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Cap. 41activeordinance

Insurance Ordinance

保險業條例

Full legislation

s.52

(Repealed
50 of 1992 s. 6
)

Table of Contents

Sections

1Short title
2Interpretation
3Classes of insurance business
3ARegulated activity, material decision and regulated advice
3BDesignation of non-HK insurer
3BANon-HK insurer to become re-domiciled insurer
3BBCompany incorporated outside Hong Kong that is not authorized insurer to become re-domiciled insurer
3BCInterpretation for sections 3BA and 3BB
3CDetermination of value of assets and amount of liabilities
4AAAEstablishment of Authority
4Authority
4AAComposition of Authority
4AFunctions of Authority
4BPowers of Authority
4CIndustry advisory committees
4DAuthority may establish other committees
4EStaff and consultants of Authority
4FDelegation of Authority’s functions to its members, committees and employees
4GDelegation of certain powers of Authority to Monetary Authority
4HAuthority to furnish information
5
5AInterpretation of Part IA, Division 2
5BCorporate plan and annual estimates
5CAppropriation
5DAccounts and annual report
5EAuditors
5FFinancial statements to be audited
5GTax exemption
5HRegister of authorized insurers
6Restriction on carrying on of insurance business
6AContracts of insurance entered into in contravention of section 6(1)
7Application for authorization to carry on insurance business
8Authorization—long term business and general business
8AAuthorization—special purpose business
8BForm of information submitted by special purpose insurers
8CRequirements prescribed by virtue of section 17 may be modified or varied for special purpose insurers
9Meaning of controller ( 控權人 )
10Meaning of capital requirement
11Notification of refusal of authorization under section 8 or 8A
12Conditions for authorization under section 8 or 8A
13Fee payable upon authorization and annually thereafter
13AACompliance with capital requirements and related reporting requirements
13AApproval of certain controllers of authorized insurers
13ABRestrictions on acting as controllers of authorized insurers in contravention of section 13A
13ACApproval of directors of HK insurers or designated insurers
13ADRestrictions on acting as directors of authorized insurers in contravention of section 13AC
13AEApproval of key persons in control functions of certain authorized insurers
(6A)(6A)
(6B)(6B)
(6C)(6C)
(13)(13)
(14)(14)
(15)(15)
13AFConditions on approval given under sections 13A, 13AC, 13AE and 13B
13AGProcedural requirements for rejecting application, or imposing or amending conditions
13AHOffence to provide false information in connection with application for approval
13BApproval of persons proposing to become shareholder controllers of certain HK insurers or designated insurers
(2C)(2C)
(2D)(2D)
(2E)(2E)
(2F)(2F)
(2G)(2G)
(2H)(2H)
(2I)(2I)
(5A)(5A)
13BAObjection to being shareholder controllers
13BBMajority shareholder controller becoming minority shareholder controller
95AInterpretation of Part XIA
95BFunctions of Authority in relation to insurance groups
95CDesignation by Authority
95DSupervised group of designated insurance holding company
95EWithdrawal of designation
13CRestrictions on and sale of shares
95FPayment of prescribed fees
95GWaiver or reduction of prescribed fees
95HMaintaining arrangements with holding company
95IProhibition against becoming shareholder controller without approval
95JPerson becoming shareholder controller with approval
95KPerson becoming unapproved shareholder controller without notice
95LPre-existing shareholder controller
95MApproval of shareholder controller
95NObjection to being shareholder controller
95OMajority shareholder controller becoming minority shareholder controller
(7A)(7A)
95PRestrictions on shares if shareholder controller unapproved or objected to
95QSale of shares if shareholder controller unapproved
95RPunishment for attempted evasion of restrictions on shares
95SProhibition against appointment without approval
95TPre-existing chief executive, director or key person in control functions
13DPunishment for attempted evasion of restrictions
95UApproval of appointment
95VObjection to appointment
95WRestrictions on acting if appointment unapproved or objected to
14Notification of change in particulars, and Authority’s objection to appointment
95XReturn of pre-existing shareholder controllers, chief executives, directors and key persons in control functions
95YDetermination of fit and proper
14ADetermination of fit and proper
15Appointment of auditor
(3A)-(3I)
15AAAAppointment of actuary
15AAABApproval for appointment of actuary
15AAConditions on approval given under section 15AAAB(2)
15AABProcedural requirements for rejecting application under section 15AAAB(2 )( a), or imposing or amending conditions under section 15AA
95ZOrder for payment of pecuniary penalty
15AABARevocation of approval under section 15AAAB(2)
