|548H||Title:||MERCHANT SHIPPING (LOCAL VESSELS) (COMPULSORY THIRD PARTY RISKS INSURANCE) REGULATION||Gazette Number:||24 of 2005; L.N. 195 of 2006; L.N. 282 of 2006|
(1) Upon application made by a protection and indemnity association under section 4, the Director may approve the protection and indemnity association as an insurer for the purposes of the Ordinance, subject to such conditions as he thinks fit.
(2) The Director shall not approve an application unless he is satisfied that the protection and indemnity association is a fit and proper body to be an insurer for the purposes of the Ordinance.
(3) If the Director approves a protection and indemnity association as an insurer for the purposes of the Ordinance, he shall notify in writing the protection and indemnity association and the Insurance Authority.
(4) If the Director refuses an application, he shall notify the applicant in writing of the refusal and the reasons for the refusal.
(5) For the avoidance of doubt, an approval granted under subsection (1) does not signify that an approved insurer is authorized to carry on any class or classes of insurance business under the Insurance Companies Ordinance (Cap 41).