Full legislation
s.2
Interpretation
(1)
In this Ordinance, unless the context otherwise
requires—
Advisor
(
顧問
), in
relation to an authorized insurer, means the person appointed, pursuant to
section 35(2
)(
a)
, to be the Advisor of the insurer;
(Added
51 of 1992 s. 2
. Amended
12 of 2015 s. 5
)
Amendment Ordinance
(
《修訂條例》
) means the Insurance Companies (Amendment)
Ordinance 2015 (
12 of 2015
);
(Added
12 of 2015 s. 5
)
annuities on human life
(
人壽年金
) does not include superannuation allowances
and annuities payable out of any fund applicable solely to the relief and
maintenance of persons engaged or who have been engaged in any particular
profession, trade or employment, or of the dependants of such persons;
applicable company
(
適用公司
) means—
(a)
a company that makes an application under
section 7
(other
than an application for authorization to carry on special purpose business);
or
(b)
an authorized insurer (other than a special purpose insurer);
(Added
20 of 2023 s. 3
)
Authority
(
保監局
)
means the body corporate established under
section 4AAA(1)
;
(Added
12 of 2015 s. 5
)
authorized
(
獲授權
), in relation to an insurer, means authorized
under
section
8
or
8A
, or deemed to be so authorized under
section 61(1)
or (2) of the pre-amended Ordinance having continuing
effect by the operation of
section 2(7)
of
Schedule 11
, to
carry on insurance business, and
authorization
(
授權
) has the corresponding meaning;
(Amended
12 of 2015 s. 5
;
17 of 2020 s. 3
)
authorized institution
(
認可機構
) has the meaning given by
section
2(1)
of the Banking Ordinance (
Cap. 155
);
(Added
12 of 2015 s. 5
)
body corporate
(
法人團體
) includes a body incorporated outside Hong Kong;
bridge institution
(
過渡機構
)—see
section 43
of the Financial
Institutions (Resolution) Ordinance (
Cap. 628
);
(Added
23 of 2016 ss. 206A & 238
. Amended
E.R. 2 of 2017
)
capital requirement
(
資本規定
)—see
section 10(1)
;
(Added
20 of 2023 s. 3
)
chief executive
(
行政總裁
) has the meaning
given
by
section 9(2)
or
95A(1)
(as the case requires);
(Amended
18 of 2020 s. 3
)
class
(
類別
), in
relation to insurance business, means a class of insurance business which under
section 3
is relevant for the purposes of this Ordinance;
client account
(
客户帳户
), in relation to a licensed insurance broker company, means the
account maintained by the company as referred to in
section 71(1
)(
b)
for
holding client monies;
(Added
12 of 2015 s. 5
)
client monies
(
客户款項
), in relation to a licensed insurance broker company, means the
monies of the company specified in
section 71(2)
;
(Replaced
12 of 2015 s. 5
)
company
(
公司
) means—
(a)
a company as defined by
section 2(1)
of the Companies
Ordinance (
Cap. 622
); or
(b)
a non-Hong Kong company;
(Replaced
14 of 2025 s. 118
)
contract of insurance
(
保險合約
) includes a contract of reinsurance;
(Added
20 of 2023 s. 3
)
controller
(
控權人
)—see
section 9
;
(Replaced
12 of 2015 s. 5
)
designated insurance holding
company
(
指定保險控權公司
) has the meaning
given by
section 95A(1)
;
(Added
18 of 2020 s. 3
)
designated insurer
(
指定保險人
) means a non-HK insurer in relation to which
a designation under
section 3B(1)
is in effect;
(Added
20 of 2023 s. 3
)
director
(
董事
)—
(a)
includes any person occupying the position of director (by whatever
name called); and
(b)
in relation to a designated insurance holding company—also has the
meaning given by
section 95A(1)
;
(Replaced
18 of 2020 s. 3
)
financial year
(
財政年度
), in
relation to a body corporate, means the period in respect of which either of the
following profit and loss accounts of the body corporate is made up, whether
that period is a year or
not—
(Amended
28 of 2012 ss. 912 & 920
)
(a)
if the body corporate is not required to hold a general meeting to lay
the profit and loss account, the profit and loss account provided to every
member, as required
by—
(Amended
14 of 2025 s. 118
)
(i)