15AACOffence to provide false information in connection with application for approval under section 15AAAB(2 )( a)
15AADPerson who is authorized insurer’s actuary under section 15AAA(1 )( a) or (b) immediately before certain events continues to be so
15AAEPerson who is authorized insurer’s actuary under section 15AAA(1 )( c) or (d) immediately before certain events continues to be so
15ANotification in respect of auditors appointed under section 15
15BNotification in respect of actuaries appointed under section 15AAA(1)
(2A)-(2C)
127Service of notices, etc.
128Chief Executive in Council may make regulations
15CStandards to be complied with by an actuary
129Authority may make rules—general provisions
129AAuthority may make rules for special purpose business
16Keeping and preserving of proper books of account
130Relaxation of certain rules
131Rules may limit effect of Ordinance
132Authority must publish draft rules
133Codes or guidelines on functions of Authority, etc.
134Orders and regulations for levies
135Reduction of levies
136Procedural requirements for publishing notices undersections 13AE(14), 95A(4)and123(7)
17Submission of statements, reports or other information
137Authority may specify forms
138Amendment of Schedules
139Savings and transitional arrangements for Insurance Companies (Amendment) Ordinance 2015
140Savings and transitional arrangements for Insurance (Amendment) Ordinance 2023
18Periodic actuarial investigation of authorized insurer with long term business
18APeriodic actuarial review of authorized insurer with general business
3D3D.
19Statements of transactions of prescribed class or description
3E3E.
3F3FB.
20
3G3G.
21
21ADisclosure to general public
21BMaintenance of separate accounts and funds in respect of long term business
22Provisions supplementary to section 21B
22ANon-HK insurer may maintain separate accounts and funds in accordance with section 21B(2) and (3)
(2)-(4)
22BNon-HK insurer may elect to maintain separate accounts and funds in accordance with section 21B(8) and (9)
23Application of assets of authorized insurer with long term business
24Sanction of Court of First Instance for transfer of long term business
25Provisions supplementary to section 24
25AAMaintenance of separate accounts and funds in respect of general business
25AABProvisions supplementary to section 25AA
25AACNon-HK insurer may maintain separate accounts and funds in accordance with section 25AA(2)
25AADNon-HK insurer may elect to maintain separate accounts and funds in accordance with section 25AA(6)
25AAEApplication of assets of authorized insurer with general business
25AMaintenance of assets in Hong Kong in respect of general business
(12)(12)
25BDirection by Authority to re-determine liabilities
25CLetter of credit or other commitment from a bank
25DApproval of transfer of general business
25EEffect of approval under section 25D
25FLloyd’s underwriters
83Responsible officers of insurance agencies registered with IARB
26Grounds on which powers are exercisable
84Application ofsection 85of this Schedule
85No appeal against decision been made
86Application ofsections 87, 88 and 89of this Schedule
87No application for stay of execution or application for stay of execution rejected
88Stay of execution granted after decision takes effect
89Stay of execution granted before decision takes effect
90Application ofsection 91of this Schedule
91Stay of execution granted and appeal not disposed of before commencement date
92Application ofsections 93 and 94of this Schedule
93No application for stay of execution or application for stay of execution rejected
27Restrictions on new business
94Stay of execution granted after commencement date
95Applications for registration rejected
96Appeals not disposed of on expiry of transitional period
28Requirements about investments
97Appeals to Court of Appeal
98Effect of application for approval undersection 64ZE
99Conditions imposed by IARB
29Requirement to maintain assets in Hong Kong
100Requirements to comply with conditions
101Application of provisions relating to responsible officers of licensed insurance agencies
102Chief executives registered with approved broker bodies
103Individual whose registration as chief executive being revoked
104Appeals not disposed of on expiry of transitional period
105Appeals to Court of Appeal
106Effect of application for approval undersection 64ZF
(6)-(7)
30Custody of assets
107Conditions imposed by approved broker body
108Requirements to comply with conditions
109Application of provisions relating to responsible officers of licensed insurance broker companies
110Authority may revoke or suspend licences and approval regarded as granted
111Licences and approval regarded as granted are subject to conditions imposed by Authority
112Interpretation of Part 6of this Schedule
113Alleged contraventions before commencement date
31Limitation of premium income
114Interpretation of Part 7of this Schedule
115Appeals not yet determined by self-regulatory bodies
