Full legislation
s.45
Winding up of authorized insurer
(1)
Unless the Court otherwise orders,
an
authorized insurer shall not be wound up voluntarily; but no order
shall be made under this subsection unless notice of the application has been served
on the
Authority
who shall be entitled to be heard on the application and to call, examine and
cross-examine any witness and,
if
the Authority so thinks fit, support or oppose the making of the order.
(Amended
51 of 1992 s. 12
;
12 of 2015 s. 2
)
(2)
Section 23(1)
and (1A)
does
not have effect in relation to the winding up of
an
authorized insurer
but,
subject to subsection (4) and to rules made by virtue of
section 49(2)
,
in any such winding
up—
(Amended
12 of 2015 s. 2
;
20 of 2023 s. 63
)
(a)
the assets representing a
separate
fund of the insurer are available only for meeting the
liabilities of the insurer attributable to
the
part of its business for which the separate fund is maintained;
(Amended
59 of 1993 s. 12
)
(b)
the other assets of the insurer
are
available only for meeting the liabilities of the insurer attributable to its
other business.
(3)
Subject to subsection (4A), where the value of the assets mentioned in either
paragraph of subsection (2) exceeds the amount of the liabilities mentioned in that
paragraph the restriction imposed by that subsection shall not apply to so much of
those assets as represents the excess.
(Amended
59 of 1993 s. 12
)
(4)
In relation to the assets falling within either paragraph of subsection (2) the
creditors mentioned in
section 200(1)
and (2) of the Companies (Winding
Up and Miscellaneous Provisions) Ordinance (
Cap. 32
)
shall be only those who are creditors in respect of liabilities falling within that
paragraph; and any general meetings of creditors summoned for the purposes of that
section shall accordingly be separate general meetings of the creditors in respect
of the liabilities falling within each paragraph.
(Amended
28 of 2012 ss. 912
& 920)
(4A)
Where in respect of a
separate
fund of an authorized insurer, the value of the assets representing the separate
fund exceeds the amount of the liabilities attributable to the part of its business
for which the separate fund is maintained, then so much of those
assets as represents the excess
are
to
be available for
meeting—
(Amended
12 of 2015 s. 2
;
20 of 2023 s. 63
)
(a)
if in respect of any other
separate
fund of the insurer, the amount of the liabilities attributable to the part of
its business for which that other separate fund is maintained exceeds the value
of the assets of that other separate
fund—
(Amended
20 of 2023 s. 63
)
(i)
if there is only one such other
separate
fund—the liabilities of that other
separate
fund to the extent to which they exceed the assets of that
other
separate
fund;
(ii)
if there are 2 or more such other
separate
funds—the respective liabilities of those other
separate
funds pro rata to the extent to which they exceed the
respective assets of those other
separate
funds;
(b)
if paragraph (a) is not applicable or part of that excess remains after the
operation of that
paragraph—the
liabilities of the insurer attributable to
other
parts of its business.
(Added
59 of 1993 s. 12
)
(4B)
To
avoid doubt, for the purposes of the operation of subsection (4)
in relation to
subsection
(2)(a),
no
separate
fund of an authorized insurer may be aggregated with any other
separate
fund of the insurer.
(Added
59 of 1993 s. 12
. Amended
12 of 2015 s. 2
)
(5)
Where under
section 276(1)
of the Companies (Winding Up and
Miscellaneous Provisions) Ordinance (
Cap. 32
) the Court
orders any money or property to be repaid or restored to
an
authorized insurer or any sum to be contributed to its assets
then, if and so far as the wrongful act which is the reason for the making of the
order related to assets representing a
separate
fund or separate funds of the insurer, the Court
must
include in the order a direction that the money, property or contribution
is
treated for the purposes of this Ordinance as assets of that
separate
fund or those separate funds and this Ordinance
has
effect accordingly.
(Amended
28 of 2012 ss. 912 & 920
;
12 of 2015 s. 2
)
(6)
In this
section—
separate fund
(
獨立基金
), in relation to an authorized insurer, means a fund maintained
separately by the insurer under—
(a)
if the insurer is one described in
section
21B(1)
—
section 21B(2)
;
(b)
if the insurer is one described in
section
21B(4)
—
section 21B(5)
; or
(c)
if the insurer is one described in
section
21B(7)
—
section 21B(8)
.
(Added
20 of 2023 s. 63
)