Insurance Ordinance

(1)
Without limiting the generality of
section 35(1)
, a requirement
                imposed under that section on
                an
                authorized insurer may include a requirement that the
insurer—
(Amended
51 of 1992 s. 8
;
12 of 2015 s. 2
)
(a)
shall make a
deposit—
(i)
of an amount of money specified in that requirement;
(ii)
with a bank, or a bank belonging to a class of banks, specified in that
                        requirement;
(iii)
in the name of the
                        Authority
                        as trustee for the insurer; and
(iv)
on a date not later than the date specified in that
                        requirement;
(b)
shall place in the custody of the
                    Authority,
                    on a date not later than the date specified in that requirement, a receipt, or
                    other document, that evidences, to the satisfaction of the
                    Authority,
                    that the deposit referred to in paragraph (a) has been made;
(c)
shall keep the deposit referred to in paragraph (a) free from any charge
                    both on, and from, the day upon which that deposit is made; and
(d)
shall
not—
(i)
take any action; or
(ii)
issue any instruction to any bank at which the deposit referred to in
                        paragraph (a) is held from time to time,
which would result in the release of that deposit, or any part of that
                    deposit, to the insurer or to any other person.
(2)
Nothing in subsection (1) shall prevent
                an
                authorized insurer from using, in such manner as it thinks fit,
                any interest earned on a deposit made under that subsection by the
                insurer.
(3)
If a charge is created or purported to be created by
                an
                authorized insurer at a time when there is in force a requirement
                under subsection (1), the charge shall, to the extent that it is a charge or
                purports to be a charge on the deposit referred to in subsection
(1
)(
a)
to which the requirement relates, be void against all persons.
(4)
For the purposes of this
section—
charge
(
押記
) includes lien, encumbrance, equitable
                interest and third party rights;
deposit
(
存款
) includes a renewal of a deposit.