a company which had before the commencement of this Ordinance commenced to carry on the business of life insurance in Hongkong, or being registered in Hongkong had commenced to carry on the business of life insurance in China, shall not be deemed to continue to carry on such business by reason only of receiving premiums in respect of policies or other contracts made before the commencement of this Ordinance; but if any such company, after the commencement of this Ordinance, carries on the business of life insurance except in respect of a policy contracted for before the commencement of this Ordinance, such company shall be subject to the provisions of this section as if it were a life insurance company commencing to carry on the business of life insurance.
(4) In augmentation of the deposit mentioned in sub-sections (1) and (2), every company liable to make a deposit under this section shall be required to make further deposit up to 200,000 dollars, and until such further deposit is made it shall send in yearly to the Registrar returns under the oath of the chairman, agent, secretary, or other principal officer of the company of the amount of premiums received by the company on account of such policies issued, granted, or entered into in Hongkong, and in the case of a company registered in Hongkong, entered into in China, by such company whether before or after the commencement of this Ordinance, as the company is, for the time being liable in respect of. And the company shall after deducting 25 per cent. therefrom and the net amount of losses or claims actually paid in respect of such policies, deposit with the Registrar securities of such kinds as
1704
No. 11 of 1907.
Existing companies, before con-
tinuing busi
ness, must deposit, etc.
LIFE INSURANCE COMPANIES.
every company registered in Hongkong which shall begin to carry on the business of life insurance in China, shall deposit with the Registrar securities to be approved by the Governor-in-Council to the value of 50,000 dollars.
(2) Every company, wherever established, which before the pass- ing of this Ordinance carried on the business of life insurance in Hongkong, if it continues to carry on such business in Hongkong, and every company registered in Hongkong which before the passing of this Ordinance had carried on the business of life insur- ance in China, if it intends to carry on such business in the Colony or in China, shall deposit, within 6 months from the commence- ment of this Ordinance, with the Registrar, securities approved as aforesaid to the value of 50,000 dollars.
(3) Provided that a company which had before the commence- ment of this Ordinance commenced to carry on the business of life insurance in Hongkong, or being registered in Hongkong had commenced to carry on the business of life insurance in China, shall not be deemed to continue to carry on such business by reason only of receiving premiums in respect of policies or other contracts made before the commencement of this Ordinance; but if any such company, after the commencement of this Ordinance, carries on the business of life insurance except in respect of a policy contracted for before the coinmencement of this Ordinance, such company shall be subject to the provisions of this section as if it a life insurance company commencing to carry on the business of life insurance.
were
(4) In augmentation of the deposit mentioned in sub-sections (1) and (2), every company liable to make a deposit under this section shall be required to make further deposit up to 200,000 dollars, and until such further deposit is made it shall send in yearly to the Registrar returns under the oath of the chairman, agent, secretary, or other principal officer of the company of the amount of premiums received by the company on account of such policies issued, granted, or entered into in Hongkong, and in the case of a company registered in Hongkong, entered into in China, by such company whether before or after the commencement of this Or- dinance, as the company is, for the time being liable in respect of. And the company shall after deducting 25 per cent. therefrom and the net amount of losses or claims actually paid in respect of such policies, deposit with the Registrar securities of such kinds as
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