subject to subparagraph (ii), the law under which the body
corporate is incorporated, or (in the absence of such requirement by
such law) its constitution; or
(ii)
for a body corporate that is a re-domiciled company—the law of Hong
Kong;
(b)
in any other case, the profit and loss account laid before the body
corporate in a general meeting, as required
by—
(Amended
14 of 2025 s. 118
)
(i)
subject to subparagraph (ii), the law under which the body
corporate is incorporated, or (in the absence of such requirement by
such law) its constitution; or
(ii)
for a body corporate that is a re-domiciled company—the law of Hong
Kong;
(Amended
28 of 2012 ss. 912 & 920
;
14 of 2025 s. 118
)
former accountant
(
前任會計師
) means a person who was formerly the accountant of—
(a)
an authorized insurer or a former insurer; or
(b)
a designated insurance holding company or former designated insurance
holding company;
(Replaced
18 of 2020 s. 3
)
former actuary
(
前任精算師
) means a person who was formerly the actuary of—
(a)
an authorized insurer or a former insurer; or
(b)
a designated insurance holding company or former designated insurance
holding company;
(Replaced
18 of 2020 s. 3
)
former auditor
(
前任核數師
)—
(a)
in relation
to—
(i)
an authorized insurer;
(ii)
a former insurer;
(iii)
a licensed insurance broker company;
(iv)
a former licensed insurance broker company; or
(v)
a person who was formerly an authorized insurance broker within the
meaning of the pre-amended Ordinance,
means a person who was formerly the auditor of the insurer, company
or person; and
(b)
in relation
to—
(i)
the supervised group of a designated insurance holding company;
or
(ii)
the supervised group of a former designated insurance holding
company,
means a person who was formerly the auditor appointed under
section 95ZF
for the group;
(Replaced
18 of 2020 s. 3
)
former authority
(
前監督
) means the Insurance Authority appointed under
section 4
of the pre-amended Ordinance;
(Added
12 of 2015 s. 5
)
former insurer
(
前任保險人
) means a person who was formerly an authorized insurer;
(Added
59 of 1993 s. 2
. Amended
12 of 2015 s. 5
)
fully funded
(
全期資可抵債
)—see subsection (8);
(Added
17 of 2020 s. 3
)
general business
(
一般業務
) means insurance business not being long
term business
or special purpose business;
(Amended
17 of 2020 s. 3
)
gross premiums
(
毛保費
)—
(a)
means
premiums—
(i)
after deduction of discounts specified in policies or refunds of
premiums made in respect of any termination or reduction of risks;
but
(ii)
before deduction of premiums for reinsurance ceded and of
commission payable by the authorized insurer; and
(b)
includes premiums receivable by the insurer under contracts of
reinsurance accepted by the insurer;
(Added
20 of 2023 s. 3
)
group of companies
(
公司集團
) has the meaning given by
section
2(1)
of the Companies Ordinance (
Cap. 622
);
(Added
18 of 2020 s. 3
)
HK insurer
(
香港保險人
)
means—
(Amended
14 of 2025 s. 118
)
(a)
an authorized insurer that is incorporated in Hong Kong; or
(b)
an authorized insurer that is a re-domiciled insurer;
(Added
20 of 2023 s. 3
. Amended
14 of 2025 s. 118
)
holding company
(
控權公司
) has the meaning given by
section 13
of the Companies
Ordinance (
Cap. 622
) for the purposes of that
Ordinance;
(Replaced
28 of 2012 ss. 912
& 920)
insurance securitization
(
保險證券化
), in relation to an insurer, means any debt
or other financing arrangement entered into by the insurer with an investor, under
which repayment or return to the investor is linked to a contract of insurance
effected and carried out by the insurer;
(Added
17 of 2020 s. 3
)
insurer
(
保險人
) means
a person carrying on insurance business but does not include Lloyd’s;
key person in control functions
(
管控要員
) has the meaning given by
section
13AE(12)
or
95A(1)
(as the case requires);
(Replaced
18 of 2020 s. 3
)
licensed individual insurance
agent
(
持牌個人保險代理
