LIFE INSURANCE COMPANIES.
[CAP. 36
CHAPTER 36.
LIFE INSURANCE COMPANIES.
Relating to life insurance companies.
[2nd August, 1907.]
Originally 11 of 1907. Fraser
11 of 1907.
25 of 1940.
22 of 1950.
Short title.
1. This Ordinance may be cited as the Life Insurance Companies Ordinance.
2. In this Ordinance-
'carry on the business of life insurance' shall include the receipt, either directly or through an agent, of applications for policies of insurance on human life or for annuities upon human life, and the receipt, either directly or through an agent, of premiums or other payments for or in respect of such policies or annuities, whether such policies or annuities are or are not issued or payable within the Colony and whether the company has or has not an office within the Colony; "chairman" means the person presiding over the board of directors of any company;
"financial year" means each period of twelve months at the end of which the balance of the accounts of the company is struck; or if no such balance is struck, then each period of twelve months ending with the 31st day of December;
"life insurance company" (hereinafter referred to as company), except where otherwise stated, shall include any person whatsoever who, or any association, corporate or unincorporate, not being established under any Ordinance relating to friendly societies, which, issues or is or becomes liable under policies of insurance upon human life within the Colony, or grants annuities upon human life within the Colony, or by any other means carries on the business of life insurance within the Colony; and shall include companies established out of Hong Kong as well as those established in Hong Kong, companies registered in Hong Kong which carry on the business of life insurance in China, and also mutual associations as well as proprietary;
"Official Trustee" means the Official Trustee appointed under the Trustee Ordinance;
Interpretation.
(Cap. 29.)
287
Life Insurance Companies.
[CAP. 36
CHAPTER 36.
LIFE INSURANCE COMPANIES.
Relating to life insurance companies.
[2nd August, 1907.]
Originally 11 of 1907. Fraser
11 of 1907.
25 of 1940.
22 of 1950.
Short title.
1. This Ordinance may be cited as the Life Insurance Companies Ordinance.
2. In this Ordinance-
'carry on the business of life insurance" shall include the receipt, either directly or through an agent, of applica- tions for policies of insurance on human life or for annuities upon human life, and the receipt, either directly or through an agent, of premiums or other payments for or in respect of such policies or annuities, whether such policies or annuities are or are not issued or payable within the Colony and whether the company has or has not an office within the Colony; "chairman" means the person presiding over the board of
directors of any company;
"financial year" means each period of twelve months at the end of which the balance of the accounts of the company is struck; or if no such balance is struck, then each period of twelve months ending with the 31st day of December;
"life insurance company" (hereinafter referred to as com- pany), except where otherwise stated, shall include any person whatsoever who, or any association, corporate or unincorporate, not being established under any Ordinance relating to friendly societies, which, issues or is or becomes liable under policies of insurance upon human life within the Colony, or grants annuities upon human life within the Colony, or by any other means carries on the business of life insurance within the Colony; and shall include companies established out of Hong Kong as well as those established in Hong Kong, companies registered in Hong Kong which carry on the business of life insurance in China, and also mutual associations as well as proprietary; "Official Trustee" means the Official Trustee appointed
under the Trustee Ordinance;
Interpretation.
(Cap. 29.)
―
287
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