Full legislation
s.25D
Approval of transfer of general business
(1)
Where it is proposed to execute
an
instrument by which
an
authorized insurer
(
the
transferor
)
is to transfer to another insurer
(
the
transferee
)
all its rights and obligations under such general policies, or general policies of
such descriptions, as may be specified in the instrument, the transferor may apply
to the
Authority
for
its
approval of the transfer.
(2)
The Authority shall not determine an application made under subsection (1)
unless—
(Amended
12 of 2015 s. 2
)
(a)
the documents and particulars specified in subsection (3) have been produced to the Authority to its satisfaction; and
(b)
the Authority is satisfied that the requirements of subsection (4) have been complied with.
(3)
The documents and particulars referred to in subsection
(2
)(
a)
are—
(a)
a copy of the proposed instrument of transfer intended to be executed by the transferor and the transferee;
(b)
a report setting out the particulars of the transfer and of all legal proceedings, begun or in contemplation, relating to any of the policies included in the transfer;
(c)
a copy of the notice referred to in subsection
(4
)(
a)
as published in the Gazette or newspapers; and
(d)
without limiting the Authority’s power to require any relevant information, particulars of such information as the Authority may require from the transferee concerning its affairs including its membership.
(4)
The requirements referred to in subsection
(2
)(
b)
are—
(a)
that the transferor has published a notice in the Gazette and respectively in an English language newspaper and a Chinese language newspaper (being in each case a newspaper specified in a list of newspapers approved by the Chief Secretary for Administration for the purposes of this section) stating that the application has been made and giving the address of the offices at which, and the period for which , copies of the documents mentioned in paragraph
(b
)(
iii)
will be available as required by that paragraph;
(Amended
L.N. 362 of 1997
)
(b)
except insofar as the
Authority
has otherwise directed, that the transferor has
forthwith—
(Amended
12 of 2015 s. 2
)
(i)
sent a copy of the notice published under paragraph (a) to every
affected policy holder;
(ii)
sent a copy of the said notice to every other person who claims an
interest in a policy included in the transfer and has given written notice
of
his
claim to the transferor; and
(iii)
made available for inspection by persons having an interest in the
transfer copies of a report setting out particulars of the transfer and
approved by the
Authority
for the purpose at one or more places in Hong Kong during office hours for a
period of not less than 30 days beginning from the date of the first
publication of the notice in accordance with paragraph (a).
(5)
The notice referred to in subsection (4) shall include a statement that written representations concerning the transfer may be sent to the Authority before a day specified in the notice, which shall not be earlier than 60 days after the day of the first publication of the notice in accordance with subsection
(4
)(
a)
; and the Authority shall not determine the application until
the Authority has considered any representations made to the Authority before the specified day.
(6)
The transferor shall furnish a copy of the report mentioned in subsection
(4
)(
b
)(
iii)
to any person having an interest in the transfer who asks for one at any time before the transfer is approved or refused by the Authority.
(7)
The Authority may, by notice in writing, require the transferor or the transferee to supply the Authority with such information as the Authority considers necessary to enable
the Authority to determine an application.
(8)
The Authority shall not approve a transfer on application under subsection (1) unless the Authority is satisfied
that—
(Amended
12 of 2015 s. 2
)
(a)
every policy included in the transfer evidences a contract
which—
(i)
was entered into before the date of the application; and
(ii)
imposes on the insurer obligations the performance of which will constitute the carrying on of insurance business in or from Hong Kong; and
(b)
the transferee is, or immediately after the approval will be, a person referred to in
section 6(1
)(
a)
to (c) carrying on in or from Hong Kong general business of the appropriate class or classes,
and unless in its opinion the transferee’s financial resources and the other circumstances of the case justify the giving of its approval.
(9)
On determining an application made under subsection (1), the Authority
shall—
(Amended
12 of 2015 s. 2
)
(a)
publish a notice of its decision in the Gazette and in such other manner as the Authority may think fit; and
(b)
send a copy of the notice to the transferor, the transferee and every person who has made representations in accordance with the notice referred to in subsection (4),
and if the Authority refuses the application, the Authority shall inform the transferor and the transferee in writing of the reasons for its refusal.
(10)
In this section
general
policy
(
一般保單
) means a policy evidencing a
contract the effecting of which constituted the carrying on of general business;
and for the purposes of this section
affected
policy
holder
(
受影響的保單持有人
) means a policy
holder—
(a)
whose policy is included in the transfer; or
(b)
whose policy is with the transferor and the Authority has notified the transferor, after consulting the transferor, that in its opinion the policy holder’s interest will or may be materially affected by the transfer.