1988 Ed.]
Insurance Companies
[CAP. 41
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(4) An insurer which was carrying on long term business immediately before the commencement of this Ordinance shall, in accordance with the Third Schedule, make arrangements during the financial year of the insurer beginning next after the commencement of this Ordinance for identifying the assets and liabilities of the insurer as on the last day of that financial year which are attributable to its long term business.
(5) 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.
Foreign insurers may be authorized to maintain an account in relation to their Hong Kong business
22A. (1) Where an insurer which carries on long term business is incorporated or formed outside Hong Kong, the Insurance Authority may, at the request in writing of the insurer, authorize the insurer to maintain an account of long term business carried on in Hong Kong in place of the account referred to in section 22(1) and, if such an authorization is given, the insurer shall maintain an account of long term business carried on in Hong Kong in accordance with that authorization.
(2) The Insurance Authority may, in giving his authorization under subsection (1)-
(a) modify or vary any of the requirements of the Third Schedule in its application to the insurer as may be appropriate; and
(b) specify the period within which the insurer shall, in accordance with the Third Schedule as modified or varied under paragraph (a), make arrangements for identifying the assets and liabilities of the insurer which are attributable to its long term business carried on in Hong Kong as on such day as may be so specified.
(3) Subject to the terms of any authorization under subsection (1) and to subsection (4), this Ordinance, with the exception of section 22(4), shall continue to apply to an insurer in respect of whom such authorization is in force.
(4) Where an authorization under subsection (1) is in force in relation to any insurer, any references in
(a) sections 22(1)(a) and (b), (2)(b) and (3), 23 and 45(2) and (5) to the long term business of the insurer, or to the business of the insurer where this is to be construed as a reference to its long term business, shall be construed as a reference to the long term business of the insurer carried on in Hong Kong;
(b) sections 22, 23 and 45 to the fund or funds maintained by the insurer in respect of its long term business, shall be construed as a reference to the fund or funds maintained by the insurer in respect of its long term business carried on in Hong Kong.
(5) Where the Insurance Authority gives any authorization under subsection (1) he shall, as soon as practicable, publish a notice in the Gazette stating the name of the insurer and the fact that such authorization has been given.
(Added 4 of 1987 s. 2)
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Page 21
1988 Ed.]
Insurance Companies
[CAP. 41
19
(4) An insurer which was carrying on long term business immediately before the commencement of this Ordinance shall, in accordance with the Third Schedule, make arrangements during the financial year of the insurer beginning next after the commencement of this Ordinance for identifying the assets and liabilities of the insurer as on the last day of that financial year which are attributable to its long term business.
(5) 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.
Foreign insurers may be authorized to maintain an account in relation to their Hong Kong business
22A. (1) Where an insurer which carries on long term business is incor- porated or formed outside Hong Kong, the Insurance Authority may, at the request in writing of the insurer, authorize the insurer to maintain an account of long term business carried on in Hong Kong in place of the account referred to in section 22(1) and, if such an authorization is given, the insurer shall maintain an account of long term business carried on in Hong Kong in accordance with that authorization.
(2) The Insurance Authority may, in giving his authorization under subsection (1)-
(a) modify or vary any of the requirements of the Third Schedule in its
application to the insurer as may be appropriate; and
(b) specify the period within which the insurer shall, in accordance with the Third Schedule as modified or varied under paragraph (a), make arrangements for identifying the assets and liabilities of the insurer which are attributable to its long term business carried on in Hong Kong as on such day as may be so specified.
(3) Subject to the terms of any authorization under subsection (1) and to subsection (4), this Ordinance, with the exception of section 22(4), shall continue to apply to an insurer in respect of whom such authorization is in force.
(4) Where an authorization under subsection (1) is in force in relation to any insurer, any references in
(a) sections 22(1)(a) and (b), (2)(b) and (3), 23 and 45(2) and (5) to the long term business of the insurer, or to the business of the insurer where this is to be construed as a reference to its long term business, shall be construed as a reference to the long term business of the insurer carried on in Hong Kong;
(b) sections 22, 23 and 45 to the fund or funds maintained by the insurer in respect of its long term business, shall be construed as a reference to the fund or funds maintained by the insurer in respect of its long term business carried on in Hong Kong.
(5) Where the Insurance Authority gives any authorization under subsec- tion (1) he shall, as soon as practicable, publish a notice in the Gazette stating the name of the insurer and the fact that such authorization has been given.
(Added 4 of 1987 s. 2)
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