Chapter Number and Title of Enactment

Chapter:

41Title:INSURANCE COMPANIES ORDINANCE

Download CAP 41 INSURANCE COMPANIES ORDINANCE [format: PDF].

: If this pencil mark appears at the beginning of a provision, that provision is subject to amendments that are already in operation but have not yet been incorporated in its text.

Table of contents of enactment:
Cap 41 Long title
Cap 41 s 1Short title
Cap 41 s 2Interpretation
Cap 41 s 3Classes of insurance business
Cap 41 s 4Insurance Authority
Cap 41 s 4AFunctions of Insurance Authority
Cap 41 s 5Register of insurers
Cap 41 s 6Restriction on carrying on of insurance business
Cap 41 s 6AContracts of insurance entered into in contravention of section 6(1)
Cap 41 s 7Application for authorization to carry on insurance business
Cap 41 s 8Authorization
Cap 41 s 9Meaning of "controller" (控權人) in section 8(2)
Cap 41 s 10Meaning of "relevant amount" (有關數額) in section 8(3)
Cap 41 s 11Appeal against refusal of authorization under section 8(2)
Cap 41 s 12Conditions imposed under section 8 may be revoked
Cap 41 s 13Fee payable upon authorization and annually thereafter
Cap 41 s 13AApproval of appointment by authorized insurer of certain controllers
Cap 41 s 13BApproval of persons proposing to become certain controllers of authorized insurer
Cap 41 s 13CRestrictions on and sale of shares where there has been a contravention of section 13B(2)
Cap 41 s 13DPunishment for attempted evasion of restrictions
Cap 41 s 14Notification of change in particulars, and objection to appointment of new director or controller
Cap 41 s 15Appointment of auditor and actuary
Cap 41 s 15ANotification in respect of auditors appointed under section 15
Cap 41 s 15BNotification in respect of actuaries appointed under section 15
Cap 41 s 15CStandards to be complied with by an actuary
Cap 41 s 16Keeping and preserving of proper books of account
Cap 41 s 17Submission of financial information
Cap 41 s 18Periodic actuarial investigation of insurer with long term business
Cap 41 s 19Statements of transactions of prescribed class or description
Cap 41 s 20Deposit of accounts etc. with Insurance Authority
Cap 41 s 21Documents to be deposited with Registrar of Companies
Cap 41 s 22Separation of assets and liabilities attributable to long term business
Cap 41 s 22AForeign insurers may be authorized to maintain accounts in relation to their Hong Kong business
Cap 41 s 23Application of assets of insurer with long term business
Cap 41 s 24Sanction of Court of First Instance for transfer of long term business
Cap 41 s 25Provisions supplementary to section 24
Cap 41 s 25AMaintenance of assets in Hong Kong-general business
Cap 41 s 25BDirection by Insurance Authority to re-determine liabilities
Cap 41 s 25CLetter of credit or other commitment from a bank
Cap 41 s 25DApproval of transfer of general business
Cap 41 s 25EEffect of approval under section 25D
Cap 41 s 25FLloyd's underwriters
Cap 41 s 26Grounds on which powers are exercisable
Cap 41 s 27Restrictions on new business
Cap 41 s 28Requirements about investments
Cap 41 s 29Maintenance of assets in Hong Kong
Cap 41 s 30Custody of assets
Cap 41 s 31Limitation of premium income
Cap 41 s 32Actuarial investigations
Cap 41 s 33Acceleration of information required by accounting provisions
Cap 41 s 34Power to obtain information and require production of documents
Cap 41 s 35Residual power to impose requirements, etc.
Cap 41 s 35ARequirement under section 35 to make deposit
Cap 41 s 35AAMaintenance of excess of assets over liabilities etc.
Cap 41 s 35BAccounts
Cap 41 s 36Notice of proposed exercise of power under section 27
Cap 41 s 37Notice of proposed exercise of powers on ground of unfitness
Cap 41 s 38Rescission, variation and publication of requirements
Cap 41 s 38AEffect of direction given under section 35(2)(b)
