1964_INSURANCE_COMPANIES_ORDINANCE — Page 24

HK Historical Laws 香港歷史法例 All AI Reviewed

1988 Ed.]

Insurance Companies

(b) that it appears to him-

[CAP. 41

(i) that the insurer has failed to satisfy an obligation to which it is or was subject by virtue of this Ordinance or any Ordinance repealed thereby,

(ii) that a body corporate of which it is a subsidiary has failed to satisfy an obligation to which it is or was subject by virtue of section 23(6) or any Ordinance repealed by this Ordinance;

(c) that it appears to him that the insurer has furnished misleading or inaccurate information to the Insurance Authority under or for the purposes of any provision of this Ordinance or any Ordinance repealed thereby;

(d) that he is not satisfied that adequate arrangements are in force or will be made for the reinsurance of risks against which persons are insured by the insurer in the course of carrying on business, being risks of a class in the case of which he considers that such arrangements are required;

(e) that there exists a ground on which he would be prohibited by section 8(2) or (3)(b) from authorizing the insurer if it were to make application in that behalf.

(2) Any power mentioned in subsection (1) shall also be exercisable in relation to any insurer on the ground that the Insurance Authority is not satisfied that the insurer is not to be deemed under section 42(1), for the purposes of section 177 or 327 of the Companies Ordinance (Cap.32), to be unable to pay its debts.

(3) The power conferred on the Insurance Authority by section 34(2), (3) and (4) shall also be exercisable on the ground that he considers the exercise of that power to be desirable in the general interests of persons who are or may become policy holders of an insurer.

(4) Any power conferred on the Insurance Authority by sections 27 to 32, 34(1) or 35 shall also be exercisable, whether or not any of the grounds specified in subsections (1) and (2) exists, in relation to-

2 and 3.

(a) any insurer authorized to carry on any class of insurance business;

(b) any insurer in the case of which a person has, after the commencement of this Ordinance, become a controller within the meaning of section 9(1)(c),

if that power is exercised before the expiration of the period of 5 years (“the relevant period") beginning on the latest date on which the insurer was so authorized or the date on which that person became such a controller, as the case may be; but no requirement imposed by virtue of this subsection shall continue in force after the expiration of the period of 10 years from the beginning of the relevant period.

(5) The power conferred on the Insurance Authority by section 35 shall not be exercisable except in a case in which he considers that the purpose mentioned in that section cannot be appropriately achieved by the exercise of the powers conferred by sections 27 to 34 or by the exercise of those powers alone.

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1988 Ed.] Insurance Companies (b) that it appears to him- [CAP. 41 23 (i) that the insurer has failed to satisfy an obligation to which it is or was subject by virtue of this Ordinance or any Ordinance repealed thereby, (ii) that a body corporate of which it is a subsidiary has failed to satisfy an obligation to which it is or was subject by virtue of section 23(6) or any Ordinance repealed by this Ordinance; (c) that it appears to him that the insurer has furnished misleading or inaccurate information to the Insurance Authority under or for the purposes of any provision of this Ordinance or any Ordinance repealed thereby; (d) that he is not satisfied that adequate arrangements are in force or will be made for the reinsurance of risks against which persons are insured by the insurer in the course of carrying on business, being risks of a class in the case of which he considers that such arrangements are required; (e) that there exists a ground on which he would be prohibited by section 8(2) or (3)(b) from authorizing the insurer if it were to make application in that behalf. (2) Any power mentioned in subsection (1) shall also be exercisable in relation to any insurer on the ground that the Insurance Authority is not satisfied that the insurer is not to be deemed under section 42(1), for the purposes of section 177 or 327 of the Companies Ordinance (Cap.32), to be unable to pay its debts. (3) The power conferred on the Insurance Authority by section 34(2), (3) and (4) shall also be exercisable on the ground that he considers the exercise of that power to be desirable in the general interests of persons who are or may become policy holders of an insurer. (4) Any power conferred on the Insurance Authority by sections 27 to 32, 34(1) or 35 shall also be exercisable, whether or not any of the grounds specified in subsections (1) and (2) exists, in relation to- 2 and 3. (a) any insurer authorized to carry on any class of insurance business; (b) any insurer in the case of which a person has, after the commencement of this Ordinance, become a controller within the meaning of section 9(1)(c), if that power is exercised before the expiration of the period of 5 years (“the relevant period") beginning on the latest date on which the insurer was so authorized or the date on which that person became such a controller, as the case may be; but no requirement imposed by virtue of this subsection shall continue in force after the expiration of the period of 10 years from the beginning of the relevant period. (5) The power conferred on the Insurance Authority by section 35 shall not be exercisable except in a case in which he considers that the purpose mentioned in that section cannot be appropriately achieved by the exercise of the powers conferred by sections 27 to 34 or by the exercise of those powers alone.

Baseline (Original)

1988 Ed.] Insurance Companies (b) that it appears to him- [CAP. 41 23 (i) that the insurer has failed to satisfy an obligation to which it is or was subject by virtue of this Ordinance or any Ordinance repealed thereby, (ii) that a body corporate of which it is a subsidiary has failed to satisfy an obligation to which it is or was subject by virtue of section 23(6) or any Ordinance repealed by this Ordinance; (c) that it appears to him that the insurer has furnished misleading or inaccurate information to the Insurance Authority under or for the purposes of any provision of this Ordinance or any Ordinance repealed thereby; (d) that he is not satisfied that adequate arrangements are in force or will be made for the reinsurance of risks against which persons are insured by the insurer in the course of carrying on business, being risks of a class in the case of which he considers that such arrangements are required; (e) that there exists a ground on which he would be prohibited by sec- tion 8(2) or (3)(b) from authorizing the insurer if it were to make application in that behalf. (2) Any power mentioned in subsection (1) shall also be exercisable in relation to any insurer on the ground that the Insurance Authority is not satisfied that the insurer is not to be deemed under section 42(1), for the purposes of section 177 or 327 of the Companies Ordinance (Cap. 32), to be unable to pay its debts. (3) The power conferred on the Insurance Authority by section 34(2), (3) and (4) shall also be exercisable on the ground that he considers the exercise of that power to be desirable in the general interests of persons who are or may become policy holders of an insurer. (4) Any power conferred on the Insurance Authority by sections 27 to 32, 34(1) or 35 shall also be exercisable, whether or not any of the grounds specified in subsections (1) and (2) exists, in relation to- 2 and 3. (a) any insurer authorized to carry on any class of insurance business; (b) any insurer in the case of which a person has, after the commencement of this Ordinance, become a controller within the meaning of sec- tion 9(1)(c), if that power is exercised before the expiration of the period of 5 years (“the relevant period") beginning on the latest date on which the insurer was so authorized or the date on which that person became such a controller, as the case may be; but no requirement imposed by virtue of this subsection shall continue in force after the expiration of the period of 10 years from the beginning of the relevant period. (5) The power conferred on the Insurance Authority by section 35 shall not be exercisable except in a case in which he considers that the purpose mentioned in that section cannot be appropriately achieved by the exercise of the powers conferred by sections 27 to 34 or by the exercise of those powers alone.

2026-05-04 20:58:43 · Baseline

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