Full legislation
s.25C
Letter of credit or other commitment from a bank
An
authorized insurer may, instead of maintaining assets in Hong Kong
as required by
section
25A
or
25B
, substitute, in whole or in part,
a letter of credit or other commitment from a bank, as defined in the Banking
Ordinance (
Cap. 155
), in favour of the
Authority,
but the terms and conditions attached to such a letter of credit or other commitment
are subject to the approval of the Authority.
(Amended
20 of 2023 s. 47
)