Cap 41 s 38BPowers of Manager
Cap 41 s 38CCourt of First Instance may approve certain resolutions
Cap 41 s 38DDuration of direction given under section 35(2)
Cap 41 s 38EAdvisors and Managers
Cap 41 s 39Power of Financial Secretary to bring civil proceedings on behalf of insurer
Cap 41 s 40Withdrawal of authorization
Cap 41 s 41Offences under Part V
Cap 41 s 42Circumstances in which insurer deemed to be insolvent
Cap 41 s 43Winding up of insurer under Companies Ordinance
Cap 41 s 44Winding up on petition of Insurance Authority
Cap 41 s 45Winding up of insurer
Cap 41 s 46Continuation of long term business of insurer in liquidation
Cap 41 s 47Winding up of insurers involved in transfer of business
Cap 41 s 48Reduction of contracts as alternative to winding up
Cap 41 s 49Winding up rules
Cap 41 s 49AWinding up of insurer subject to direction under section 35(2)(b)
Cap 41 s 49BNotice of commencement of liquidation, etc. and of appointment of liquidator, etc.
Cap 41 s 50Requirements to be complied with by Lloyd's
Cap 41 s 50ARequirement on solvency margin
Cap 41 s 50BFit and proper management
Cap 41 s 50CReporting requirements
Cap 41 s 50DLocal assets
Cap 41 s 50EInsurance intermediaries
Cap 41 s 50FPowers of intervention
Cap 41 s 51Exempted persons
Cap 41 s 52(Repealed 50 of 1992 s. 6)
Cap 41 s 53Power of Chief Executive in Council to exempt insurer
Cap 41 s 53ASecrecy
Cap 41 s 53BDisclosure of information
Cap 41 s 53CExamination by external authorities
Cap 41 s 53DCommunication by prescribed person with Insurance Authority
Cap 41 s 53EPrescribed person to send report directly to Insurance Authority in certain cases
Cap 41 s 54Insurance Advisory Committee
Cap 41 s 55Service of notices
Cap 41 s 55AImmunity
Cap 41 s 55BNotification of cessation of place of business in Hong Kong
Cap 41 s 56Misleading statements etc. and false information; offences
Cap 41 s 56ARestriction on use of the word "insurance" or "assurance"
Cap 41 s 57Liability for offences by bodies corporate
Cap 41 s 58Limitation of time for proceedings in respect of offences
Cap 41 s 58A(Repealed 29 of 1997 s. 9)
Cap 41 s 59Regulations
Cap 41 s 60Relaxation of regulations under section 59(1)(a)
Cap 41 s 61Transitional and savings
Cap 41 s 62(Omitted as spent)
Cap 41 s 63Further transitional provision
Cap 41 s 64(Repealed 35 of 1996 s. 31)
Cap 41 s 64AInterpretation (Part IXA)
Cap 41 s 64BNo contract of insurance to be made without interest
Cap 41 s 64CNo contract of insurance on lives without inserting the persons' names, etc.
Cap 41 s 64DRecoverable amount
Cap 41 s 64ENot to extend to ships, etc.
Cap 41 s 65Insurance agents and insurance brokers
Cap 41 s 66Registration of appointed insurance agents
Cap 41 s 67Code of practice
Cap 41 s 68Insurance agent's relationship with insurer
Cap 41 s 69Insurance brokers to be authorized
Cap 41 s 70Approval of bodies of insurance brokers
Cap 41 s 71Insurance broker's client monies
Cap 41 s 72Appointment of auditor
Cap 41 s 73Audit, etc.
Cap 41 s 74Powers of Insurance Authority to require production, etc.
Cap 41 s 75Withdrawal of authorization or approval
Cap 41 s 76Power to petition to wind up an intermediary
Cap 41 s 77Offences
Cap 41 s 78Exemptions
Cap 41 Sched 1CLASSES OF INSURANCE BUSINESS
Cap 41 Sched 2DIRECTORS AND CONTROLLERS
Cap 41 Sched 3ACCOUNTS AND STATEMENTS
Cap 41 Sched 4PROPOSED APPOINTMENT OF CONTROLLER WITHIN THE MEANING OF SECTION 13A(1) OR AUTHORIZED REPRESENTATIVE UNDER SECTION 50B
Cap 41 Sched 5PERSON PROPOSING TO BECOME CONTROLLER WITHIN THE MEANING OF SECTION 13B(1)
Cap 41 Sched 6PERSON WHO HAS BECOME CONTROLLER OF INSURER IN CONTRAVENTION OF SECTION 13B(2)
Cap 41 Sched 7POWERS OF MANAGER OF INSURER
Cap 41 Sched 8ASSETS WHICH QUALIFY AS ASSETS IN HONG KONG




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