Insurance Ordinance

(1)
No person shall carry on any class of insurance business in or from Hong Kong
except—
(a)
a company authorized under
section
                    8
or
8A
to carry on that class of insurance business;
(Amended
17 of 2020 s. 6
)
(b)
Lloyd’s;
(c)
an association of underwriters approved by the Authority.
(Amended
25 of 1994 s. 3
)
(2)
Where an application for approval under subsection
(1
)(
c)
is made, the applicant shall furnish such information in respect thereof as the Authority may require.
(Amended
25 of 1994 s. 3
)
(3)
A person who contravenes subsection (1) commits an offence and is
liable—
(a)
on conviction upon indictment to a fine of $2,000,000 and, in the case of an individual, to imprisonment for 2 years; and
(b)
on summary conviction to a fine of $200,000 and, in the case of an individual, to imprisonment for 6 months,
together with, in either case, a fine of $2,000 for each day on which the offence continues.
(Amended
35 of 1996 s. 3
)