Insurance Ordinance

(1)
Where any proceedings are commenced outside Hong Kong for the liquidation of an authorized insurer or for the purpose of placing an authorized insurer under any other form of insolvency administration, the insurer shall give to the Authority written notice
                of the commencement of such proceedings, and, where a provisional liquidator or liquidator or a person charged with such other form of insolvency administration is appointed, of such appointment, not later than 3 working days after the event to which the notice relates.
(2)
Where a receiver or manager of the property in Hong Kong or elsewhere of an authorized insurer is appointed, the insurer shall give to the Authority written notice of such appointment not later than 3 working days after the appointment.
(3)
Where any proceedings are commenced in Hong Kong or elsewhere to enforce a judgment given or order made against an authorized insurer for the payment of money, the insurer shall give to the Authority written notice of the commencement of such proceedings not later than 3 working days after such commencement.
(4)
An authorized insurer which fails to comply with any of the provisions of this section commits an offence and is liable to a fine of $200,000 and, in the case of an individual, to imprisonment for 2 years, together with a fine of $2,000 for each day on which the failure to give the relevant notice continues after the expiry of the period prescribed under that provision.
(Amended
35 of 1996 s. 24
)
(5)
In this
section—
working day
(
工作日
) means a day other
than—
(a)
a public holiday;
(b)
a Saturday; or
(c)
a gale warning day or black rainstorm warning day as defined by
section 71(2)
of the Interpretation and General Clauses Ordinance (
Cap. 1
).
(Added
12 of 2015 s. 59
)