30
CAP. 41]
Insurance Companies
[1988 Ed.
(a) containing the matters mentioned in subsection (1)(a) and (b), taking references to the person there mentioned as references to the insurer; and
(b) specifying the power or powers which he proposes to exercise and, if the power or one of them is that conferred by section 35, specifying the manner of its proposed exercise.
(3) A notice under this section shall give particulars of the ground on which the Insurance Authority is considering the exercise of the power or powers in question.
(4) Where representations are made in accordance with this section the Insurance Authority shall take them into consideration before exercising the power or powers in question.
(5) A requirement imposed on an insurer in the exercise of any power or powers to which this section applies may be framed so as to come into effect after the expiration of a specified period (or such longer period as the Insurance Authority may allow) unless before the expiration of that period the person whose fitness is in question has ceased to hold the position concerned.
(6) This section shall not apply, as respects any insurer, in relation to the exercise of any power conferred by sections 27 to 35 where it is exercised by the Insurance Authority after serving notice under section 14(4) and (5) on the insurer and the person whose fitness is in question.
Rescission, variation and publication of requirements
38. (1) The Insurance Authority may rescind a requirement imposed under sections 27 to 35 if it appears to him that it is no longer necessary for the requirement to continue in force, and may from time to time vary any such requirement.
(2) No requirement imposed by virtue of section 26(4) shall be varied after the expiration of the relevant period mentioned therein except in a manner which relaxes that requirement.
(3) A rescission under subsection (1) of a requirement imposed under section 27 may be limited so as to apply only to contracts of a specified description.
(4) Notice of the imposition of a requirement under the said section 27 and of the rescission or variation of any such requirement shall be published by the Insurance Authority in the Gazette and in such other ways as appear to him expedient for notifying the public.
Power of Financial Secretary to bring civil proceedings on behalf of insurer
39. (1) Section 147(3) of the Companies Ordinance (Cap. 32) shall have effect in relation to an insurer as if the reference to the report there mentioned included a reference to any information or document obtained under section 34.
30
CAP. 41]
Insurance Companies
[1988 Ed.
(a) containing the matters mentioned in subsection (1)(a) and (b), taking references to the person there mentioned as references to the insurer; and
(b) specifying the power or powers which he proposes to exercise and, if the power or one of them is that conferred by section 35, specifying the manner of its proposed exercise.
(3) A notice under this section shall give particulars of the ground on which the Insurance Authority is considering the exercise of the power or powers in question.
(4) Where representations are made in accordance with this section the Insurance Authority shall take them into consideration before exercising the power or powers in question.
(5) A requirement imposed on an insurer in the exercise of any power or powers to which this section applies may be framed so as to come into effect after the expiration of a specified period (or such longer period as the Insurance Authority may allow) unless before the expiration of that period the person whose fitness is in question has ceased to hold the position concerned.
(6) This section shall not apply, as respects any insurer, in relation to the exercise of any power conferred by sections 27 to 35 where it is exercised by the Insurance Authority after serving notice under section 14(4) and (5) on the insurer and the person whose fitness is in question.
Rescission, variation and publication of requirements
38. (1) The Insurance Authority may rescind a requirement imposed under sections 27 to 35 if it appears to him that it is no longer necessary for the requirement to continue in force, and may from time to time vary any such requirement.
(2) No requirement imposed by virtue of section 26(4) shall be varied after the expiration of the relevant period mentioned therein except in a manner which relaxes that requirement.
(3) A rescission under subsection (1) of a requirement imposed under section 27 may be limited so as to apply only to contracts of a specified description.
(4) Notice of the imposition of a requirement under the said section 27 and of the rescission or variation of any such requirement shall be published by the Insurance Authority in the Gazette and in such other ways as appear to him expedient for notifying the public.
Power of Financial Secretary to bring civil proceedings on behalf of insurer
39. (1) Section 147(3) of the Companies Ordinance (Cap. 32) shall have effect in relation to an insurer as if the reference to the report there mentioned included a reference to any information or document obtained under section 34.
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