1964_INSURANCE_COMPANIES_ORDINANCE — Page 39

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38

CAP. 411

Insurance Companies

[1988 Ed.

(b) any person who is the controller of such insurer (within the meaning of section 9(1) as extended by subsection (3) of that section) as respects so much of its insurance business as is, or is intended to be, carried on in Hong Kong is a fit and proper person to be such controller; and

(c) the insurer is, and will continue to be, able to meet its obligations including obligations in respect of business other than the class of insurance business in respect of which the application is made; and

(d) the name of the insurer is not likely to deceive,

the Insurance Authority may, notwithstanding Part II, authorize the insurer under section 8 to carry on the class of insurance business in respect of which the application is made.

(2) Where an authorized insurer satisfies the conditions specified in subsection (1)(a), (b), (c) and (d), the Insurance Authority may, upon application in writing by such authorized insurer under this subsection, exercise the power conferred by subsection (1) in relation to such authorized insurer notwithstanding that such authorized insurer is authorized to carry on any class of insurance business in respect of which the application is made; and references in this section to an insurer authorized by virtue of subsection (1) shall include references to an authorized insurer in relation to which that power is so exercised.

(3) An insurer authorized by virtue of subsection (1) shall, as respects such of the requirements of Part III as relate to the Third Schedule, be deemed to comply with such requirements in respect of any year if, but only if, the insurer submits to the Insurance Authority, as soon as practicable, 2 copies in legible form of the accounts and statements required to be submitted in respect of that year to the Department of Trade in the United Kingdom under the Insurance Companies Act 1974 or any law amending or replacing that Act.

(4) Section 26(1)(d) and (4) shall not apply to an insurer authorized by virtue of subsection (1).

(5) Where, in the exercise of his powers by the Secretary of State under the Insurance Companies Act 1974 or any law amending or replacing that Act, any requirement of a kind referred to in sections 27 to 35 is imposed upon, or any notice of a kind referred to in section 14(4) or (5), 26, 36, 37 or 38 is delivered to or served on, an insurer authorized by virtue of subsection (1), the insurer shall, as soon as practicable, deliver a copy thereof to the Insurance Authority.

(6) If it appears to the Insurance Authority that an insurer authorized by virtue of subsection (1) has ceased to satisfy any condition referred to in paragraph (a), (b) or (c) of that subsection, the Insurance Authority may serve a notice in writing on the insurer containing a statement to that effect and specifying the condition or conditions which it appears to him the insurer has ceased to satisfy.

(7) Where the Insurance Authority serves a notice on an insurer under subsection (6)

(a) subsections (3) and (4) shall cease to have effect in relation to the insurer as from the date of service of the notice; and


