LIFE INSURANCE COMPANIES.
No. 11 of 1907.
1031
(3) Provided that a company which had before the commencement of this Ordinance commenced to carry on the business of life insurance in Hong Kong, or being registered in Hong Kong 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 and keep deposited 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 Hong Kong, and in the case of a company registered in Hong Kong, 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 twenty-five 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 aforesaid, to the value of such balance of premiums, until the deposit equals 200,000 dollars.
(5) The whole or any part of such deposit may be a deposit receipt given by any bank in Hong Kong incorporated or regulated by or under any Ordinance or approved by the Governor in the name of the Official Trustee and such deposit shall be deemed a security deposited with the Registrar.
(6) If any securities deposited under this Ordinance with the Registrar are, while so deposited, lost, stolen, destroyed or damaged, the injury sustained by the persons making such deposit or by any other person interested therein shall be made good out of moneys to be appropriated for the purpose by the Legislative Council.
LIFE INSURANCE COMPANIES.
No. 11 of 1907.
1031
(3) Provided that a company which had before the commence- [s. 3 contd.] ment of this Ordinance commenced to carry on the business of life insurance in Hong Kong, or being registered in Hong Kong 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.
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(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 and keep deposited 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 Hong Kong, and in the case of a company registered in Hong Kong, 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 twenty-five 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 aforesaid, to the value of such balance of premiums, until the deposit equals 200,000 dollars.
(5) The whole or any part of such deposit may be a deposit receipt given by any bank in Hong Kong incorporated or regulated by or under any Ordinance or approved by the Governor in the name of the Official Trustee and such deposit shall be deemed a security deposited with the Registrar.
(6) If any securities deposited under this Ordinance with the Registrar are, while so deposited, lost, stolen, destroyed or damaged, the injury sustained by the persons making such deposit or by any other person interested therein shall be made good out of moneys to be appropriated for the purpose by the Legislative Council.
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