1964_INSURANCE_COMPANIES_ORDINANCE — Page 60

1988 Ed.]

Insurance Companies

[CAP. 41

59

22. The following shall also be stated-

(a) where any person or class of persons has an option to subscribe for shares in the insurer-—

(i) the name of that person or the class of persons involved;

(ii) the period during which it is exercisable;

(iii) the price to be paid or shares subscribed for under it;

(b) the amount of any arrears of fixed cumulative dividends on the insurer's shares and the period for which the dividends or, if there is more than one class, each class of them are in arrear;

(c) particulars of any charge on the assets of the insurer to secure the liabilities of another,

including the amount secured;

(d) if it is material, the general nature of any other contingent liabilities not provided for and

the aggregate amount or estimated amount of those liabilities; and

(e) if it is material, the aggregate amount or estimated amount of authorized capital

expenditure so far as not provided for.

23. Except in the case of the first balance sheet, the corresponding amounts at the end of the immediately preceding financial year shall be shown for all items.

PART 5: GENERAL PROVISIONS RELATING TO REVENUE ACCOUNT AND

PROFIT AND Loss AccounT

Revenue Account

24. (1) There shall be shown for each accounting class of general business- (a) all gross premiums receivable by the insurer, distinguishing between→→

(i) premiums from direct underwriting; and

(ii) premiums under reinsurance contracts accepted by the insurer;

(b) all reinsurance premiums payable by the insurer, distinguishing between cessions relating to direct underwriting and retrocessions relating to reinsurance contracts accepted by the insurer;

(c) all commissions payable by the insurer to agents, brokers or ceding companies, dis- tinguishing between those relating to premiums from direct underwriting and those relating to premiums under reinsurance contracts accepted by the insurer;

(d) all commissions receivable by the insurer from reinsurers;

(e) all claims paid and outstanding, distinguishing between those relating to direct underwrit-

ing and those relating to reinsurance contracts accepted by the insurer, and showing-

(i) the gross amounts;

(ii) the amounts recoverable from reinsurers; and

(iii) the net amounts;

() expenses of settling claims;

(g) management expenses;

(h) unearned premiums and unexpired risks brought forward at the beginning of the financial

year and carried forward at the end of the year.

(2) An insurer-

(a) which undertakes business in accounting class 4 only in respect of risks relating to hovercraft may account for such business in accounting class 3 if it also undertakes business in that class;

(b) may include in accounting class 5 business covering liability for loss or damage to or of goods in transit which would otherwise be included in accounting class 2 provided that the policy does not cover damage to vehicles except as an ancillary risk as defined in the First Schedule.

finare fund accention best

(3) Accounting classes 3, 4 and 5 when accounted for on a 3-year basis-shall also include treaty reinsurance business in the corresponding classes. Subject thereto, the insufer may account for all reinsurance business in accounting classes 9 and 10, or alternatively may combine all such business with similar business falling within accounting classes 1 to 8 inclusive.

25. The following items (a) to (i) shall be shown, for long term business, for each of the following types of business (i) to (vi) (which correspond to the classes of long term business in Part 2 of the First Schedule)

(i) life and annuity business; (ii) marriage and birth business;

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