Insurance Ordinance

(12)
In this
section—
assets in Hong Kong
(
在港資產
)—
(a)
means—
(i)
assets of the type set out in
Schedule 8
; or
(ii)
other assets or guarantees, or other arrangements in lieu of
                            assets, approved by the Authority in writing in a particular case;
                            and
(b)
does not include assets the titles to which are subject to any
                        encumbrance or charge, other than a floating charge;
direct business
(
直接業務
) means the business of effecting and carrying out contracts of
                insurance, other than contracts of reinsurance;
general business with onshore
                    risk
(
具在岸風險的一般業務
) means—
(a)
any direct business that satisfies any of the following
conditions—
(i)
the direct business is of a nature specified in class 1, 2, 4 or 7
                            in
Part 3 of Schedule 1
and—
(A)
the policy is issued in Hong Kong;
(B)
the proposal form, application form or any other form of a
                                similar nature is prepared, signed, submitted, received or accepted
                                in Hong Kong; or
(C)
the risk is accepted in Hong Kong;
(ii)
the direct business is of a nature specified in class 3 or 10 in
Part 3 of Schedule 1
and the vehicle being insured is
                            registered in Hong Kong;
(iii)
the direct business is of a nature specified in class 8 or 9 in
Part 3 of Schedule 1
and the property being insured is
                            located in Hong Kong;
(iv)
the direct business is of a nature specified in class 5, 6, 11, 12,
                            13, 14, 15, 16 or 17 in
Part 3 of Schedule 1
and the policy
holder—
(A)
is resident in Hong Kong; or
(B)
is a company;
(b)
any facultative reinsurance business under which the risk ceded arises
                        from any direct business mentioned in paragraph (a); or
(c)
any treaty reinsurance business, being general business, in relation to
                        which the risk is underwritten in Hong Kong, that is to
say—
(i)
the treaty is signed or accepted in Hong Kong; or
(ii)
the treaty negotiation is concluded in Hong Kong,
excluding any treaty reinsurance business under which less than 25%
                        of the total risk ceded (determined in terms of the gross premiums) arises
                        from any direct business mentioned in paragraph (a).
(Added
20 of 2023 s. 45
)