Insurance Ordinance

(1)
The
                Authority
                may require that assets of
                an
                authorized insurer of a value which at any time is equal to the
                whole or a specified proportion of the amount of its domestic liabilities shall be
                maintained in Hong Kong, and, in imposing any such requirement,
                the
                Authority shall have regard to the insurer’s arrangements for the
                reinsurance of risks against which persons are insured by the insurer in the course
                of carrying on business.
(2)
The
                Authority
                may direct that for the purposes of any requirement under this section assets of a
                specified class or description shall or shall not be treated as assets maintained in
                Hong Kong.
(3)
The
                Authority
                may direct that for the purposes of any requirement under this section the domestic
                liabilities of
                an
                authorized insurer, or such liabilities of any class or
                description, shall be taken to be the net liabilities after deducting any part of
                them which is reinsured.
(4)
A requirement imposed under this section may be framed so as to come into
                effect immediately after the day on which it is imposed or so as to come into effect
                after the expiration of a specified period (or such longer period as the
                Authority
                may allow).
(5)
In this section any reference to a domestic liability of
                an
                authorized insurer is reference to a liability of the business
                carried on by the insurer in Hong Kong.
(6)-(7)
(Repealed
20 of 2023 s. 50
)