Insurance Ordinance

(1)
Where before the presentation of a petition for the winding up of an authorized insurer by the Court, and whether or not the petition is presented by the Authority, there has in respect of the insurer been a direction given under
section 35(2
)(
b)
which has continued in force at all times until the presentation of the petition, and a winding up order is made thereon, then, notwithstanding the provisions of
section 184(2)
of CWUMPO, for the purposes of
sections 170
,
179
,
182
,
183
,
266B
,
267A
,
269
and
274
, and paragraphs (d), (e), (h), (i), (j), (k), (l) and (o) of
section 271(1)
, of CWUMPO, the winding up of the insurer by the Court is deemed to have commenced at the time the direction was so given.
(Amended
12 of 2015 s. 2
)
(2)
Where before an application has been made to the Court of First Instance for an order under
section 45(1)
for a voluntary winding up of an authorized insurer, there has in respect of the insurer been a direction given under
section 35(2
)(
b)
which has continued in force at all times until the making of the application, and such order is made thereon, then, notwithstanding the provisions of
section 230
of CWUMPO, for the purposes of
sections 170
,
232
,
266B
,
267A
,
269
and
274
, and paragraphs (d), (e), (h),
                (i), (j), (k), (l) and (o) of
section 271(1)
, of CWUMPO, the voluntary winding up of the insurer is deemed to have commenced at the time the direction was so given.
(Amended
25 of 1998 s. 2
;
12 of 2015 s. 2
)
(2A)
For the purposes of anything done or suffered to be done by the insurer mentioned in subsection (1) or (2) before the commencement date of the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 (
14 of 2016
), that subsection applies as if the reference to
section 266B
of CWUMPO in that subsection were a reference to
section 266
of the pre-amended CWUMPO.
(Added
14 of 2016 s. 182
)
(2B)
For the purposes of a charge created on the undertaking or property of the insurer mentioned in subsection (1) or (2) before the commencement date of the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 (
14 of 2016
), that subsection applies as if the reference to
section 267A
of CWUMPO in that subsection were a reference to
section 267
of the pre-amended CWUMPO.
(Added
14 of 2016 s. 182
)
(3)
Nothing in
section 182
or
232
of CWUMPO shall invalidate any disposition of the property of an authorized insurer made by it under the direction of the Manager of the insurer acting bona fide in the course of managing the affairs, business and property of the insurer.
(Amended
12 of 2015 s. 2
)
(4)
In this
section—
CWUMPO
(
《公司(清盤及雜項條文)條例》
) means the Companies (Winding Up and Miscellaneous Provisions) Ordinance (
Cap. 32
);
pre-amended CWUMPO
(
《修訂前的公司(清盤及雜項條文)條例》
) means CWUMPO as in force immediately before the commencement date of the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 (
14 of 2016
).
(Added
14 of 2016 s. 182
)