Insurance Ordinance

The following persons are exempted from the provisions of this
Ordinance—
(a)
any body of persons, corporate or unincorporate, carrying on insurance business in Hong Kong
only—
(i)
whose gross premium income does not exceed $500,000 in any financial
year:
Provided that if the financial year of any such
                        body is not a period of 12 months, the gross premium income of that body in
                        that financial year
                        is,
                        for the purposes of this paragraph,
                        deemed
                        to be the sum obtained by dividing the amount of its gross premium income
                        by
                        the number of days in that financial year and multiplying the result by 365; and
(Amended
20 of 2023 s. 70
)
(ii)
which consists of persons who are bound together by custom, religion, kinship, nationality or regional or local interest but who are not so bound together or associated for the purpose of the acquisition by them of gain;
(b)
a person carrying on in Hong Kong reinsurance business only, other
than—
(i)
a body corporate
                    that is
                    incorporated in Hong Kong or is a re-domiciled
                    company;
(ii)
a body corporate incorporated
                    outside
                    Hong Kong (other than a re-domiciled company) that
                    has
                    a place of business in Hong Kong or is represented in Hong Kong by an
                    agent;
(iii)
any other person or any partnership having a place of business in Hong Kong;
(Amended
14 of 2025 s. 135
)
(c)
any registered trade union within the meaning of the Trade Unions Ordinance (
Cap. 332
) which carries on insurance business limited to the provision for its members of provident benefits or strike benefits;
(d)
any registered co-operative society within the meaning of the Co-operative Societies Ordinance (
Cap. 33
);
(e)
the Hong Kong Export Credit Insurance Corporation;
(f)
any authorized institution  to the extent only that such institution carries on insurance business of the nature specified in class G or H, or classes 16 and 17, or comprised in groups 1, 7 and 11 in
Schedule 1
solely for the purposes of its banking business or deposit-taking business, as the case may be;
(Amended
27 of 1986 s. 137
;
59 of 1993 s. 13
;
49 of 1995 s. 53
;
12 of 2015 s. 66
)
(g)
the Credit Union League of Hong Kong incorporated under Part XI of the Credit Unions Ordinance (
Cap. 119
);
(Amended
68 of 1992 s. 20
)
(h)
a recognized clearing house within the meaning of
section 1 of Part 1 of Schedule 1
to the Securities and Futures Ordinance (
Cap. 571
) only to the extent that it guarantees the settlement of transactions in securities or futures contracts as defined in that section;
(Replaced
5 of 2002 s. 407
)
(i)
a person who is authorized under Part III of the Securities and Futures Ordinance (
Cap. 571
) to provide automated trading services within the meaning of
Schedule 5
to that Ordinance only to the extent that it guarantees the settlement of transactions in securities or futures contracts as defined in
section 1 of Part 1 of Schedule 1
to that Ordinance.
(Added
5 of 2002 s. 407
)