) means an individual
who is granted a licence under
section 64W
;
(Added
12 of 2015 s. 5
)
licensed insurance agency
(
持牌保險代理機構
) means a person who is granted a licence
under
section 64U
;
(Added
12 of 2015 s. 5
)
licensed insurance agent
(
持牌保險代理人
) means—
(a)
a licensed insurance agency;
(b)
a licensed individual insurance agent; or
(c)
a licensed technical representative (agent);
(Added
12 of 2015 s. 5
)
licensed insurance broker
(
持牌保險經紀
) means—
(a)
a licensed insurance broker company; or
(b)
a licensed technical representative (broker);
(Added
12 of 2015 s. 5
)
licensed insurance broker
company
(
持牌保險經紀公司
) means a company
which is granted a licence under
section 64ZA
;
(Added
12 of 2015 s. 5
)
licensed insurance intermediary
(
持牌保險中介人
) means—
(a)
a licensed insurance agent; or
(b)
a licensed insurance broker;
(Added
12 of 2015 s. 5
)
licensed technical representative
(agent)
(
持牌業務代表(代理人)
) means an
individual who is granted a licence under
section 64Y
;
(Added
12 of 2015 s. 5
)
licensed technical
representative (broker)
(
持牌業務代表(經紀)
)
means an individual who is granted a licence under
section 64ZC
;
(Added
12 of 2015 s. 5
)
Lloyd’s
(
勞合社
) means
the society of underwriters known in the United Kingdom as Lloyd’s;
long term business
(
長期業務
) means any of the classes of insurance
business specified in
Part 2
of
Schedule 1
;
(Amended
12 of 2015 s. 5
)
majority shareholder controller
(
大股東控權人
)—
(a)
in relation to an authorized
insurer—
(i)
means a person who, alone or with an associate (as defined by
section 9(4)
) or through a nominee, is entitled to
exercise, or control the exercise of, 50% or more of the voting power at
a general meeting of the insurer; but
(ii)
does not include a Manager; or
(b)
in relation to a designated insurance holding company—has the meaning
given by
section 95A(1)
;
(Added
20 of 2023 s. 3
)
Manager
(
經理
), in
relation to an authorized insurer, means the person appointed, pursuant to
section 35(2
)(
b)
, to be the Manager of the insurer;
(Added
51 of 1992 s. 2
. Amended
12 of 2015 s. 5
)
Mandatory Provident Fund
Schemes Authority
(
積金局
) means the
Mandatory Provident Fund Schemes Authority established under
section 6
of
the Mandatory Provident Fund Schemes Ordinance (
Cap.
485
);
(Added
12 of 2015 s. 5
)
material decision
(
關鍵決定
)—see
section 3A(b)
;
(Added
12 of 2015 s. 5
)
minimum capital amount
(
最低資本額
), in relation to an authorized insurer, means
the minimum capital amount that is determined for the insurer in accordance with the
rules made under
section 129
by virtue of
section 10
;
(Added
20 of 2023 s. 3
)
minority shareholder controller
(
小股東控權人
)—
(a)
in relation to an authorized
insurer—
(i)
means a person who, alone or with an associate (as defined by
section 9(4)
) or through a nominee, is entitled to
exercise, or control the exercise of, 15% or more but less than 50%, of
the voting power at a general meeting of the insurer; but
(ii)
does not include a Manager; or
(b)
in relation to a designated insurance holding company—has the meaning
given by
section 95A(1)
;
(Added
20 of 2023 s. 3
)
Monetary Authority
(
金融管理專員
) means the Monetary Authority appointed
under
section 5A
of the Exchange Fund Ordinance (
Cap. 66
);
(Added
12 of 2015 s. 5
)
non-HK insurer
(
非香港保險人
) means an authorized insurer that is not an HK insurer;
(Added
20 of 2023 s. 3
)
non-Hong Kong company
(
非香港公司
) has the meaning given by
section
2(1)
of the Companies Ordinance (
Cap. 622
);
(Added
14 of 2025 s. 118
)
policy
(
保單
)—
(a)
in relation to long term business, includes an instrument evidencing a
contract to pay an annuity upon human life;
(b)
in relation to insurance business of any other class, includes any
policy under which there is for the time being an existing liability already
accrued or under which a liability may accrue;
policy holder
(
保單持有人
),
except for the purposes of
