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Cap. 41activeordinance

Insurance Ordinance

保險業條例

Full legislation

s.7

Interpretation (Part 2 of Schedule 12)

Editorial Note:

Table of Contents

Sections

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
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
6AContracts of insurance entered into in contravention ofsection 6(1)
8AAuthorization—special purpose business
8BForm of information submitted by special purpose insurers
8CRequirements prescribed by virtue ofsection 17may be modified or varied for special purpose insurers
13AOffence to provide false information in connection with application for approval
13BMajority shareholder controller becoming minority shareholder controller
13CRestrictions on and sale of shares
13DPunishment for attempted evasion of restrictions
14ADetermination of fit and proper
15ANotification in respect of auditors appointed undersection 15
15BNotification in respect of actuaries appointed undersection 15AAA(1)
15CStandards to be complied with by an actuary
18APeriodic actuarial review of authorized insurer with general business
21ADisclosure to general public
21BMaintenance of separate accounts and funds in respect of long term business
22ANon-HK insurer may maintain separate accounts and funds in accordance withsection 21B(2)and (3)
22BNon-HK insurer may elect to maintain separate accounts and funds in accordance withsection 21B(8)and (9)
25AMaintenance of assets in Hong Kong in respect of general business
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 undersection 25D
25FLloyd’s underwriters
32ARequirement to provide reports
35ARestoration plan or financial scheme
35BAccounts
38AEffect of direction given undersection 35(2)(b)
38BPowers of Manager
38CCourt of First Instance may approve certain resolutions
38DDuration of direction given undersection 35(2)
38EAdvisors and Managers
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 undersection 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 undersection 41P
41RGuidelines for exercise of power to impose pecuniary penalty undersection 41P
41SGeneral provisions relating to exercise of disciplinary powers
41TOrder for payment of pecuniary penalty
41UEffect of suspension undersection 41P
41VRevocation or suspension does not avoid or affect agreement, etc.
41WRequirement to transfer records on revocation or suspension
49AWinding up of authorized insurer subject to direction undersection 35(2)(b)
49BNotice of commencement of liquidation, etc. and of appointment of liquidator, etc.
50ACapital requirements
50BAppointment of actuary
50CDisclosure requirements
50DLocal assets
50EPart Xapplies to Lloyd’s
50FPowers of intervention
50GFurther regulatory powers
50HPart XIIIapplies to Lloyd’s etc.
53ASecrecy
53BDisclosure of information
53CExamination by external authorities
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
55A
55B
56A
58A
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 ofsection 64Gin 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
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)
64ZInspection of records or documents seized, etc.
68AValidity of agency agreements
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
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
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
95UApproval of appointment
95VObjection to appointment
95WRestrictions on acting if appointment unapproved or objected to
95XReturn of pre-existing shareholder controllers, chief executives, directors and key persons in control functions
95YDetermination of fit and proper
95ZOrder for payment of pecuniary penalty
127Service of notices, etc.
128Chief Executive in Council may make regulations
129Authority may make rules—general provisions
129AAuthority may make rules for special purpose business
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)
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
3A3AA.
3B3B.
3C3C.
3D3D.
3E3E.
3F3FB.
3G3G.
23Appeals to Court of Appeal
24Effect of application for insurance agency licence
25Conditions imposed by IARB
26Requirements to comply with conditions
27Application of provisions relating to licensed insurance agencies
28Individual agents registered with IARB
29Application ofsection 30of this Schedule
30No appeal against decision been made
31Application ofsections 32, 33 and 34of this Schedule
32No application for stay of execution or application for stay of execution rejected
33Stay of execution granted after decision takes effect
34Stay of execution granted before decision takes effect
35Application ofsection 36of this Schedule
36Stay of execution granted and appeal not disposed of before commencement date
37Application ofsections 38 and 39of this Schedule
38No application for stay of execution or application for stay of execution rejected
39Stay of execution granted after commencement date
40Applications for registration rejected
41Appeals not disposed of on expiry of transitional period
42Appeals to Court of Appeal
43Effect of application for individual insurance agent licence
44Conditions imposed by IARB
45Requirements to comply with conditions
46Application of provisions relating to licensed individual insurance agents
47Technical representatives and responsible officers registered with IARB
48Application ofsection 49of this Schedule
49No appeal against decision been made
50Application ofsections 51, 52 and 53of this Schedule
51No application for stay of execution or application for stay of execution rejected
52Stay of execution granted after decision takes effect
53Stay of execution granted before decision takes effect
54Application ofsection 55of this Schedule
55Stay of execution granted and appeal not disposed of before commencement date
56Application ofsections 57 and 58of this Schedule
57No application for stay of execution or application for stay of execution rejected
58Stay of execution granted after commencement date
59Applications for registration rejected
60Appeals not disposed of on expiry of transitional period
61Appeals to Court of Appeal
62Effect of application for technical representative (agent) licence
63Conditions imposed by IARB
64Requirements to comply with conditions
65Application of provisions relating to licensed technical representative (agent)
66Authorized insurance brokers registered with approved broker bodies
67Company being expelled from membership of approved broker body
68Appeals not disposed of on expiry of transitional period
69Appeals to Court of Appeal
70Effect of application for insurance broker company licence
71Conditions imposed by approved broker body
72Requirements to comply with conditions
73Application of provisions relating to licensed insurance broker companies
74Application ofsection 64Tto companies applying for de-registration
75Technical representatives and chief executives registered with approved broker bodies
76Individual whose name being removed from register of approved broker body
77Appeals not disposed of on expiry of transitional period
78Appeals to Court of Appeal
79Effect of application for technical representative (broker) licence
80Conditions imposed by approval broker body
81Requirements to comply with conditions
82Application of provisions relating to licensed technical representative (broker)
83Responsible officers of insurance agencies registered with IARB
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
94Stay of execution granted after commencement date
95Applications for registration rejected
96Appeals not disposed of on expiry of transitional period
97Appeals to Court of Appeal
98Effect of application for approval undersection 64ZE
99Conditions imposed by IARB
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
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
114Interpretation of Part 7of this Schedule
115Appeals not yet determined by self-regulatory bodies
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
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
1Interpretation (Part 1 of Schedule 12)
2Pre-existing shareholder controller of HK insurer
3Potential shareholder controller of HK insurer
4Pre-existing notice under formersection 13B(2)(a)
5Pre-existing objection to shareholder controller of HK insurer
6Pre-existing restrictions and outstanding applications under formersection 13C
7Interpretation (Part 2 of Schedule 12)
8Pre-existing actuary of authorized insurer carrying on long term business
9Approval of appointment of person as actuary of authorized insurer
10Outstanding application for approval of appointment of actuary of authorized insurer
11Pre-existing refusal of approval of actuary of authorized insurer
12Pre-existing revocation of approval of appointment of actuary of authorized insurer
13Pre-existing objection to appointment of actuary of authorized insurer
14Interpretation (Part 3 of Schedule 12)
15Approval for shareholder controller of designated insurance holding company
16Potential shareholder controller of designated insurance holding company
17Outstanding application for approval of shareholder controller of designated insurance holding company
18Pre-existing objection to shareholder controller of designated insurance holding company
19Interpretation (Part 4 of Schedule 12)
20Application for review not made before commencement date
21Review not yet determined before commencement date
22Determination of review on or after commencement date

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