Insurance Ordinance

(1)
Where the
                Authority
                is of the opinion that
                an
                authorized insurer’s
                insurance
                liabilities mentioned in
section 25A(3A)
would be
                significantly greater if determined as of a day later than the
                date
                as of which the liabilities are required to be determined in accordance with the
                rules made under
section 129
,
                the
                Authority may, by notice sent to the insurer, direct the insurer
                to re-determine
                the
                liabilities as of a date specified in the notice, and
                the
                Authority may specify the manner of re-determination, and, in that
                case,
                the insurer
                must
                re-determine
                the
                liabilities as of the date and in the manner, if any, specified in the
                notice.
(2)
Where
                an
                authorized insurer receives a notice under this section, it
                must
                forthwith in the manner specified, if any, re-determine
                the
                liabilities as of the specified date and, if the liabilities are greater than those
                determined under
section 25A
, it
                must,
                not later than 3 months after the date it received the notice, commence maintaining
                assets in Hong Kong in accordance with
section 25A
, as modified by this
                section, and the insurer
                must
                continue to so maintain assets in Hong Kong until the next determination of
                the
                liabilities under
section 25A
.
(3)
An
                authorized insurer
                must,
                not later than the end of the 3 month period referred to in subsection (2
)—
(Amended
12 of 2015 s. 45
;
20 of 2023 s. 46
)
(a)
notify the
                    Authority
                    that it has complied with the requirements of that subsection; and
(b)
file a statement in the
                    specified
                    form
                    setting
                    forth
                    the
                    assets and liabilities as re-determined under this section.
(4)
An
                authorized insurer
that—
(Amended
12 of 2015 s. 45
)
(a)
fails to comply with the requirements of subsection (2) within the 3 month
                    period referred to in that subsection; or
(b)
takes any action or fails to take any action which it knows will result in
                    it failing to maintain assets in Hong Kong as required by this
                    section,
commits an offence and is liable
to—
(i)
a fine of $200,000 and, in the case of an individual, to imprisonment for 2
                    years; and
(Amended
35 of 1996 s. 21
)
(ii)
a further fine of $1,000 for each day on which the
insurer—
(Amended
35 of 1996 s. 21
)
(A)
continues to fail to comply with the requirements of subsection (2)
                        after the expiry of the 3 month period referred to in that subsection;
                        or
(B)
continues to fail to maintain assets as required by this
                        section,
as the case may be.
(5)
An
                authorized insurer that fails to comply with subsection (3)
                commits an offence and is liable to a fine at level 4 and a further fine of $1,000
                for each day on which the insurer continues to fail to notify the
                Authority
                or file the statement after the expiry of the 3 month period referred to in that subsection.
(Amended
35 of 1996 s. 21
)
(6)
In this
section—
assets in Hong Kong
(
在港資產
) has the meaning given by
section
                    25A(12)
.
(Added
20 of 2023 s. 46
)