1692
After notice given of withdrawal of deposit, company not to carry on business.
Life funds to be separate from receipts of other business. 33 & 34 Vict. c. 61, s. 4.
No. 11 of 1907. LIFE INSURANCE COMPANIES.
(1) on the expiration of a notice in writing which shall be given to the Registrar by such company at least six months before the intended withdrawal; and
(2) on satisfying the Registrar that, from the time of giving such notice until the date of the intended withdrawal, such company has not, except as to policies or contracts made before the giving of such notice, carried on the business of life insurance in Hongkong or in China, as the case may be:
Provided always that none of the securities so deposited shall be withdrawn until such company shall have satisfied the Registrar that it has no existing life insurance business whatever in the Colony.
The Registrar shall cause every notice so given as in this section provided, and also his decision with regard to every such proposed withdrawal, to be published at the cost of the company as he may think fit.
10. No company having given any such notice as provided in section 9 shall thereafter recommence to carry on the business of life insurance in Hongkong or China, as the case may be, unless it shall first make the deposit provided for in section 3 as in the case of a company beginning to carry on such business; but such new deposit shall be treated as a separate deposit from any securities remaining deposited under section 9. Provided that the receipt of premiums or other moneys in respect of policies made before such notice and the discharge of liabilities thereon, and the doing of other acts relating to such policies, shall not be deemed to be a recommencement of a carrying on of business within the meaning of this section.
11. In the case of a company, established before or after the commencement of this Ordinance, transacting other business besides that of life insurance, a separate account shall be kept of all receipts in respect of the life insurance and annuity contracts of the company, and the said receipts shall be carried to and form a separate fund, to be called the life insurance fund, of the company, and such fund shall
* As amended by Law Rev. Ord., 1924.
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1692
After notice given of withdrawal of deposit, company not to carry on business.
*
Life funds to be separate from receipts of other business. 33 & 34 Vict. c. 61, s. 4.
No. 11 of 1907. LIFE INSURANCE COMPANIES.
(1) on the expiration of a notice in writing which shall be given to the Registrar by such company at least six months before the intended withdrawal; and
(2) on satisfying the Registrar that, from the time of giving such notice until the date of the intended withdrawal, such company has not, except as to policies or contracts made before the giving of such notice, carried on the business of life insurance in Hongkong or in China, as the case may be:
Provided always that none of the securities so deposited shall be withdrawn until such company shall have satisfied the Registrar that it has no existing life insurance business whatever in the Colony.
The Registrar shall cause every notice so given as in this section provided, and also his decision with regard to every such proposed withdrawal, to be published at the cost of the company as he may think fit.
10. No company having given any such notice as provid- ed in section 9 shall thereafter recommence to carry on the business of life insurance in Hongkong or China, as the case may be, unless it shall first make the deposit provided for in section 3 as in the case of a company beginning to carry on such business; but such new deposit shall be treated as a separate deposit from any securities remaining deposited under section 9. Provided that the receipt of premiums or other moneys in respect of policies made before such notice and the discharge of liabilities thereon, and the doing of other acts relating to such policies, shall not be deemed to be a recommencement of a carrying on of business within. the meaning of this section.
11. In the case of a company, established before or after the commencement of this Ordinance, transacting other business besides that of life insurance, a separate account shall be kept of all receipts in respect of the life insurance and annuity contracts of the company, and the said receipts shall be carried to and form a separate fund, to be called the life insurance fund, of the company, and such fund shall
* As amended by Law Rev. Ord., 1924.
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