Insurance Ordinance

(1)
A body corporate is established with the corporate name of “Insurance Authority” in English and “保險業監管局” in Chinese.
(2)
The Authority is renamed as “Provisional Insurance Authority” in English and “臨時保險業監管局” in Chinese during the
period—
(a)
beginning immediately after the establishment of the body corporate under subsection (1); and
(b)
ending immediately before the date on which
section 10
of the Amendment Ordinance comes into operation.
(3)
The
Authority—
(a)
has perpetual succession under its corporate name;
(b)
is required to have a common seal; and
(c)
is capable of suing and being sued in its corporate name.
(4)
To avoid doubt, the renaming of the Authority under this section does
not—
(a)
affect any rights or obligations of the Authority; or
(b)
render defective any legal proceedings by or against the Authority.
(5)
On and after the expiry of the period specified in subsection (2), any legal proceedings that could have been commenced or continued against the Authority by its corporate name of “Provisional Insurance Authority” may be commenced or continued against the Authority by its corporate name of “Insurance Authority”.
(6)
During the period specified in subsection (2),
section 53A(1)
applies to the Authority and a person who is or has been a member, employee, agent, consultant or advisor of the Authority as if after
section 53A(1AA
)(
b)
, the following were
added—
“(baa)
the Authority;
(baab)
a person who is or has been a member, employee, agent, consultant or advisor of the Authority;”.