Insurance Ordinance

(1)
Subsection (2) applies if the Authority is of the opinion that the amount of
                capital of an authorized insurer, as determined in accordance with the rules made
                under
section 129
—
(a)
is less than the prescribed capital amount for the insurer; or
(b)
is at risk of becoming less than the prescribed capital amount for the
                    insurer.
(2)
The Authority may, by a written notice served on the insurer, require the
insurer—
(a)
to submit, by a date specified by the Authority, to the Authority a plan for
                    restoring the insurer to a sound financial position
and—
(i)
for subsection
(1
)(
a)
—enabling the amount of capital of the
                        insurer to be not less than the prescribed capital amount for the insurer;
                        or
(ii)
for subsection
(1
)(
b)
—preventing the amount of capital of
                        the insurer from becoming less than the prescribed capital amount for the
                        insurer;
(b)
if the insurer has submitted a plan under paragraph (a), to propose
                    modifications to the plan to the satisfaction of the Authority if the Authority
                    considers it inadequate; and
(c)
to give effect to any such plan accepted by the Authority as
                    adequate.
(3)
Subsection (4) applies if the Authority is of the opinion that the amount of
                capital of an authorized insurer, as determined in accordance with the rules made
                under
section 129
—
(a)
is less than the minimum capital amount for the insurer; or
(b)
is at risk of becoming less than the minimum capital amount for the
                    insurer.
(4)
The Authority may, by a written notice served on the insurer, require the
insurer—
(a)
to submit, by a date specified by the Authority, to the Authority a short
                    term financial scheme
that—
(i)
for subsection
(3
)(
a)
—enables the amount of capital of the
                        insurer to be not less than the minimum capital amount for the insurer;
                        or
(ii)
for subsection
(3
)(
b)
—prevents the amount of capital of the
                        insurer from becoming less than the minimum capital amount for the
                        insurer;
(b)
if the insurer has submitted a scheme under paragraph (a), to propose
                    modifications to the scheme to the satisfaction of the Authority if the
                    Authority considers it inadequate; and
(c)
to give effect to any such scheme accepted by the Authority as
                    adequate.