CAP. 36]
[s 2 cont.]
(Cap. 32.)
Deposit.
[cf. 33 & 34 Vict. c. 61,
3.1 Life Insurance Companies.
"policy" includes a contract for a policy for securing a life insurance, endowment or annuity;
"policy holder" means the legal holder of a policy for securing the life insurance, endowment, annuity or other contract with the company;
"Registrar" means the Registrar of Companies under the Companies Ordinance.
PART I.
Conditions to be complied with by life insurance companies.
3. (1) Every company which carries on the business of life insurance in the Colony or which is registered in the Colony and which carries on the business of life insurance in China shall deposit and keep deposited with the Registrar securities to be approved by the Governor in Council to the value of fifty thousand dollars: Provided that such a company shall not be deemed 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 carries on the business of life insurance except in respect of a policy contracted for before such date, such company shall be subject to the provisions of this section.
(2) In augmentation of the deposit mentioned in subsection (1), every company liable to make a deposit under this section shall be required to make and keep deposited further deposit up to two hundred thousand 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
288
8
CAP. 36]
[s 2 cont.]
(Cap. 32.)
Deposit.
[cf. 33 & 34
Vict. c. 61,
3.1
Life Insurance Companies.
"policy" includes a contract for a policy for securing a
life insurance, endowment or annuity;
"policy holder" means the legal holder of a policy for securing the life insurance, endowment, annuity or other contract with the company;
"Registrar" means the Registrar of Companies under the
Companies Ordinance.
PART I.
Conditions to be complied with by life insurance companies.
3. (1) Every company which carries on the business of life insurance in the Colony or which is registered in the Colony and which carries on the business of life insurance in China shall deposit and keep deposited with the Registrar securities to be approved by the Governor in Council to the value of fifty thousand dollars : Provided that such a company shall not be deemed to carry on such business by reason only of receiving premiums in respect of policies or other contracts made before the commence- ment of this Ordinance, but if any such company carries on the business of life insurance except in respect of a policy contracted for before such date, such company shall be subject to the provisions of this section.
. (2) In augmentation of the deposit mentioned in sub- section (1), every company liable to make a deposit under this section shall be required to make and keep deposited further deposit up to two hundred thousand 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 Ordin- ance, 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
288
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