Insurance Ordinance

(1)
The Authority may, subject to the approval of the Chief Executive in Council, delegate its powers under
sections 64ZZF(6)
and
64ZZH(1)
to the Monetary Authority in relation to a business of a regulated activity carried on by an authorized institution.
(2)
The Chief Executive in Council may, after consultation with the Authority and the Monetary
Authority—
(a)
impose conditions on the approval of a delegation;
(b)
vary any of the conditions of the approval of a delegation; or
(c)
withdraw the approval of a delegation.
(3)
Without affecting subsection
(2
)(
c)
, the Authority may, after consultation with the Monetary Authority, revoke a delegation under subsection (1).
(4)
A revocation of a delegation under subsection (3) takes effect when the Chief Executive in Council notifies the Authority and the Monetary Authority that the approval of the delegation has been withdrawn under subsection
(2
)(
c)
.
(5)
A delegation does not prevent the Authority from concurrently performing the function delegated. A delegation does not prevent the Authority or a delegate, or both, from concurrently performing the function delegated.
(6)
If the Monetary Authority purports to act under a delegation, the Monetary Authority is presumed, unless the contrary is proved, to be acting in accordance with the terms of the delegation.
(7)
If there is a delegation in relation to a power of the Authority, the delegation
includes—
(a)
the delegation of a power incidental to, or connected with, the delegation; and
(b)
the delegation of a duty incidental to, or connected with, the delegation.
(8)
Without affecting subsection (5), if the powers under
sections 64ZZF(6)
and
64ZZH(1)
are delegated to the Monetary Authority under subsection (1), the provisions of this Ordinance are to operate as
if—
(a)
in the definition of
investigator
in
section 64F
, the words “Monetary Authority” were substituted for the word “Authority”;
(b)
in
section 64ZZF(7)
, the words “Monetary Authority” were substituted for the word “Authority”;
(c)
in
section 64ZZH(1
)(
a)
, (b) and (c), the words “Monetary Authority” were substituted for the word “Authority”;
(d)
in
section 64ZZH(1
)(
d)
, the words “the Monetary Authority, for considering whether to recommend to the Authority” were substituted for the words “the Authority, for considering whether”;
(e)
in
section 64ZZH(1)
, the words “one or more persons appointed under
section 5A(3)
of the Exchange Fund Ordinance (
Cap. 66
)” were substituted for the words “one or more of its employees”;
(f)
in
section 64ZZH(4)
, the words “Monetary Authority” were substituted for the word “Authority”;
(g)
in
section 64ZZO(1
)(
a)
and (b), the words “Monetary Authority” were substituted for the word “Authority”;
(h)
in
section 64ZZP(7)
, the words “Monetary Authority” were substituted for the word “Authority”;
(i)
in
section 121(2
)(
a)
, the words “Monetary Authority” were substituted for the word “Authority”; and
(j)
section 121(5)
were omitted and the following
substituted—
“(5)
The Monetary Authority may impose any conditions that it considers appropriate on a consent given by it for the purposes of subsection
(2
)(
a)
.”.