1964_INSURANCE_COMPANIES_ORDINANCE — Page 44

1988 Ed.]

Insurance Companies

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(2) Any person who causes or permits to be included in-

(a) any notice or statement or certificate served or furnished or sent out;

or

(b) any document or copy of any document deposited,

under any provision of this Ordinance a statement which he knows to be false in a material particular or recklessly causes or permits to be so included any statement which is false in a material particular commits an offence and is liable to a fine of $100,000 and, in the case of an individual, to imprisonment for 2 years.

Liability for offences by bodies corporate

57. When at any time a body corporate commits an offence under this Ordinance with the consent or connivance of, or because of neglect by, any individual, the individual commits the like offence if at that time-

(a) he is a controller of the body corporate; or

(b) he is a director, manager, secretary or similar officer of the body corporate or is purporting to act as such officer or as agent of such body corporate; or

(c) the body corporate is managed by its members, of whom he is one.

Limitation of time for proceedings in respect of offences

58. Criminal proceedings for an offence under this Ordinance may be instituted at any time before, but shall not be instituted after, the expiration of 2 years from the discovery of the offence by the Insurance Authority or 6 years from the commission of the offence, whichever is the earlier.

Validation of certain group policies

58A. (1) Section 2 of the Life Assurance Act 1774 (1774 c. 48 U.K.) (policy on life or lives or other event or events not valid unless name or names of assured etc. inserted when policy is made) shall not invalidate a policy for the benefit of unnamed persons from time to time falling within a specified class or description if the class or description is stated in the policy with sufficient particularity to make it possible to establish the identity of all persons who at any given time are entitled to benefit under the policy.

(2) This section applies to policies effected before the commencement of the Insurance Companies (Amendment) Ordinance 1985 (8 of 1985) as well as to policies effected thereafter.

{ Added 8 of 1985 s. 2)

Regulations

59. The Governor in Council may by regulations-

(a) provide for the determination of the value of the assets and the amount of the liabilities of any insurer for the purposes of this Ordinance;