Insurance Ordinance

(1)
Any office or agency of an insurer, carrying on any class of insurance business in or from Hong Kong, shall permit the insurance supervisory authority of a place outside Hong Kong to examine its books, accounts and transactions in Hong Kong
if—
(a)
that
insurer—
(i)
is incorporated, or has its principal place of business, in that place; or
(ii)
is incorporated in or outside Hong Kong and is a subsidiary or associate of an insurer incorporated, or which has its principal place of business, in that place; and
(b)
that insurance supervisory authority has, subject to subsection (2), the approval of the Authority to carry out such an examination.
(1A)
A licensed insurance agency must permit an insurance supervisory authority of a place outside Hong Kong to examine its books, accounts and transactions in Hong Kong
if—
(a)
that
agency—
(i)
is incorporated, or has its principal place of business, in that place; or
(ii)
is incorporated in or outside Hong Kong and is a subsidiary or associate of an insurance agency incorporated, or which has its principal place of business, in that place; and
(b)
that insurance supervisory authority has, subject to subsection (2), the approval of the Authority to carry out such an examination.
(Added
12 of 2015 s. 69
)
(1B)
A licensed insurance broker company must permit an insurance supervisory authority of a place outside Hong Kong to examine its books, accounts and transactions in Hong Kong
if—
(a)
that
company—
(i)
is incorporated, or has its principal place of business, in that place; or
(ii)
is incorporated in or outside Hong Kong and is a subsidiary or associate of an insurance broker company incorporated, or which has its principal place of business, in that place; and
(b)
that insurance supervisory authority has, subject to subsection (2), the approval of the Authority to carry out such an examination.
(Added
12 of 2015 s. 69
)
(2)
The Authority shall not give an approval referred to in subsections
(1
)(
b)
,
(1A
)(
b)
and
(1B
)(
b)
except where in its opinion it is desirable or expedient that the examination concerned should be
                carried out in the interests of existing or potential policy holders or in the public interest.
(Amended
12 of 2015 s. 69
)
(3)
This section shall apply to Lloyd’s as it applies to insurers.