Part XIA
, means the
person who for the time being is the legal holder of a policy for securing a
contract with an insurer,
and—
(Amended
18 of 2020 s. 3
)
(a)
in relation to such long term business as consists in the granting of
annuities upon human life, includes an annuitant; and
(b)
in relation to insurance business of any other kind, includes a person
to whom, under a policy, a benefit is due or a periodic payment is
payable;
pre-amended Ordinance
(
《原有條例》
) means this Ordinance as in force
immediately before the commencement
date
*
of
section 10
of
the Amendment Ordinance;
(Added
12 of 2015 s. 5
)
premiums
(
保費
)
includes the consideration for the granting of an annuity;
(Added
20 of 2023 s. 3
)
prescribed
(
訂明
)
means prescribed by regulations made under
section 128
or rules made
under
section
129
or
129A
;
(Amended
35 of 1996 s. 2
;
12 of 2015 s. 5
;
17 of 2020 s. 3
)
prescribed capital amount
(
訂明資本額
), in relation to an authorized insurer, means
the prescribed capital amount that is determined for the insurer in accordance with
the rules made under
section 129
by virtue of
section 10
;
(Added
20 of 2023 s. 3
)
prescribed fee
(
訂明費用
), in relation to any matter, means the fee payable under this
Ordinance in relation to the matter and prescribed by a regulation made under
section 128
;
(Added
12 of 2015 s. 5
)
prescribed person
(
訂明人士
)
means—
(a)
an auditor, former auditor, actuary or former actuary of an authorized
insurer or a former
insurer—
(i)
who is appointed under
section 15
or
15AAA
or
the rules made under
section 129
;
(ii)
who is appointed under
section 15
as in force
immediately before the commencement date
#
of
section
23
of the Insurance (Amendment) Ordinance 2023 (
20 of 2023
); or
(iii)
who audits the forms and statements mentioned in
paragraph
4(1A) of Part 1 of Schedule 3
as in force immediately before
the commencement date
#
of
section 98
of the
Insurance (Amendment) Ordinance 2023 (
20 of
2023
);
(Replaced
20 of 2023 s. 3
)
(b)
an accountant, former accountant, actuary or former
actuary—
(i)
of an authorized insurer or a former insurer; and
(ii)
appointed by the insurer or former insurer in compliance with a
requirement under
section 35(1)
;
(Amended
18 of 2020 s. 3
)
(c)
an auditor or former auditor
of—
(i)
a licensed insurance broker company;
(ii)
a former licensed insurance broker company; or
(iii)
a person who was formerly an authorized insurance broker within the
meaning of the pre-amended Ordinance;
(Replaced
12 of 2015 s. 5
)
(d)
an auditor appointed under
section 95ZF
for, or a former
auditor
of—
(i)
the supervised group of a designated insurance holding company;
or
(ii)
the supervised group of a former designated insurance holding
company; or
(Added
18 of 2020 s. 3
)
(e)
an accountant, former accountant, actuary or former actuary appointed in
compliance with a requirement under
section 95ZR
by—
(i)
a designated insurance holding company; or
(ii)
a former designated insurance holding company;
(Added
18 of 2020 s. 3
)
public
(
公眾
),
except for the purposes of
Part XIA
, means the public
of Hong Kong, and includes any class of that public;
(Added
12 of 2015 s. 5
. Amended
18 of 2020 s. 3
)
re-domiciled company
(
經遷冊公司
) has the meaning given by
section
2(1)
of the Companies Ordinance (
Cap. 622
);
(Added
14 of 2025 s. 118
)
re-domiciled insurer
(
經遷冊保險人
)—see
section 3BA
or
3BB
;
(Added
14 of 2025 s. 118
)
regulated activity
(
受規管活動
)—see
section 3A(a)
;
(Added
12 of 2015 s. 5
)
regulated advice
(
受規管意見
)—see
section 3A(c)
;
(Added
12 of 2015 s. 5
)
reinsurance
(
再保險
) includes retrocession;
(Added
20 of 2023 s. 3
)
resolution authority
(
處置機制當局
) has the meaning given by
section
2(1)
of the Financial Institutions (Resolution) Ordinance (
Cap. 628
);
(Added
23 of 2016 s. 206
. Amended
E.R. 2 of
2017
)
Resolution Compensation Tribunal
(
處置補償審裁處
)
means—
