Insurance Ordinance

(1)
An
                authorized insurer
                must
                immediately give written notice to the
                Authority
if—
(Amended
12 of 2015 ss. 2 & 35
;
20 of 2023 s. 31
)
(a)
the insurer decides to remove or replace an actuary appointed under
section
                        15AAA(1)
;
                    or
(b)
a person appointed under
section
                        15AAA(1)
to be
                    an
                    actuary of the insurer ceases to be such actuary otherwise than in consequence
                    of a decision referred to in paragraph (a).
(Amended
20 of 2023 s. 31
)
(1A)
If, after the appointment of an actuary under
section 15AAA(1)
,
                there is any change to the particulars in respect of the actuary and the particulars
                fall within a type of particulars set out in the form specified by the Authority for
                the purposes of this subsection, the authorized insurer must, within 1 month after
                the date on which the change takes place, notify the Authority of the change in the
                specified form.
(Added
20 of 2023 s. 31
)
(2)
An actuary appointed under
section
                    15AAA(1)
by
                an
                authorized insurer
                must
                immediately give written notice to the
                Authority
if—
(Amended
12 of 2015 ss. 2 & 35
;
20 of 2023 s. 31
)
(a)
the
                    actuary resigns;
(b)
for an
                    actuary
                    who
                    has been so appointed for a fixed
                    term—the
                    actuary decides not to seek reappointment; or
(Amended
20 of 2023 s. 31
)
(c)
for
                    an actuary appointed under
section 15AAA(1
)(
a)
or (b
)—
(Replaced
20 of 2023 s. 31
)
(i)
the
                        actuary has advised the insurer that, in the actuary’s view, a course of
                        action is being, or is proposed to be, followed by the insurer that is
                        likely to cause the actuary to add a qualification or adverse amplification
                        or adverse explanation to the actuary’s certificate accompanying the
                        information required to be submitted under any requirement prescribed by
                        virtue of
section 17
; and
(Replaced
20 of 2023 s. 31
)
(ii)
after the insurer has had, in the opinion of the actuary, a reasonable
                        time within which to act on that advice, that course of action is still
                        being, or is still proposed to be, followed by the insurer.
(2A)-(2C)
(Repealed
20 of 2023 s. 31
)
(3)
An
                authorized insurer which fails to comply with subsection
                (1) or
                (1A) commits an offence and is liable to a fine at level 4,
                together with a fine of $1,000 for each day on which the offence continues.
(Amended
35 of 1996 s. 13
;
12 of 2015 s. 35
;
20 of 2023 s. 31
)
(4)
Where a person is charged with an offence under subsection (3), it shall be a
                defence if the person charged proves that he took all reasonable precautions and
                exercised all due diligence to avoid the commission of the offence.