18
CAP. 411
Insurance Companies
[1988 Ed.
(5) There shall be deposited with every balance sheet of an insurer any report on the affairs of the insurer submitted to the shareholders or policy holders of the insurer in respect of the financial year to which the balance sheet relates.
(6) In this section any reference to an account or balance sheet includes a reference to any statement or report annexed thereto giving information required by virtue of section 17 to be so given and any certificate so annexed by virtue of that section.
(7) Any insurer which fails to comply with any of the provisions of this section commits an offence and is liable to a fine of $100,000 together with a fine of $500 for each day on which the offence continues.
Documents to be deposited with Registrar of Companies
21. (1) Without prejudice to the Companies Ordinance (Cap.32), where an insurer which is a company submits to the Insurance Authority any account, balance sheet, abstract, certificate or statement of the insurer or any report of the auditor thereof required to be submitted under section 17 or 18, the insurer shall at the same time deposit a copy of such account, balance sheet, abstract, certificate, statement or report with the Registrar of Companies.
(2) Any insurer which fails to comply with subsection (1) commits an offence and is liable to a fine of $100,000.
PART IV
LONG TERM BUSINESS
Separation of assets and liabilities attributable to long term business
22. (1) Where an insurer carries on long term business-
(a) the insurer shall maintain an account in respect of that business; and
(b) the receipts of that business shall be entered in the account maintained for that business and shall be carried to and form a separate insurance fund with an appropriate name.
(2) An insurer which carries on long term business shall maintain such books of account and other records as are necessary for identifying-
(a) the assets representing the fund maintained by the insurer under subsection (1)(b); and
(b) the liabilities attributable to that business.
(3) Any fund or funds maintained by an insurer in respect of its long term business shall be so maintained that the value of the assets representing the fund or funds (as determined in accordance with any applicable valuation regulations) shall in the aggregate exceed the amount of the liabilities attributable to that business (as so determined) by not less than $2,000,000 or its equivalent.
18
CAP. 411
Insurance Companies
[1988 Ed.
(5) There shall be deposited with every balance sheet of an insurer any report on the affairs of the insurer submitted to the shareholders or policy holders of the insurer in respect of the financial year to which the balance sheet relates.
(6) In this section any reference to an account or balance sheet includes a reference to any statement or report annexed thereto giving information required by virtue of section 17 to be so given and any certificate so annexed by virtue of that section.
(7) Any insurer which fails to comply with any of the provisions of this section commits an offence and is liable to a fine of $100,000 together with a fine of $500 for each day on which the offence continues.
Documents to be deposited with Registrar of Companies
21. (1) Without prejudice to the Companies Ordinance (Cap. 32), where an insurer which is a company submits to the Insurance Authority any account, balance sheet, abstract, certificate or statement of the insurer or any report of the auditor thereof required to be submitted under section 17 or 18, the insurer shall at the same time deposit a copy of such account, balance sheet, abstract, certificate, statement or report with the Registrar of Companies.
(2) Any insurer which fails to comply with subsection (1) commits an offence and is liable to a fine of $100,000.
PART IV
LONG TERM BUSINESS
Separation of assets and liabilities attributable to long term business
22. (1) Where an insurer carries on long term business-
(a) the insurer shall maintain an account in respect of that business; and (b) the receipts of that business shall be entered in the account maintained for that business and shall be carried to and form a separate insurance fund with an appropriate name.
(2) An insurer which carries on long term business shall maintain such books of account and other records as are necessary for identifying-
(a) the assets representing the fund maintained by the insurer under
subsection (1)(b); and
(b) the liabilities attributable to that business.
(3) Any fund or funds maintained by an insurer in respect of its long term business shall be so maintained that the value of the assets representing the fund or funds (as determined in accordance with any applicable valuation regula- tions) shall in the aggregate exceed the amount of the liabilities attributable to that business (as so determined) by not less than $2,000,000 or its equivalent.
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