1964_INSURANCE_COMPANIES_ORDINANCE — Page 38

1988 Ed.]

Insurance Companies

[CAP. 41

37

(a) any body of persons, corporate or unincorporate, carrying on insur-

ance business in Hong Kong only

(i) whose gross premium income does not exceed $500,000 in any financial year:

Provided that if the financial year of any such body is not a period of 12 months, the gross premium income of that body in that financial year shall, for the purposes of this paragraph, be deemed to be the sum obtained by dividing the amount of its gross premium income (within the meaning of section 10(4)(c)) by the number of days in that financial year and multiplying the result by 365; and

(ii) which consists of persons who are bound together by custom, religion, kinship, nationality or regional or local interest but who are not so bound together or associated for the purpose of the acquisition by them of gain;

(b) a person carrying on in Hong Kong reinsurance business only, other

than-

(i) a body corporate incorporated in Hong Kong;

(ii) a body corporate incorporated elsewhere which has a place of business in Hong Kong or is represented in Hong Kong by an agent;

(iii) any other person or any partnership having a place of business in Hong Kong;

(c) any registered trade union within the meaning of the Trade Unions Ordinance (Cap. 332) which carries on insurance business limited to the provision for its members of provident benefits or strike benefits;

(d) any registered co-operative society within the meaning of the Co-

operative Societies Ordinance (Cap. 33);

(e) the Hong Kong Export Credit Insurance Corporation;

(f) any authorized institution licensed or registered under the Banking Ordinance (Cap. 155) to the extent only that such institution carries on insurance business of the nature specified in classes 16 and 17, or comprised in groups 1 and 7, in the First Schedule solely for the purposes of its banking business or deposit-taking business, as the case may be; (Amended 27 of 1986 s. 137)

(g) the Credit Union League of Hong Kong incorporated under Part XI

of the Credit Unions Ordinance (Cap. 119).

Limited exemption of insurer authorized to carry

on business in United Kingdom

52. (1) Where the Insurance Authority, upon application by an insurer under section 7(1), is satisfied that—

(a) the insurer is carrying on any class of insurance business in the United Kingdom and in respect thereof has complied with the Insurance Companies Act 1974 (1974 c. 49 U.K.) or any law amending or replacing that Act; and