Insurance Ordinance

(1)
Rules may be made under
section 296
of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (
Cap. 32
) for determining the amount of the liabilities of an authorized insurer to policy holders of any class or description for the purpose of proof in a winding up and generally for carrying into effect the provisions of this Ordinance with respect to the winding up of authorized insurers.
(Amended
28 of 2012 ss. 912 & 920
)
(2)
Without prejudice to the generality of subsection (1), rules under the said
section 296
may make provision for all or any of the following
matters—
(a)
the identification of the assets and liabilities falling within
section 45(2
)(
a)
or (b);
(b)
the apportionment between the assets falling within
section 45(2)
of the costs, charges and expenses of the winding up and of any debts of the authorized insurer having priority under
section 265
of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (
Cap. 32
);
(Amended
28 of 2012 ss. 912 & 920
)
(c)
the determination of the amount of liabilities of any description falling within paragraph (a) or (b) of
section 45(2)
for the purpose of establishing whether or not there is any such excess in respect of that paragraph as is mentioned in
section 45(3)
;
(d)
the application of assets within paragraph (a) of
section 45(2)
for meeting the liabilities within that paragraph;
(e)
the application of assets representing any such excess as is mentioned in
section 45(3)
.