44
CAP. 41]
Insurance Companies
[1988 Ed.
(b) amend section 13(1) by altering the amount of the fee payable under
paragraph (a) or (b) thereof;
(c) amend the First, Second or Third Schedule;
(d) prescribe anything required or permitted to be prescribed under this
Ordinance;
(e) provide for the better carrying into effect of this Ordinance.
60. (Amendments incorporated)
Transitional and savings
61. (1) Any insurer who immediately before the commencement of this Ordinance was authorized to carry on any insurance business under an Ordinance repealed or amended by this Ordinance shall be deemed to be authorized under section 8 of this Ordinance to carry on, as from the commencement of this Ordinance, the appropriate corresponding business (within the meaning of Part 5 of the First Schedule) if, but only if, within 3 months from the commencement of this Ordinance (or such additional period as the Insurance Authority may allow in writing in any particular case)-
(a) the insurer furnishes to the Insurance Authority the particulars specified in the Second Schedule relating to every director and controller of the insurer; and
(b) in the case of an insurer which is a company to which Part XI of the Companies Ordinance (Cap. 32) applies, the insurer has complied with the provisions of that Part.
(2) Subject to subsection (1), any insurer who immediately before 7 May 1982 was carrying on insurance business ("former insurance business”) and-
(a) was exempted in respect of the carrying on of its former insurance business by virtue of any provision in an Ordinance repealed or amended by this Ordinance being a provision which provided for the exemption of persons from the requirements of such Ordinance relating to the authorization of insurers; or
(b) whose former insurance business or part thereof was such that none of the Ordinances repealed or amended by this Ordinance required the carrying on of its former insurance business or that part to be authorized thereunder,
shall be deemed to be authorized under section 8 of this Ordinance to carry on the classes of insurance business comprised in its former insurance business or, if paragraph (b) applies to a part thereof only, that part for a period of 6 months beginning on the commencement of this Ordinance and such additional period not exceeding 6 months as the Insurance Authority may allow in writing in respect of such insurer.
(3) Where an insurer referred to in subsection (1) or (2) is charged with an offence under section 6 alleged to have been committed after the date on which the period referred to in that subsection (including any additional period allowed thereunder) expired, it shall be a defence for the insurer to show that any insurance business alleged to have been carried on by the insurer after that date was carried on only to the extent necessary to meet obligations under contracts entered into before that date.
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44
CAP. 41]
Insurance Companies
[1988 Ed.
(b) amend section 13(1) by altering the amount of the fee payable under
paragraph (a) or (b) thereof;
(c) amend the First, Second or Third Schedule;
(d) prescribe anything required or permitted to be prescribed under this
Ordinance;
(e) provide for the better carrying into effect of this Ordinance.
60. (Amendments incorporated)
Transitional and savings
61. (1) Any insurer who immediately before the commencement of this Ordinance was authorized to carry on any insurance business under an Ordinance repealed or amended by this Ordinance shall be deemed to be authorized under section 8 of this Ordinance to carry on, as from the commencement of this Ordinance, the appropriate corresponding business (within the meaning of Part 5 of the First Schedule) if, but only if, within 3 months from the commencement of this Ordinance (or such additional period as the Insurance Authority may allow in writing in any particular case)-
(a) the insurer furnishes to the Insurance Authority the particulars specified in the Second Schedule relating to every director and controller of the insurer; and
(b) in the case of an insurer which is a company to which Part XI of the Companies Ordinance (Cap. 32) applies, the insurer has complied with the provisions of that Part.
(2) Subject to subsection (1), any insurer who immediately before 7 May 1982 was carrying on insurance business ("former insurance business”) and-
(a) was exempted in respect of the carrying on of its former insurance business by virtue of any provision in an Ordinance repealed or amended by this Ordinance being a provision which provided for the exemption of persons from the requirements of such Ordinance relating to the authorization of insurers; or
(b) whose former insurance business or part thereof was such that none of the Ordinances repealed or amended by this Ordinance required the carrying on of its former insurance business or that part to be authorized thereunder,
shall be deemed to be authorized under section 8 of this Ordinance to carry on the classes of insurance business comprised in its former insurance business or, if paragraph (b) applies to a part thereof only, that part for a period of 6 months beginning on the commencement of this Ordinance and such additional period not exceeding 6 months as the Insurance Authority may allow in writing in respect of such insurer.
(3) Where an insurer referred to in subsection (1) or (2) is charged with an offence under section 6 alleged to have been committed after the date on which the period referred to in that subsection (including any additional period allowed thereunder) expired, it shall be a defence for the insurer to show that any insurance business alleged to have been carried on by the insurer after that date was carried on only to the extent necessary to meet obligations under contracts entered into before that date.
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