Insurance Ordinance

(1)
An authorized insurer must appoint as its
auditor—
(a)
for an HK insurer—a person who is not prohibited under
section
                        20AAZZR
of the Accounting and Financial Reporting Council Ordinance
                        (
Cap. 588
) from holding any appointment as an
                    auditor of a company and is not disqualified under
section 393
of the
                    Companies Ordinance (
Cap. 622
); or
(b)
for a
non-
HK
insurer—
a
person—
(i)
who may lawfully practise as an auditor in the place of its
                        incorporation; and
(ii)
without affecting subparagraph (i), who holds any qualification that
                        the Authority accepts as being of a standard comparable to that of a person
                        referred to in paragraph (a).
(Replaced
20 of 2023 s. 23
)
(2)
An authorized insurer must make a first appointment under subsection (1) within
                1 month after the date on which the authorized insurer begins to carry on insurance
                business.
(Replaced
20 of 2023 s. 23
)
(2A)
After an appointment under subsection (1) comes to an end, the authorized
                insurer must, as soon as practicable, make a fresh appointment under that
                subsection.
(Added
20 of 2023 s. 23
)
(3)
An
                authorized insurer making an appointment under subsection (1)
                must
                within 1 month
                after
                making the appointment serve on the
                Authority
                a notice of the
                appointment in writing
                stating
                the name and qualifications of the person appointed.
(Amended
12 of 2015 s. 2
;
20 of 2023 s. 23
)
(3A)-(3I)
(Repealed
20 of 2023 s. 23
)
(4)
(Repealed
59 of 1993 s. 6
)
(5)
An
                authorized insurer which contravenes subsection (1),
                (2),
                (2A)
                or (3) commits an offence and is liable to a fine at level 4,
                together with a further fine of $1,000 for each day on which the offence continues.
(Amended
59 of 1993 s. 6
;
35 of 1996 s. 11
;
20 of 2023 s. 23
)
(6)
(Repealed
20 of 2023 s. 23
)