32Requirement to make actuarial investigations or reviews
116Appeals not made to self-regulatory bodies before commencement date
117Determination of appeals undersections 115 and 116of this Schedule
118Interpretation of Part 8of this Schedule
119Effect of disciplinary sanctions imposed by self-regulatory bodies
120IARB and approved broker bodies to provide records and assistance to Authority in relation to licence and approval
121Self-regulatory bodies to provide records and assistance to Authority in relation to cases of alleged contravention, appeals and disciplinary sanctions
122Records to be provided undersections 120 and 121of this Schedule
32ARequirement to provide reports
123HKFI to provide rules to Authority
124Approved broker bodies to provide rules to Authority
125Authority to publish rules undersections 123 and 124of this Schedule
126Failure to comply with requirement undersection 120, 121, 123or124of this Schedule
33Acceleration of submission of information
34Power to obtain information and require production of documents
35Residual power to impose requirements, etc.
35ARequirement under section 35(1) to make deposit
35AARestoration plan or financial scheme
35BAccounts
(2)-(3)
36Notice of proposed exercise of power under section 27
37Notice of proposed exercise of powers on ground of unfitness
38Rescission, variation and publication of requirements
38AEffect of direction given under section 35(2 )( b)
38BPowers of Manager
38CCourt of First Instance may approve certain resolutions
38DDuration of direction given under section 35(2)
38EAdvisors and Managers
39
40Withdrawal of authorization
41Offences under Part V
41AInterpretation
41BPower to conduct inspection
41CInspector may require answer, etc. to be verified by statutory declaration
41DPower to conduct investigation
41EInvestigator may require explanation, etc. to be verified by statutory declaration
41FApplication to Court of First Instance for inquiry into failure
41GOffences in relation to inspections and investigations
41HUse of incriminating evidence in proceedings
41IOffences in relation to destruction of records and documents
41JOrder to pay costs of investigation
41KMagistrate’s warrants to enter premises, etc.
41LRemoval of records and documents under section 41K
41MLien claimed on records or documents
41NProduction of information in information systems, etc.
41OInspection of records or documents seized, etc.
41PDisciplinary actions in respect of authorized insurers
41QProcedural requirements in respect of exercise of powers under section 41P
41RGuidelines for exercise of power to impose pecuniary penalty under section 41P
41SGeneral provisions relating to exercise of disciplinary powers
41TOrder for payment of pecuniary penalty
41UEffect of suspension under section 41P
41VRevocation or suspension does not avoid or affect agreement, etc.
41WRequirement to transfer records on revocation or suspension
42Circumstances in which authorized insurer deemed to be insolvent
43Winding up of authorized insurer under Companies (Winding Up and Miscellaneous Provisions) Ordinance
44Winding up on petition of Authority
45Winding up of authorized insurer
46Continuation of long term business of authorized insurer in liquidation
47Winding up of authorized insurers involved in transfer of business
48Reduction of contracts as alternative to winding up
49Winding up rules
49AWinding up of authorized insurer subject to direction under section 35(2 )( b)
(2B)(2B)
49BNotice of commencement of liquidation, etc. and of appointment of liquidator, etc.
50Requirements to be complied with by Lloyd’s
50ACapital requirements
50BFit and proper management
50BAAppointment of actuary
50CSubmission requirements
(2)-(8)
50CADisclosure requirements
50DLocal assets
50EPart X applies to Lloyd’s
50FPowers of intervention
50GFurther regulatory powers
50HPart XIII applies to Lloyd’s etc.
51Exempted persons
52
53Power of Chief Executive in Council to exempt insurer
53ASecrecy
(1AA)(1AA)
(1AAB)(1AAB)
(3AA)(3AA)
(3B)(3B)
(3C)(3C)
(3D)(3D)
(3DA)(3DA)
(3E)(3E)
(3F)(3F)
(3G)(3G)
(3H)(3H)
(3I)(3I)
(5)-(6)
53BDisclosure of information
(1C)(1C)
(1D)(1D)
53CExamination by external authorities
(1A)(1A)
(1B)(1B)
53DCommunication by prescribed person with Authority
53EPrescribed person to send report directly to Authority in certain cases relating to authorized insurers
53FPrescribed person to send report directly to Authority in certain cases relating to licensed insurance broker companies, etc.
53GPrescribed person to send report directly to Authority in certain cases relating to designated insurance holding companies
54
55
55A
55B
56
56A
57
58
58A
59
60
61
62
63
64
64AInterpretation (Part IXA)
64BNo contract of insurance to be made without interest
64CNo contract of insurance on lives without inserting the persons’ names, etc.
64DRecoverable amount
64ENot to extend to ships, etc.
64FInterpretation of Part X
64GRestrictions on carrying on regulated activities
