Insurance Ordinance

(1)
Subject to
section 15AAAB
—
(a)
an authorized insurer described in
section 21B(1)
must appoint a
                    qualified actuary as its actuary for its long term business;
(b)
an authorized insurer described in
section 21B(4)
or (7) must
                    appoint a qualified actuary as its actuary for its long term business carried on
                    in or from Hong Kong;
(c)
an authorized insurer must appoint a qualified actuary as its actuary for
                    its general business if it
is—
(i)
an HK insurer that carries on general business;
(ii)
a designated insurer that carries on general business; or
(iii)
a non-HK insurer that carries on general business and in relation to
                        which a permission under
section 25AAC(1)
is in effect; and
(Replaced
14 of 2025 s. 130
)
(d)
an authorized insurer described in
section 25AA(3)
or (5) must
                    appoint a qualified actuary as its actuary for its general business carried on
                    in or from Hong Kong.
(2)
For the purposes of subsection (1), an actuary is a qualified actuary if the
actuary—
(a)
possesses the prescribed qualifications; or
(b)
is acceptable to the Authority.
(3)
Subsection
(1
)(
c)
and (d) does not apply to an authorized insurer
                that is exempted under the rules made under
section 129(1
)(
cb)
.
(4)
An authorized insurer must make a first appointment under subsection
(1
)(
a)
within 1 month after the date on which the authorized insurer
                begins to carry on long term business.
(5)
An authorized insurer must make a first appointment under subsection
(1
)(
b)
within 1 month after the date on which the authorized insurer
                begins to carry on long term business in or from Hong Kong.
(6)
An authorized insurer must make a first appointment under subsection
(1
)(
c)
—
(a)
if the insurer is carrying on general business on the commencement
                        date
*
of
section 44
of
                    the Insurance (Amendment) Ordinance 2023 (
20 of
                        2023
) (
commencement date
)—before the end of the
                    insurer’s financial year in which the commencement date falls; or
(b)
if the insurer begins to carry on general business on a day after the
                    commencement date—within 1 month after that day.
(7)
An authorized insurer must make a first appointment under subsection
(1
)(
d)
—
(a)
if the insurer is carrying on general business in or from Hong Kong on the
                    commencement date—before the end of the insurer’s financial year in which the
                    commencement date falls; or
(b)
if the insurer begins to carry on general business in or from Hong Kong on
                    a day after the commencement date—within 1 month after that day.
(8)
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.
(9)
An authorized insurer that makes an appointment under subsection (1) must,
                within 1 month after making the appointment, serve on the Authority a written notice
                of the appointment.
(10)
An authorized insurer that contravenes subsection (1), (4), (5), (6), (7), (8)
                or (9) commits an offence and is liable on
conviction—
(a)
to a fine at level 4; and
(b)
in the case of a continuing offence—to a further fine of $1,000 for each
                    day during which the offence continues.