1988 Ed.]
Insurance Companies
[CAP. 41
13
(a) not later than the date on which it is authorized; and
(b) annually not later than the anniversary of such date.
(2) Subsection (1) shall apply to an insurer deemed by virtue of section 61(1) to be authorized under section 8 to carry on insurance business as if
(a) paragraph (a) were omitted; and
(b) in paragraph (b), for “such date" there were substituted "the date on which it was first authorized to carry on insurance business under any Ordinance repealed or amended by this Ordinance”.
(3) Where it appears to the Insurance Authority that an authorized insurer does not intend to effect any contracts of insurance after any anniversary referred to in subsection (1), the Insurance Authority may waive the payment of the fee payable by the insurer under that subsection in respect of that and any subsequent anniversary; but any such waiver may be revoked at any time by the Insurance Authority by notice in writing to the insurer, with effect from the date of such notice.
Notification of change in particulars, and objection to appointment of new director or controller
14. (1) Without prejudice to subsection (2), where any change takes place in the particulars specified in respect of an authorized insurer in the application made by that insurer under section 7 or any information furnished under that section, the insurer shall, within 1 month from the date on which the change takes place, notify the Insurance Authority thereof in writing and shall furnish the Insurance Authority with such information in respect thereof as the Insurance Authority may require.
Subject to subsection (2A), whene
(2) Where any change takes place in the directors or controllers of an authorized insurer, the insurer shall forthwith deliver written notice of that fact to the Insurance Authority containing the information specified in the Second Schedule.
(3) Where any person becomes or ceases to be a director or controller of any authorized insurer, he shall forthwith deliver written notice of that fact to the insurer together with such information relating to himself as may be necessary to enable the insurer to comply with subsection (2) as respects that fact.
(4) Subject to subsection (5), the Insurance Authority may, if it appears to him that any person appointed as director or controller of an authorized insurer is not a fit and proper person to be appointed to that position, serve a notice in writing on the insurer stating-
(a) that he objects to the appointment; and
(b) that he objects thereto on the ground that it appears to him that the person so appointed is not a fit and proper person to be appointed to the position in question.
(5) The following provisions shall apply in relation to a notice of objection referred to in subsection (4)-
44/9154
1988 Ed.]
Insurance Companies
[CAP. 41
13
(a) not later than the date on which it is authorized; and
(b) annually not later than the anniversary of such date.
(2) Subsection (1) shall apply to an insurer deemed by virtue of sec- tion 61(1) to be authorized under section 8 to carry on insurance business as if
(a) paragraph (a) were omitted; and
(b) in paragraph (b), for “such date" there were substituted "the date on which it was first authorized to carry on insurance business under any Ordinance repealed or amended by this Ordinance”.
(3) Where it appears to the Insurance Authority that an authorized insurer does not intend to effect any contracts of insurance after any anniver- sary referred to in subsection (1), the Insurance Authority may waive the payment of the fee payable by the insurer under that subsection in respect of that and any subsequent anniversary; but any such waiver may be revoked at any time by the Insurance Authority by notice in writing to the insurer, with effect from the date of such notice.
BA G
Notification of change in particulars, and objection to appointment of new director or controller
14. (1) Without prejudice to subsection (2), where any change takes place in the particulars specified in respect of an authorized insurer in the application made by that insurer under section 7 or any information furnished under that section, the insurer shall, within 1 month from the date on which the change takes place, notify the Insurance Authority thereof in writing and shall furnish the Insurance Authority with such information in respect thereof as the Insurance Authority may require.
Subject to subsection (2A), whene
(2) Where any change takes place in the directors or controllers of an authorized insurer, the insurer shall forthwith deliver written notice of that fact to the Insurance Authority containing the information specified in the Second Schedule.
ZA
(3) Where any person becomes or ceases to be a director or controller of any authorized insurer, he shall forthwith deliver written notice of that fact to the insurer together with such information relating to himself as may be necessary to enable the insurer to comply with subsection (2) as respects that fact.
(4) Subject to subsection (5), the Insurance Authority may, if it appears to him that any person appointed as director or controller of an authorized insurer is not a fit and proper person to be appointed to that position, serve a notice in writing on the insurer stating-
(a) that he objects to the appointment; and
(b) that he objects thereto on the ground that it appears to him that the person so appointed is not a fit and proper person to be appointed to the position in question.
(5) The following provisions shall apply in relation to a notice of objection referred to in subsection (4)-
44/9154
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