Insurance Ordinance

(1)
The Authority may present a petition for the winding up, in accordance with the Companies (Winding Up and Miscellaneous Provisions) Ordinance (
Cap. 32
), of an authorized insurer, being a company which may be wound up by the Court under that Ordinance, on the
ground—
(Amended
28 of 2012 ss. 912 & 920
;
12 of 2015 s. 2
)
(a)
that the company is unable to pay its debts within the meaning of
sections 177
and
178
or
section 327
of that Ordinance;
(b)
that the company has failed to satisfy an obligation to which it is or was subject by virtue of this Ordinance or any Ordinance repealed thereby; or
(c)
that the company, being under the obligation imposed by
section 16
with respect to the keeping or preserving of proper books of account, has failed to satisfy that obligation or to produce books kept in satisfaction of that obligation.
(2)
In any proceedings on a petition to wind up an authorized insurer presented by the Authority under subsection (1), evidence that the company was
insolvent—
(Amended
12 of 2015 s. 2
)
(a)
at the close of the period to which the accounts and balance sheet of the
                    company last
                    submitted
                    under a requirement prescribed by virtue of
section
                    17
relate; or
(b)
at any date or time specified in a requirement under
section 32
or
34
,
is
                evidence that the company continues to be unable to pay its debts, unless the
                contrary is proved.
(Amended
20 of 2023 s. 62
)
(3)
If, in the case of an authorized insurer, being a company which may be wound up by the Court under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (
Cap. 32
), it appears to the Authority that it is expedient in the public interest that the company should be wound
                up, the Authority may, unless the company is already being wound up by the Court, present a petition for it to be so wound up if the Court thinks it just and equitable for it to be so wound up.
(Amended
28 of 2012 ss. 912 & 920
;
12 of 2015 s. 2
)
(4)
Where a petition for the winding up of an authorized insurer is presented by a person other than the Authority, a copy of the petition shall be served on the Authority
                and the Authority shall be entitled to be heard on the petition and to call, examine and cross-examine any witness and, if the Authority so thinks fit, support or oppose the making of a winding-up order.
(Amended
12 of 2015 s. 2
)