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38 CAP. 411 Insurance Companies [1988 Ed. (b) any person who is the controller of such insurer (within the meaning of section 9(1) as extended by subsection (3) of that section) as respects so much of its insurance business as is, or is intended to be, carried on in Hong Kong is a fit and proper person to be such controller; and (c) the insurer is, and will continue to be, able to meet its obligations including obligations in respect of business other than the class of insurance business in respect of which the application is made; and (d) the name of the insurer is not likely to deceive, the Insurance Authority may, notwithstanding Part II, authorize the insurer under section 8 to carry on the class of insurance business in respect of which the application is made. (2) Where an authorized insurer satisfies the conditions specified in subsection (1)(a), (b), (c) and (d), the Insurance Authority may, upon application in writing by such authorized insurer under this subsection, exercise the power conferred by subsection (1) in relation to such authorized insurer notwithstanding that such authorized insurer is authorized to carry on any class of insurance business in respect of which the application is made; and references in this section to an insurer authorized by virtue of subsection (1) shall include references to an authorized insurer in relation to which that power is so exercised. (3) An insurer authorized by virtue of subsection (1) shall, as respects such of the requirements of Part III as relate to the Third Schedule, be deemed to comply with such requirements in respect of any year if, but only if, the insurer submits to the Insurance Authority, as soon as practicable, 2 copies in legible form of the accounts and statements required to be submitted in respect of that year to the Department of Trade in the United Kingdom under the Insurance Companies Act 1974 or any law amending or replacing that Act. (4) Section 26(1)(d) and (4) shall not apply to an insurer authorized by virtue of subsection (1). (5) Where, in the exercise of his powers by the Secretary of State under the Insurance Companies Act 1974 or any law amending or replacing that Act, any requirement of a kind referred to in sections 27 to 35 is imposed upon, or any notice of a kind referred to in section 14(4) or (5), 26, 36, 37 or 38 is delivered to or served on, an insurer authorized by virtue of subsection (1), the insurer shall, as soon as practicable, deliver a copy thereof to the Insurance Authority. (6) If it appears to the Insurance Authority that an insurer authorized by virtue of subsection (1) has ceased to satisfy any condition referred to in paragraph (a), (b) or (c) of that subsection, the Insurance Authority may serve a notice in writing on the insurer containing a statement to that effect and specifying the condition or conditions which it appears to him the insurer has ceased to satisfy. (7) Where the Insurance Authority serves a notice on an insurer under subsection (6) (a) subsections (3) and (4) shall cease to have effect in relation to the insurer as from the date of service of the notice; and
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38 CAP. 411 Insurance Companies [1988 Ed. ! (b) any person who is the controller of such insurer (within the meaning of section 9(1) as extended by subsection (3) of that section) as respects so much of its insurance business as is, or is intended to be, carried on in Hong Kong is a fit and proper person to be such controller; and (c) the insurer is, and will continue to be, able to meet its obligations including obligations in respect of business other than the class of insurance business in respect of which the application is made; and (d) the name of the insurer is not likely to deceive, the Insurance Authority may, notwithstanding Part II, authorize the insurer under section 8 to carry on the class of insurance business in respect of which the application is made. (2) Where an authorized insurer satisfies the conditions specified in subsection (1)(a), (b), (c) and (d), the Insurance Authority may, upon applica- tion in writing by such authorized insurer under this subsection, exercise the power conferred by subsection (1) in relation to such authorized insurer notwithstanding that such authorized insurer is authorized to carry on any class of insurance business in respect of which the application is made; and references in this section to an insurer authorized by virtue of subsection (1) shall include references to an authorized insurer in relation to which that power is so exercised. (3) An insurer authorized by virtue of subsection (1) shall, as respects such of the requirements of Part III as relate to the Third Schedule, be deemed to comply with such requirements in respect of any year if, but only if, the insurer submits to the Insurance Authority, as soon as practicable, 2 copies in legible form of the accounts and statements required to be submitted in respect of that year to the Department of Trade in the United Kingdom under the Insurance Companies Act 1974 or any law amending or replacing that Act. (4) Section 26(1)(d) and (4) shall not apply to an insurer authorized by virtue of subsection (1). (5) Where, in the exercise of his powers by the Secretary of State under the Insurance Companies Act 1974 or any law amending or replacing that Act, any requirement of a kind referred to in sections 27 to 35 is imposed upon, or any notice of a kind referred to in section 14(4) or (5), 26, 36, 37 or 38 is delivered to or served on, an insurer authorized by virtue of subsection (1), the insurer shall, as soon as practicable, deliver a copy thereof to the Insurance Authority. (6) If it appears to the Insurance Authority that an insurer authorized by virtue of subsection (1) has ceased to satisfy any condition referred to in paragraph (a), (b) or (c) of that subsection, the Insurance Authority may serve a notice in writing on the insurer containing a statement to that effect and specifying the condition or conditions which it appears to him the insurer has ceased to satisfy. (7) Where the Insurance Authority serves a notice on an insurer under subsection (6) (a) subsections (3) and (4) shall cease to have effect in relation to the insurer as from the date of service of the notice; and •
2026-05-04 21:00:36 · Baseline
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38

CAP. 411

Insurance Companies

[1988 Ed.

!

(b) any person who is the controller of such insurer (within the meaning of section 9(1) as extended by subsection (3) of that section) as respects so much of its insurance business as is, or is intended to be, carried on in Hong Kong is a fit and proper person to be such controller; and

(c) the insurer is, and will continue to be, able to meet its obligations including obligations in respect of business other than the class of insurance business in respect of which the application is made; and

(d) the name of the insurer is not likely to deceive,

the Insurance Authority may, notwithstanding Part II, authorize the insurer under section 8 to carry on the class of insurance business in respect of which the application is made.

(2) Where an authorized insurer satisfies the conditions specified in subsection (1)(a), (b), (c) and (d), the Insurance Authority may, upon applica- tion in writing by such authorized insurer under this subsection, exercise the power conferred by subsection (1) in relation to such authorized insurer notwithstanding that such authorized insurer is authorized to carry on any class of insurance business in respect of which the application is made; and references in this section to an insurer authorized by virtue of subsection (1) shall include references to an authorized insurer in relation to which that power is so exercised.

(3) An insurer authorized by virtue of subsection (1) shall, as respects such of the requirements of Part III as relate to the Third Schedule, be deemed to comply with such requirements in respect of any year if, but only if, the insurer submits to the Insurance Authority, as soon as practicable, 2 copies in legible form of the accounts and statements required to be submitted in respect of that year to the Department of Trade in the United Kingdom under the Insurance Companies Act 1974 or any law amending or replacing that Act.

(4) Section 26(1)(d) and (4) shall not apply to an insurer authorized by virtue of subsection (1).

(5) Where, in the exercise of his powers by the Secretary of State under the Insurance Companies Act 1974 or any law amending or replacing that Act, any requirement of a kind referred to in sections 27 to 35 is imposed upon, or any notice of a kind referred to in section 14(4) or (5), 26, 36, 37 or 38 is delivered to or served on, an insurer authorized by virtue of subsection (1), the insurer shall, as soon as practicable, deliver a copy thereof to the Insurance Authority.

(6) If it appears to the Insurance Authority that an insurer authorized by virtue of subsection (1) has ceased to satisfy any condition referred to in paragraph (a), (b) or (c) of that subsection, the Insurance Authority may serve a notice in writing on the insurer containing a statement to that effect and specifying the condition or conditions which it appears to him the insurer has ceased to satisfy.

(7) Where the Insurance Authority serves a notice on an insurer under subsection (6)

(a) subsections (3) and (4) shall cease to have effect in relation to the

insurer as from the date of service of the notice; and

•

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