64HApplication of section 64G in relation to marketing insurance services outside Hong Kong
64IRestrictions in relation to number of authorized insurers of each licensed insurance agency, etc.
64JRestrictions in relation to personnel of licensed insurance agencies
64KRestrictions in relation to personnel of licensed insurance broker companies
64LRestrictions in relation to licensed technical representatives (agent)
64MRestrictions in relation to licensed technical representatives (broker)
64NContracts of insurance made through persons other than licensed insurance intermediaries, etc.
64ORegister of licensed insurance intermediaries
64PDuty to notify Authority of change in particulars
(2A)(2A)
64QDuty to notify Authority of appointment
64RDuty to notify Authority of termination of appointment
64SApplication for varying lines of business
64TDuty to notify Authority of cessation of carrying on of regulated activities by licensed insurance broker companies
64UGrant of licence—insurance agency
64VValidity of insurance agency licence
64WGrant of licence—individual insurance agent
64XValidity of individual insurance agent licence
64YGrant of licence—technical representative (agent)
64ZValidity of technical representative (agent) licence
64ZAGrant of licence—insurance broker company
64ZBValidity of insurance broker company licence
64ZCGrant of licence—technical representative (broker)
64ZDValidity of technical representative (broker) licence
64ZEApproval of responsible officers of licensed insurance agencies
64ZFApproval of responsible officers of licensed insurance broker companies
64ZGAuthority may impose conditions on granting licence or approval
64ZHLicensed insurance agency no longer appointed by authorized insurer
64ZILicensed individual insurance agent no longer appointed by authorized insurer
64ZJRevocation and suspension of technical representative (agent) licence
64ZKRevocation and suspension of technical representative (broker) licence
64ZLRevocation of approval of responsible officer of licensed insurance agency
64ZMRevocation of approval of responsible officer of licensed insurance broker company
64ZNLicensed insurance agencies without responsible officers
64ZOLicensed insurance broker companies without responsible officers
64ZPLicence revoked on death, dissolution, etc. of licensee
64ZQLicence revoked or suspended on licensed insurance intermediary’s request
64ZREffect of suspension under this Subdivision
64ZSRevocation or suspension of licence does not avoid or affect agreement, etc.
64ZTRequirement to transfer records on revocation or suspension of licence
64ZUPermission to carry on business operations on revocation or suspension of licence
64ZVRenewal of licences
64ZWAmendment, revocation and imposition of conditions on renewal of licences
64ZXValidity of licences for which applications have been made under section 64ZV
64ZYValidity of licences renewed under section 64ZV
64ZZApplicants to provide information
64ZZADetermination of fit and proper
64ZZBProcedural requirements for rejecting application, or imposing or amending conditions
64ZZCForm of licence
64ZZDDuty to notify Authority of change in partners, directors or controllers
64ZZEOffence to provide false information in connection with application for licence or approval
64ZZFPower to conduct inspection
64ZZGInspector may require answer, etc. to be verified by statutory declaration
64ZZHPower to conduct investigation
64ZZIInvestigator may require explanation, etc. to be verified by statutory declaration
64ZZJInspection and investigation powers in relation to authorized institutions
64ZZKApplication to Court of First Instance for inquiry into failure
64ZZLOffences in relation to inspections and investigations
(11)(11)
64ZZMUse of incriminating evidence in proceedings
64ZZNOffences in relation to destruction of records and documents
64ZZOOrder to pay costs of investigation
64ZZPMagistrate’s warrants to enter premises, etc.
(10)(10)
64ZZQRemoval of records and documents under section 64ZZP
64ZZRLien claimed on records or documents
64ZZSProduction of information in information systems, etc.
64ZZTInspection of records or documents seized, etc.
65
66
67
68Authorized insurer’s relationship with its agent
(4A)(4A)
(4B)(4B)
(4C)(4C)
(4D)(4D)
(4E)(4E)
68AValidity of agency agreements
69
70
71Licensed insurance broker company’s client monies
(8)(8)
(9)(9)
72Licensed insurance broker company must appoint auditor
73Audit of licensed insurance broker company
74Powers of Authority to require production, etc.
75
76Authority may petition for winding up or bankruptcy of licensed insurance intermediary
77
78Exemptions for authorized insurers, etc.
(3A)(3A)
(4)-(5)
79Power of Authority to grant exemptions
(7)(7)
80Interpretation
81Disciplinary action in respect of regulated persons
(6)(6)
82Procedural requirements in respect of exercise of powers under section 81
(1)(1)
(2)(2)
(3)(3)
(4)(4)
(5)(5)

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