Insurance Ordinance

(1)
Where a prescribed person (other than an actuary or former actuary), during the
                discharge
                of his duties in that capacity in respect of the
                authorized
                insurer concerned (including a former insurer), becomes aware of
                any matter (including, in the case of a former auditor or former accountant referred
                to in the definition of
prescribed person
, a matter of which he became
                aware when he was an auditor or accountant, as the case may be, referred to in that
                definition) which in his opinion adversely affects the financial condition of the
                insurer to a material extent, the prescribed person shall, as soon as practicable
                thereafter, send to the
                Authority
                a report in writing of the matter.
(Amended
12 of 2015 s. 71
)
(2)
Where a prescribed person (other than an auditor, former auditor, accountant or
                former accountant), during the
                discharge
                of the
                person’s
                duties in that capacity in respect of the
                authorized
                insurer concerned (including a former insurer), becomes aware of
                any situation (including, in the case of a former actuary referred to in the
                definition of
prescribed person
, a situation of which
                the
                person became aware when the person was an actuary referred to in
                that definition) which in
                the
                person’s
opinion—
(Amended
12 of 2015 s. 71
;
20 of 2023 s. 72
)
(a)
creates a material risk that a
                    fund
                    or sub-fund maintained by the insurer under
section
                    21B
may be insufficient to meet the liabilities
                    attributable to that
                    fund or
                    sub-fund; or
(b)
has resulted or may result in the insurer failing to satisfy an obligation
                    in respect of its long term business to which it is or was subject by virtue of
                    this Ordinance,
the
                person
                must,
                as soon as practicable
                after
                becoming so aware, send to the
                Authority
                a report in writing of the situation.
(3)
Where a prescribed person, during the
                discharge
                of the person’s
                duties
                in that capacity in respect of the
                authorized
                insurer concerned (including a former insurer), becomes aware of
                evidence (including, in the case of a former auditor, former actuary or former
                accountant referred to in the definition of
prescribed person
,
                evidence of which
                the
                person became aware when the person was an auditor, actuary or
                accountant, as the case may be, referred to in that definition
)—
(Amended
12 of 2015 s. 71
;
20 of 2023 s. 72
)
(a)
of a failure by the insurer to comply with any conditions imposed under
section
                    8(1
)(
a)
or
8A(1
)(
a)
;
(Amended
17 of 2020 s. 18
)
(b)
that there exists a ground on which the
                    Authority
                    would be prohibited by
section 8(3
)(
a)
, (b), (d) or (f) from
                    authorizing the insurer if the insurer were to make application in that
                    behalf;
(c)
of a failure by the insurer to comply with
section
                        21B
,
22
,
23
,
25AA
,
25AAB
or
25AAE
;
                    or
(d)
of any default of the insurer in complying with any requirement under
section 27
,
28
,
29
,
30
,
31
,
32
,
32A
,
33
,
34
or
35(1)
,
the
                person
                must,
                as soon as practicable
                after
                becoming so aware, send to
                the
                Authority a report in writing of the failure, ground or default.