1964_INSURANCE_COMPANIES_ORDINANCE — Page 6

1988 Ed.]

LL

Insurance Companies

[CAP. 41

5

‘general business” means insurance business not being long term business;

"gross premium income" has the meaning assigned to it by section 10(4)(c);

"holding company" has the meaning assigned to it by section 2(7) of the

Companies Ordinance (Cap.32);

"Insurance Authority" means the Insurance Authority appointed under section 4;

"insurer" means a person carrying on insurance business but does not include

Lloyd's;

"long term business" means any of the classes of insurance business specified in

Part 2 of the First Schedule;

“Lloyd's" means the society of underwriters known in the United Kingdom as

Lloyd's;

"policy"

(a) in relation to long term business, includes an instrument evidencing a

contract to pay an annuity upon human life;

(b) in relation to insurance business of any other class, includes any policy under which there is for the time being an existing liability already accrued or under which a liability may accrue;

"policy holder" means the person who for the time being is the legal holder of a

policy for securing a contract with an insurer, and—

(a) in relation to such long term business as consists in the granting of

annuities upon human life, includes an annuitant; and

(b) in relation to insurance business of any other kind, includes a person to whom, under a policy, a benefit is due or a periodic payment is payable;

"premiums receivable" has the meaning assigned to it by section 10(5); "prescribed" means prescribed by regulations made by the Governor in Council

under section 59;

"subordinated loan stock”, in relation to a company, means a loan which in the event of the winding up of the company is repayable by the company only after all of the liabilities of the company, other than those in respect of share capital, have been paid in full;

"subsidiary" has the meaning assigned to it by section 2(4), (5) and (6) of the

Companies Ordinance;

"valuation regulations" has the meaning assigned to it by section 8(4)(b).

(2) References in this Ordinance to an insurer include references to an insurer formed or established in Hong Kong and carrying on insurance business outside Hong Kong, whether or not the insurer is also carrying on insurance business in Hong Kong.

(3) For the purposes of this Ordinance, a person shall be deemed to carry on a class of insurance business in or from Hong Kong if