40
CAP. 41]
Insurance Companies
[1988 Ed.
(b) the determination by the High Court of an application under section 24; or
(c) a winding-up by the High Court under Part VI.
(3) Subsection (1) shall not apply to the disclosure of information-
(a) in the form of a summary compiled from similar or related information provided by insurers if the summary is so compiled as to prevent particulars relating to the business of any such insurer being ascertained from it;
(b) with a view to the institution of, or otherwise for the purposes of, any criminal proceedings or investigation, whether under this Ordinance or otherwise, in Hong Kong;
(c) in connection with any civil proceedings arising out of this Ordinance;
(d) by the Insurance Authority, in respect of any auditor of an insurer, to-
(i) the Registrar;
(ii) the Council; or
(iii) the Disciplinary Committee,
under the Professional Accountants Ordinance (Cap. 50) in respect of any complaint to which section 34 of that Ordinance applies; or
(e) to the Financial Secretary, the Secretary for Monetary Affairs, any public officer authorized by the Financial Secretary for the purposes of this paragraph or the Disciplinary Committee referred to in paragraph (d) where, in the opinion of the Insurance Authority, it is desirable or expedient that the information should be so disclosed in the interests of existing or potential policy holders or in the public interest.
(4) Any person who contravenes subsection (1) commits an offence and is liable-
(a) on conviction upon indictment to a fine of $100,000 and, in the case of an individual, to imprisonment for 2 years; or
(b) on summary conviction to a fine of $50,000 and, in the case of an individual, to imprisonment for 6 months.
(5) This section shall apply to-
(a) companies which make application under section 7;
(b) associations of underwriters; and
(c) Lloyd's,
as it applies to insurers.
(6) For the purposes of this section, "function" includes a power and a duty.
Disclosure of information
53B. (1) Subject to subsection (2) and notwithstanding section 53A, the Insurance Authority may, if he considers that it is in the interests of existing or potential policy holders of an insurer, provide to the insurance supervisory
40
CAP. 41]
Insurance Companies
[1988 Ed.
(b) the determination by the High Court of an application under sec-
tion 24; or
(c) a winding-up by the High Court under Part VI.
(3) Subsection (1) shall not apply to the disclosure of information- (a) in the form of a summary compiled from similar or related informa- tion provided by insurers if the summary is so compiled as to prevent particulars relating to the business of any such insurer being ascer- tained from it;
(b) with a view to the institution of, or otherwise for the purposes of, any criminal proceedings or investigation, whether under this Ordinance or otherwise, in Hong Kong;
(c) in connection with any civil proceedings arising out of this Ordinance; (d) by the Insurance Authority, in respect of any auditor of an insurer,
to-
(i) the Registrar;
(ii) the Council; or
(iii) the Disciplinary Committee,
under the Professional Accountants Ordinance (Cap. 50) in respect of any complaint to which section 34 of that Ordinance applies; or
(e) to the Financial Secretary, the Secretary for Monetary Affairs, any public officer authorized by the Financial Secretary for the purposes of this paragraph or the Disciplinary Committee referred to in paragraph (d) where, in the opinion of the Insurance Authority, it is desirable or expedient that the information should be so disclosed in the interests of existing or potential policy holders or in the public interest.
(4) Any person who contravenes subsection (1) commits an offence and is liable-
(a) on conviction upon indictment to a fine of $100,000 and, in the case of
an individual, to imprisonment for 2 years; or
(b) on summary conviction to a fine of $50,000 and, in the case of an
individual, to imprisonment for 6 months.
(5) This section shall apply to-
(a) companies which make application under section 7;
(b) associations of underwriters; and
(c) Lloyd's,
as it applies to insurers.
(6) For the purposes of this section, "function" includes a power and a duty.
Disclosure of information
53B. (1) Subject to subsection (2) and notwithstanding section 53A, the Insurance Authority may, if he considers that it is in the interests of existing or potential policy holders of an insurer, provide to the insurance supervisory
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