Insurance Ordinance

(1)
Subject to subsections (2) and (3), the assets representing a fund maintained
                by an authorized insurer under
section 25AA
for a part of its business
                may only be applied for that part of the business.
(2)
Subsection (1) only applies to the part of the assets necessary to secure
                compliance with
section 25AAB(3)
and (4).
(3)
Subsection (1) does not preclude an authorized insurer from exchanging, at fair
                market value, assets representing a fund maintained by the insurer under
section 25AA
for other assets of the insurer.
(4)
Any mortgage or charge is void to the extent to which it contravenes subsection
                (1).
(5)
To avoid doubt, money from a fund maintained by an authorized insurer under
section 25AA
may not be used for any other business of the insurer
                apart from the part of its business for which the fund is maintained despite any
                arrangement for its subsequent repayment out of the receipts of that other
                business.
(6)
An authorized insurer, or a body corporate of which an authorized insurer is a
                subsidiary, must not declare a dividend to shareholders at any time when
section 25AAB(3)
or (4) is not complied with.
(7)
An authorized insurer or body corporate that fails to comply with subsection (1)
                or (6) commits an offence and is liable on
conviction—
(a)
to a fine of $1,000,000; and
(b)
in the case of a continuing offence—to a further fine of $20,000 for each
                    day during which the offence continues.