Insurance Ordinance

(1)
Every authorized insurer shall pay the prescribed fees to the
Authority—
(Amended
12 of 2015
s. 2)
(a)
not later than the date on which it is authorized; and
(b)
annually upon the anniversary of such date.
(Replaced
50 of 1992 s. 2
)
(2)
Subsection (1) shall apply to an insurer
                deemed
                under
section 61(1)
of the
pre-
amended Ordinance having continuing effect
                by the operation of
section 2(7) of Schedule 11
to be
                authorized under
section 8
to carry on insurance business as if—
(Amended
12 of 2015
s. 23)
(a)
paragraph (a) were omitted; and
(b)
in paragraph (b), for “such date” there were substituted “the date on which
                    it was first authorized to carry on insurance business under any Ordinance
                    repealed or amended by this Ordinance”.
(3)
Where it appears to the
                Authority
                that an authorized insurer does not intend to effect any contracts of insurance
                after any anniversary referred to in subsection (1), the
                Authority
                may waive the payment of the fee payable by the insurer under that subsection in
                respect of that and any subsequent anniversary; but any such waiver may be revoked
                at any time by the
                Authority
                by notice in writing to the insurer, with effect from the date of such notice.
(Amended
12 of 2015
s. 2)