1964_INSURANCE_COMPANIES_ORDINANCE — Page 58

1988 Ed.]

Insurance Companies

[CAP. 41

57

(a) the preliminary expenses;

(b) any expenses incurred in connection with any issue of share capital or debentures;

(c) any sums paid by way of commission in respect of any shares or debentures;

(d) any sums allowed by way of discount in respect of any debentures; and

(e) the amount of the discount allowed on any issue of shares at a discount.

16. The assets and liabilities of the insurer shall be set out under the following headings and shall reflect the identification of long term assets and liabilities as required by Part 6 of this Schedule.

(a) Land and buildings-

Assets

Land held on a lease with an unexpired period of less than 10 years shall be separately identified. Where land and buildings have been valued in the year, the name or qualifications of the valuer, and the basis of valuation must be disclosed. For assets valued previously, the year and amount of each valuation must be shown.

(b) Fixed interest securities---

(i) issued by, or guaranteed by, any Government or public authority;

(ii) other fixed interest securities (except those in associated or subsidiary companies)

distinguishing between listed and unlisted securities.

(c) Variable interest securities—

(i) issued by, or guaranteed by, any Government or public authority;

(ii) others.

(d) Other variable interest investments-

(i) equity shares (except those in associated or subsidiary companies) distinguishing

between listed and unlisted shares;

(ii) holdings in unit trusts.

(e) Investments in associated or subsidiary companies-

(i) insurers-

(A) value of any shares held;

(B) debts (other than debts referred to in (g) below);

(ii) non-insurers-

(A) value of any shares held;

(B) debts.

The shares shall be analysed as listed and as unlisted, and the debts shall be analysed as secured, as partly secured and as unsecured.

(A) Loans secured by contracts of insurance issued by the insurer.

(g) Insurance debts (distinguishing between those due from associated or subsidiary com-

panies and those due from others)-

(i) premium income in respect of direct insurance but not yet paid to the insurer less

commission payable thereon;

(ii) amounts due under reinsurance contracts, distinguishing as between reinsurance

contracts accepted and reinsurance contracts ceded;

(iii) if material, recoveries due by way of salvage or from other insurers in respect of

claims paid other than recoveries under reinsurance contracts ceded.

(h) Debts not previously covered--

(i) fully secured;

(ii) partly secured;

(iii) unsecured.

(i) Deposit and current accounts with banks----

(i) fixed term deposits;

(ii) current accounts.

(j) Deposit and current accounts with deposit-taking companies registered or authorized by

any governmental agency-

(i) fixed term;

(ii) at call.

(k) Cash.

(7) Computer equipment, office machinery, furniture, motor vehicles and other equipment.