1988 Ed.]
Insurance Companies
[CAP. 41
7
(e) where an authorized insurer ceases by virtue of a direction under section 40 to be authorized to carry on insurance business which is part of a class of insurance business, a note to that effect. (Added 34 of 1988 s. 2)
(2) The register shall be kept at the office of the Insurance Authority or such other place as he may specify by notice in the Gazette.
(3) Any person shall be entitled on payment of the prescribed fee-
(a) to inspect the register during ordinary office hours and take copies of any entry therein;
(b) to obtain from the Insurance Authority a copy, certified by or under the authority of the Insurance Authority to be correct, of any entry in the register.
(4) The register required under this section may be kept by recording the matters in question-
(a) in bound books or any other legible form; or
(b) otherwise than in a legible form so long as the recording is capable of being reproduced in a legible form,
but where such register is kept otherwise than by making entries in a bound book, adequate precautions shall be taken for guarding against falsification and facilitating its discovery.
PART II
AUTHORIZATION
Restriction on carrying on of insurance business
6. (1) No person shall carry on any class of insurance business in or from Hong Kong except-
(a) a company authorized under section 8 to carry on that class of insurance business;
(b) Lloyd's;
(c) an association of underwriters approved by the Governor in Council.
(2) An application for approval under subsection (1)(c) shall be addressed to the Insurance Authority, and the applicant shall furnish such information in respect thereof as the Insurance Authority may require.
(3) A person who contravenes subsection (1) commits an offence and is liable-
(a) on conviction upon indictment to a fine of $1,000,000 and, in the case of an individual, to imprisonment for 2 years; and
(b) on summary conviction to a fine of $100,000 and, in the case of an individual, to imprisonment for 6 months,
together with, in either case, a fine of $1,000 for each day on which the offence continues.
1988 Ed.]
Insurance Companies
[CAP. 41
7
(e) where an authorized insurer ceases by virtue of a direction under section 40 to be authorized to carry on insurance business which is part of a class of insurance business, a note to that effect. (Added 34 of 1988 s. 2)
(2) The register shall be kept at the office of the Insurance Authority or such other place as he may specify by notice in the Gazette.
(3) Any person shall be entitled on payment of the prescribed fee- (a) to inspect the register during ordinary office hours and take copies of
any entry therein;
(b) to obtain from the Insurance Authority a copy, certified by or under the authority of the Insurance Authority to be correct, of any entry in the register.
(4) The register required under this section may be kept by recording the matters in question-
(a) in bound books or any other legible form; or
(b) otherwise than in a legible form so long as the recording is capable of
being reproduced in a legible form,
but where such register is kept otherwise than by making entries in a bound book, adequate precautions shall be taken for guarding against falsification and facilitating its discovery.
PART II
AUTHORIZATION
Restriction on carrying on of insurance business
6. (1) No person shall carry on any class of insurance business in or from Hong Kong except-
(a) a company authorized under section 8 to carry on that class of
insurance business;
(b) Lloyd's;
(c) an association of underwriters approved by the Governor in Council.
(2) An application for approval under subsection (1)(c) shall be addressed to the Insurance Authority, and the applicant shall furnish such information in respect thereof as the Insurance Authority may require.
(3) A person who contravenes subsection (1) commits an offence and is liable-
(a) on conviction upon indictment to a fine of $1,000,000 and, in the case
of an individual, to imprisonment for 2 years; and
(b) on summary conviction to a fine of $100,000 and, in the case of an
individual, to imprisonment for 6 months,
together with, in either case, a fine of $1,000 for each day on which the offence continues.
GAY
No comments yet.
Private notes are available after approval.