Insurance Ordinance

(Amended
28 of 2012 ss. 912 & 920
;
12 of 2015 s. 2
)
The Court of First Instance (in this Part referred to as
the
                    Court
)
            may order the winding up, in accordance with the Companies (Winding Up and Miscellaneous
            Provisions) Ordinance (
Cap. 32
), of
            an
            authorized insurer and the provisions of that Ordinance shall apply
            accordingly subject to the modification that the insurer may be ordered to be wound up
            on the petition of 10 or more policy
holders:
(Amended
28 of 2012 ss. 912 & 920
;
12 of 2015 s. 2
)
Provided that such a petition shall not be presented except by leave of the Court, and leave shall not be granted until a prima facie case has been established to the satisfaction of the Court and until security for costs for such amount as the Court may think reasonable has been given.
(Amended
25 of 1998 s. 2
)