Insurance Ordinance

(1)
The
                Authority
                may require
                an
                authorized
insurer—
(Amended
12 of 2015 s. 2
;
20 of 2023 s. 51
)
(a)
to cause
                    its
                    actuary appointed under
section 15AAA(1)
for its long term
                    business to make an investigation into its financial condition
                    (including a valuation of its liabilities) in respect of that business, or any
                    specified part of that business, as at a specified date;
(b)
to cause
                    the
                    actuary’s report of the investigation to be made in the specified
                    form; and
(c)
to prepare a statement of
                    that
                    business or of that part of that business as at that date in the specified form.
(Amended
20 of 2023 s. 51
)
(1A)
The Authority may require an authorized insurer (other than an insurer that is
                exempted under the rules made under
section 129(1
)(
cb)
)—
(a)
to cause its actuary appointed under
section 15AAA(1)
for its
                    general business to conduct a review of the valuation of its insurance
                    liabilities (as determined in accordance with the rules made under
section
                        129
) in respect of that business, or any specified part of that
                    business, as at a specified date; and
(b)
to cause the actuary’s report of the review to be made in the specified
                    form.
(Added
20 of 2023 s. 51
)
(2)-(3)
(Repealed
20 of 2023 s. 51
)
(4)
Any report or statement required to be made or prepared under subsection (1) or
                (1A) must
be—
(a)
submitted by the insurer to the Authority on or before the date specified
                    by the Authority; and
(b)
signed by the actuary who makes the investigation or conducts the review.
(Replaced
20 of 2023 s. 51
)
(5)
In this
section—
(a)
for an authorized insurer described in
section 21B(4)
or (7)—a
                    reference to the insurer’s long term business is a reference to the insurer’s
                    long term business carried on in or from Hong Kong; and
(b)
for an authorized insurer described in
section 25AA(3)
or (5)—a
                    reference to the insurer’s general business is a reference to the insurer’s
                    general business carried on in or from Hong Kong.
(Added
20 of 2023 s. 51
)