1964_INSURANCE_COMPANIES_ORDINANCE — Page 46

1988 Ed.]

Insurance Companies

[CAP. 41

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(4) The provisions of Part III and the Third Schedule relating to the submission to or the deposit with the Insurance Authority of any accounts, statements or other documents or information shall not, as respects any insurer which was carrying on insurance business immediately before the commence- ment of this Ordinance, have effect in respect of any period before the financial year of the insurer which begins on or after such commencement; and any provision in an Ordinance repealed by this Ordinance relating to the filing or deposit of any accounts, statements or other documents or information shall, if such provision applied to such insurer immediately before such commencement, continue to apply to such insurer in respect of any such period as if that provision had not been repealed.

(5) Any deposit made by an insurer under an Ordinance repealed or amended by this Ordinance which was held by any person under that Ordinance immediately before the commencement of this Ordinance shall, as from such commencement, be held by the Insurance Authority as if such deposit had been made with the Insurance Authority, and shall continue to be so held for such period not exceeding 6 months from such commencement as the Insurance Authority may determine.

(6) Any proceedings commenced under an Ordinance repealed by this Ordinance, or by virtue of the exercise of any function conferred by that Ordinance, and pending at the commencement of this Ordinance may be continued and disposed of thereafter as if that Ordinance had not been repealed.

Transitional

62. The Insurance Companies (Amendment) (No. 2) Ordinance 1987 (41 of 1987) ("the amending Ordinance") shall apply to and in relation to any application made under section 7 of this Ordinance before the commencement of the amending Ordinance in respect of which no decision has been made under section 8 of this Ordinance before that commencement as it applies to any application made under section 7 of this Ordinance on or after that commence- ment.

(41 of 1987 s. 4 incorporated)

Further transitional provision

63. Section 5(1)(b) of this Ordinance as amended by section 2(a) of the Insurance Companies (Amendment) Ordinance 1988 (34 of 1988) shall apply to an authorized insurer whether authorized before, on or after the commence- ment of that Ordinance.

(34 of 1988 s. 7 incorporated)

FIRST SCHEDULE

[ss. 3, 51 & 61]

CLASSES OF INSURANCE BUSINESS

PART 1

1.

PRELIMINARY

The classes of insurance business specified in Parts 2 and 3 of this Schedule shall constitute the classes of insurance business that are relevant for the purposes of this Ordinance.