(a)
the Tribunal established by
section 127(1)
of the Financial
Institutions (Resolution) Ordinance (
Cap. 628
);
or
(Amended
E.R. 2 of
2017
)
(b)
an additional tribunal established under
section 128(1)
of
that Ordinance;
(Added
23 of 2016 s. 206
)
Resolvability Review Tribunal
(
處置可行性覆檢審裁處
)
means—
(a)
the Tribunal established by
section 110(1)
of the Financial
Institutions (Resolution) Ordinance (
Cap. 628
);
or
(Amended
E.R. 2 of
2017
)
(b)
an additional tribunal established under
section 111(1)
of
that Ordinance;
(Added
23 of 2016 s. 206
)
responsible officer
(
負責人
)—
(a)
in relation to a licensed insurance agency, means an individual who is
approved by the Authority as a responsible officer of the agency under
section 64ZE
; or
(b)
in relation to a licensed insurance broker company, means an individual
who is approved by the Authority as a responsible officer of the company
under
section 64ZF
;
(Added
12 of 2015 s. 5
)
Securities and Futures
Commission
(
證監會
) means the Securities
and Futures Commission referred to in
section 3(1)
of the Securities and
Futures Ordinance (
Cap. 571
);
(Added
12 of 2015 s. 5
)
shareholder
controller
(
股東控權人
)—
(Amended
20 of 2023 s. 3
)
(a)
in relation to an authorized insurer—means a majority shareholder
controller or a minority shareholder controller of the insurer; or
(b)
in relation to a designated insurance holding company—has the meaning
given by
section 95A(1)
;
(Added
18 of 2020 s. 3
. Amended
20 of 2023 s. 3
)
special purpose business
(
特定目的業務
) means the insurance business of effecting
and carrying out contracts of insurance that are fully funded through insurance
securitization;
(Added
17 of 2020 s. 3
)
special purpose insurer
(
特定目的保險人
) means a company authorized under
section 8A
to carry on special purpose business only;
(Added
17 of 2020 s. 3
)
subordinated loan stock
(
後償債權股額
), in relation to a company, means a loan
which in the event of the winding up of the company is repayable by the company only
after all of the liabilities of the company, other than those in respect of share
capital, have been paid in full;
subsidiary
(
附屬公司
)
has the meaning given by
section 15
of the Companies Ordinance (
Cap. 622
) for the purposes of that Ordinance;
(Amended
28 of 2012 ss. 912
& 920)
supervised group
(
受監管集團
)—
(a)
in relation to a designated insurance holding company—see
section
95D
; and
(b)
in relation to a former designated insurance holding company—means the
supervised group of the company when it was a designated insurance holding
company;
(Added
18 of 2020 s. 3
)
Tribunal
(
審裁處
)
means the tribunal established under
section 97
.
(Added
12 of 2015 s. 5
)
(2)
References in this Ordinance to an insurer
include an
insurer incorporated, established or formed in Hong Kong, or re-domiciled to Hong
Kong, and carrying on insurance business outside Hong Kong, whether or not the
insurer is also carrying on insurance business in or from Hong Kong.
(Amended
14 of 2025 s. 118
)
(2A)
In this
Ordinance—
(a)
a reference to a function includes a power and a duty; and
(b)
a reference to the performance of a function includes the exercise of a
power and the discharge of a duty.
(Added
12 of 2015 s. 5
)
(3)
For the purposes of this Ordinance, a person shall be deemed to carry on a class
of insurance business in or from Hong Kong
if—
(a)
he opens or maintains an office or agency in Hong Kong for the purpose of
carrying on that class of insurance business in or from Hong Kong; or
(b)
he holds himself out as carrying on that class of insurance business in or
from Hong Kong.
(4)
A person shall not be deemed to carry on insurance business in or from Hong
Kong by reason only that any person acts as his agent for the purpose of settling
claims under contracts of goods in transit insurance entered into wholly outside
Hong Kong in respect of goods consigned to Hong Kong.
