Insurance Ordinance

(1)
An
                authorized
insurer—
(Amended
12 of 2015 s. 38
;
20 of 2023 s. 34
)
(a)
must,
                    once in every 12 months or at such shorter intervals as the
                    Authority
                    may require, cause an investigation to be made into its financial condition in
                    respect of
                    its long
                    term
                    business including a valuation of its liabilities in respect
                    of
                    that business, by its actuary appointed under
section 15AAA(1)
for
                    that business; and
(Amended
8 of 1989 s. 4
)
(b)
when such an investigation has been made, or when at any other time an
                    investigation into the financial condition of the insurer in respect of
                    that
                    business has been made with a view to the distribution of profits, or the
                    results of which are made public,
must—
(Amended
20 of 2023 s. 34
)
(i)
cause an actuary’s report of the investigation to be made in the
                        specified form; and
(ii)
submit the report to the Authority in accordance with the rules made
                        under
section 129
.
(2)
Where under subsection (1)
                an
                authorized insurer causes an
                actuary’s
                report to be made on the actuary’s investigation into the
                financial condition of the insurer in respect of its long term business,
                the
                insurer
must—
(Amended
20 of 2023 s. 34
)
(a)
prepare a statement containing the information specified by the Authority
                    in respect of that business as at the date to which the accounts of the insurer
                    are made up for the purpose of the investigation; and
(b)
submit such statement to the Authority in accordance with the rules made
                    under
section 129
.
(3)
In
                this section, for an authorized insurer described in
section 21B(4)
or
                (7), a reference to the insurer’s long term business is a reference to the insurer’s
                long term business carried on in or from Hong Kong.
(Replaced
20 of 2023 s. 34
)