Insurance Ordinance

For the purposes of this
Ordinance—
(a)
subject to paragraph (b), in computing the amount of the liabilities of an
                applicable
company—
(i)
all contingent and prospective liabilities must be taken into account;
                    and
(ii)
liabilities in respect of the company’s share capital must not be taken
                    into account;
(b)
the value of any assets and the amount of any liabilities of an applicable
                company must be determined in accordance with any applicable rules made under
section 129(1
)(
a)
;
(c)
if no such rules are applicable to an applicable
company—
(i)
in determining the value of its assets—regard must be had to their market
                    value and the cost of realizing such assets; and
(ii)
in determining the amount of its liabilities—regard must be had to the cost
                    of the settlement of the liabilities and, if the amount of the liabilities is
                    assessed or estimated, to the experience of the company in carrying on any
                    relevant insurance business or of other persons carrying on the same or similar
                    insurance business.
(Added
20 of 2023 s. 4
)