Insurance Ordinance

(1)
Where an authorized insurer ceases to carry
on—
(a)
any insurance business;
(b)
insurance business of any class; or
(c)
insurance business which is part of any class,
the
                Authority
                may direct that it shall cease to be authorized to carry
on—
(Amended
12 of 2015 s. 2
)
(i)
insurance business;
(ii)
insurance business of that class; or
(iii)
insurance business which is that part of that class,
as the case may be.
(Replaced
34 of 1988 s. 5
)
(2)
Where an insurer authorized to carry on insurance business of any class has not at any time carried on insurance
business—
(a)
of that class; or
(b)
which is part of that class,
in or from Hong Kong, and at least 12 months have elapsed since the date of authorization, the Authority may direct that it shall cease to be authorized to carry on insurance
business—
(i)
of that class; or
(ii)
which is that part of that class,
as the case may be.
(Replaced
34 of 1988 s. 5
)
(3)
A direction under this section is without prejudice to a subsequent authorization to carry on insurance business of a class to which the direction relates.
(4)
Where an authorized insurer ceases to be authorized to carry on insurance
                business, the
                Authority
                may direct that any matters recorded in respect of that insurer in the register kept
                under
section
                    5H
shall be erased.
(Amended
12 of 2015 s. 56
)
(5)
Where an authorized insurer ceases to be authorized to carry on insurance business of any class, the Authority may direct that any matters recorded in respect of that insurer in relation to that class in the register kept under
section 5H
shall be erased.
(Added
34 of 1988 s. 5
. Amended
12 of 2015 s. 56
)