Insurance Ordinance

(1)
On
                application made by a company under
section 7
for authorization to carry
                on any class or classes of insurance business specified in
Part 2
or
3 of Schedule 1
—
(Amended
12 of 2015 s. 2
;
17 of 2020 s. 7
)
(a)
subject to paragraph (b),
                    the
                    Authority may authorize the company in writing to carry on,
                    subject to such conditions as
                    the
                    Authority may impose,
                    the
                    class or classes of insurance business; or
(Amended
12 of 2015 s. 2
;
17 of 2020 s. 7
)
(b)
the
Authority—
(i)
must refuse the application if subsection (2) or (3) applies;
                        and
(ii)
may refuse the application on any other ground.
(Replaced
17 of 2020 s. 7
)
(2)
The
                Authority
                shall not authorize a company under this section if it appears to the
                Authority
                that any person who is a director or controller of the company is not a fit and
                proper person to hold the position held by him.
(Amended
12 of 2015 s. 2
)
(3)
The Authority
                must
                not authorize a company under this section unless the following conditions are
satisfied—
(Amended
12 of 2015 s. 2
;
20 of 2023 s. 7
)
(a)
that the company complies with the capital requirements for the company;
                    and
(Replaced
20 of 2023 s. 7
)
(b)
that, having regard to the nature and scale of the company’s proposed
                    operation, the company has adequate capital to enable its continued compliance
                    with the capital requirements for the company after authorization; and
(Replaced
20 of 2023 s. 7
)
(c)
that as regards each class of risks against which, in the course of carrying
                    on business, the company proposes to insure
persons—
(i)
adequate arrangements are in force, or will be made, for the
                        reinsurance of risks of that class against which persons are, or are to be,
                        insured by the company in the course of carrying on business; or
(ii)
it is justifiable not to make arrangements for that purpose;
                        and
(d)
that the company is, and will continue to be, able to meet its obligations
                    including obligations in respect of business other than the class of insurance
                    business in respect of which the application is made; and
(e)
in the case of a non-Hong Kong
                    company,
                    that it has complied with
Part 16
of that Ordinance; and
(Amended
28 of 2012 ss. 912 & 920
;
14 of 2025 s. 122
)
(f)
that the company will be able to comply with such of the provisions of this
                    Ordinance as would be applicable to it; and
(g)
that in the case of a company which carries on, or proposes to carry on,
                    some other form of business in addition to insurance business, the carrying on
                    of that other form of business in addition to insurance business is not contrary
                    to the interest of existing and potential policy holders; and
(h)
that the name of the company is not likely to deceive.
(4)-(5)
(Repealed
20 of 2023 s. 7
)