1964_INSURANCE_COMPANIES_ORDINANCE — Page 37

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CAP. 41]

Insurance Companies

[1988 Ed.

!

Winding up rules

49. (1) Rules may be made under section 296 of the Companies Ordinance (Cap. 32) for determining the amount of the liabilities of an insurer to policy holders of any class or description for the purpose of proof in a winding up and generally for carrying into effect the provisions of this Ordinance with respect to the winding up of insurers.

(2) Without prejudice to the generality of subsection (1), rules under the said section 296 may make provision for all or any of the following matters-

(a) the identification of the assets and liabilities falling within section 45(2)(a) or (b);

(b) the apportionment between the assets falling within section 45(2) of the costs, charges and expenses of the winding up and of any debts of the insurer having priority under section 265 of the Companies Ordinance;

(c) the determination of the amount of liabilities of any description falling within paragraph (a) or (b) of section 45(2) for the purpose of establishing whether or not there is any such excess in respect of that paragraph as is mentioned in section 45(3);

(d) the application of assets within paragraph (a) of section 45(2) for meeting the liabilities within that paragraph;

(e) the application of assets representing any such excess as is mentioned in section 45(3).

PART VII

SPECIAL PROVISIONS RELATING TO LLOYD'S

Requirements to be complied with by Lloyd's

50. (1) During any period when a member of Lloyd's is carrying on insurance business in Hong Kong, Lloyd's shall have an authorized representative in Hong Kong and shall notify the Insurance Authority of the name and address of any person for the time being so authorized.

(2) In each year in which a member of Lloyd's carries on insurance business in Hong Kong, the authorized representative of Lloyd's shall deposit with the Insurance Authority a statement (as required by the Insurance Companies Act 1974 (1974 c. 49 U.K.) or any law amending or replacing that Act) summarizing the extent and character of the insurance business done by the members of Lloyd's.

(3) Lloyd's shall, upon depositing the statement referred to in subsection (2), pay to the Insurance Authority through its authorized representative a fee equal to the authorization fee specified in section 13.

PART VIII

EXEMPTIONS

Exempted persons

51. The following persons are exempted from the provisions of this Ordinance