(5)
A person shall not be deemed to be within the meaning of any provision of this
Ordinance a person in accordance with whose directions or instructions the directors
of a company or other body corporate or any of them are accustomed to act by reason
only that the directors of the company or body act on advice given by him in a
professional capacity.
(6)
An insurer which is a company is subject to the Companies Ordinance (
Cap. 622
) and the Companies (Winding Up and
Miscellaneous Provisions) Ordinance (
Cap. 32
), as well
as to this Ordinance, except that, where there is any conflict between this
Ordinance on the one hand and the Companies Ordinance (
Cap.
622
) or the Companies (Winding Up and Miscellaneous Provisions) Ordinance
(
Cap. 32
) on the other, this Ordinance prevails.
(Added
51 of 1992 s. 2
. Amended
28 of 2012 ss. 912
& 920)
(7)
For the purpose of this
Ordinance—
(a)
captive insurer
(
專屬自保保險人
) means a company (
relevant company
) which is
authorized to carry on general business only and such
business—
(Amended
12 of 2015 s. 5
)
(i)
does not relate to any liabilities or risks in respect of which
persons are required by any Ordinance to be insured; and
(ii)
is restricted to the insurance and reinsurance
of—
(A)
risks of the bodies corporate within the relevant company’s
corporate group (within the meaning of paragraph (b)) to which the
relevant company belongs;
(B)
the proportional share of risks of another body corporate to
which the relevant company, or a first tier member (within the
meaning of paragraph (b)(i)) in the relevant company’s corporate
group, is exposed directly
through—
(I)
controlling, or being entitled to control, the appointment
or removal of a percentage of the directors on the board of
directors of the other body corporate;
(II)
controlling, or being entitled to control, a percentage of
the voting rights at general meetings of the other body
corporate; or
(III)
holding a percentage of the issued share capital of the
other body corporate,
that is capped at the highest of those 3 percentages;
and
(C)
any other
risks—
(I)
of which the relevant company, or a first tier member in
the relevant company’s corporate group, has control, oversight
or management; or
(II)
to which the relevant company, or a first tier member in
the relevant company’s corporate group, is otherwise
sufficiently connected,
as determined in accordance with the criteria specified for
the purposes of this
sub-
subparagraph in guidelines published under
section 133
;
(Replaced
17 of 2020 s. 24
)
(b)
relevant company’s corporate group
(
同一法人集團
) means a corporate grouping made up of a relevant company
(within the meaning of paragraph (a)) and one or more of the following
members—
(i)
a first tier member being a body
corporate—
(A)
that belongs to the group of companies of the relevant company;
or
(B)
that is a subsidiary of the holding company of the relevant
company;
(ii)
a second tier member being a body corporate in respect of which the
relevant company or a first tier member (whether alone or jointly with the
relevant company or another first tier member
)—
(A)
controls, or is entitled to control, the appointment or removal of
not less than 20% and not more than 50% of the directors on the board of
directors of the body corporate;
(B)
controls, or is entitled to control, not less than 20% and not more
than 50% of the voting rights at general meetings of the body corporate;
or
(C)
holds not less than 20% and not more than 50% of the issued share
capital of the body corporate;
(iii)
a third tier member being a body corporate that is a subsidiary of a
second tier member.
(Replaced
17 of 2020 s. 24
. Amended
18 of 2020 s. 3
)
(c)
(Repealed
18 of 2020 s. 3
)
(8)
For the purposes of the definition of
special purpose business
, a
contract of insurance entered into between an insurer and a person as the insured
under the contract is fully funded if the value of the assets held under the terms
of the contract by, or on behalf of, the insurer for the benefit of the insured is
not less than the amount of the insurer’s liabilities (whether actual or potential)
under the contract at any time and under all reasonably foreseeable circumstances,
taking into
account—
(a)
the obligations of the insurer towards the insured under the contract;
and
(b)
the expenses the insurer expects to incur.
(Added
17 of 2020 s. 3
)
(9)
A note located in the text of this Ordinance is provided for information only
and has no legislative effect.
(Added
18 of 2020 s. 3
)