1964_INSURANCE_COMPANIES_ORDINANCE — Page 10

1988 Ed.]

Insurance Companies

[CAP. 41

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(d) that the company is, and will continue to be, able to meet its obligations including obligations in respect of business other than the class of insurance business in respect of which the application is made; and

(e) in the case of a company to which Part XI of the Companies Ordinance (Cap. 32) applies, that it has complied with the provisions of that Part; and

(f) that the company will be able to comply with such of the provisions of this Ordinance as would be applicable to it; and

(g) that in the case of a company which carries on, or proposes to carry on, some other form of business in addition to insurance business, the carrying on of that other form of business in addition to insurance business is not contrary to the interest of existing and potential policy holders; and

(h) that the name of the company is not likely to deceive.

(4) For the purposes of subsection (3)(a)—

(a) in computing the amount of the liabilities of a company, all contingent and prospective liabilities shall be taken into account but not liabilities in respect of the company's share capital;

(b) the value of any assets and the amount of any liabilities shall be determined in accordance with any applicable regulations made under section 59(a) (in this Ordinance referred to as "valuation regulations"), and paragraph (a) shall have effect subject to any such regulations;

(c) if no such valuation regulations are applicable in the case of a company, regard shall be had

(i) in determining the value of its assets, to their market value and the cost of realizing such assets; and

(ii) in determining the amount of its liabilities, to the cost of the settlement of such liabilities and, where the amount of any such liabilities is assessed or estimated, to the experience of the company in carrying on any relevant insurance business or of other persons carrying on the same or similar insurance business.

Meaning of "controller" in section 8(2)

9. (1) In section 8(2) "controller", in relation to a company ("the applicant"), means—

(a) a managing director of the applicant or of a body corporate of which it is a subsidiary;

(b) a chief executive of the applicant or of a body corporate, being an insurer, of which it is a subsidiary;

(c) a person—

(i) in accordance with whose directions or instructions the directors of the applicant or of a body corporate of which it is a subsidiary (or any of them) are accustomed to act; or

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