Extract
Insurance Companies Ordinance - Chapter 41
INSURANCE COMPANIES ORDINANCE - LONG TITLE
Long title VerDate:30/06/1997 To regulate the carrying on of insurance business including regulating insurance intermediaries, to provide for the appointment of an Insurance Authority, to confer powers of authorization and intervention on the Insurance Authority in respect of insurers and insurance intermediaries and to require insurers and insurance intermediaries to furnish financial statements and other information to the Insurance Authority; and for matters incidental thereto or connected therewith. (Amended 76 of 1994 s. 2) [30 June 1983] L.N. 203 of 1983 (Originally 6 of 1983) INSURANCE COMPANIES ORDINANCE - SECT 1 Short title VerDate:30/06/1997 PART I PRELIMINARY This Ordinance may be cited as the Insurance Companies Ordinance. INSURANCE COMPANIES ORDINANCE - SECT 2 Interpretation VerDate:30/06/1997 (1) In this Ordinance, unless the context otherwise requires- "Advisor" , in relation to an insurer, means the person appointed, pursuant to section 35(2)(a), to be the Advisor of the insurer; (Added 51 of 1992 s. 2) "annuities on human life" does not include superannuation allowances and annuities payable out of any fund applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment, or of the dependants of such persons; "appointed insurance agent" means an insurance agent appointed by and registered with an insurer as an agent; (Added 76 of 1994 s. 3) "authorized" has the corresponding meaning; "authorized insurance broker" means an insurance broker who is- (a) authorized by the Insurance Authority under section 69; or (b) a member of a body of insurance brokers which is approved by the Insurance Authority under section 70; (Added 76 of 1994 s. 3) "body corporate" includes a body incorporated outside Hong Kong; "chief executive" has the meaning assigned to it by section 9(2); "class" , in relation to insurance business, means a class of insurance business which under section 3 is relevant for the purposes of this Ordinance; "client monies" means monies an insurance broker has received from or held on behalf of a policy holder or potential policy holder and to which he is not entitled; (Added 76 of 1994 s. 3) "code of practice" means a code of practice approved by the Insurance Authority under section 67; (Added 76 of 1994 s. 3) "company" has the meaning assigned to it by section 2(1) of the Companies Ordinance (Cap 32) and includes a company incorporated outside Hong Kong to which Part XI of that Ordinance applies; "controller" has the meaning assigned to it by section 9, but does not include a Manager; (Amended 51 of 1992 s. 2) "director" includes any person occupying the position of director by whatever name called; "financial year" , in relation to a body corporate, has the meaning assigned to it by section 2(1) of the Companies Ordinance (Cap 32); "former accountant" means a person who was formerly the accountant of an insurer or a former insurer; (Added 59 of 1993 s. 2) "former actuary" means a person who was formerly the actuary of an insurer or a former insurer; (Added 59 of 1993 s. 2) "former auditor" means a person who was formerly the auditor of an insurer or a former insurer; (Added 59 of 1993 s. 2) "former insurer" means a person who was formerly an insurer; (Added 59 of 1993 s. 2) "general business" means insurance business not being long term business; "gross premium income" has the meaning assigned to it by section 10(4)(c); "holding company" has the meaning assigned to it by section 2(7) of the Companies Ordinance (Cap 32); "insurance agent" means a person who holds himself out to advise on or arrange contracts of insurance in or from Hong Kong as an agent or subagent of one or more insurers; (Added 76 of 1994 s. 3) "Insurance Authority" means the Insurance Authority appointed under section 4; "insurance broker" means a person who carries on the business of negotiating or arranging contracts of insurance in or from Hong Kong as the agent of the policy holder or potential policy holder or advising on matters related to insurance; (Added 76 of 1994 s. 3) "insurance intermediary" means an insurance agent or an insurance broker; (Added 76 of 1994 s. 3) "insurer" means a person carrying on insurance business but does not include Lloyd's; "Lloyd's" means the society of underwriters known in the United Kingdom as Lloyd's; "long term business" means any of the classes of insurance business specified in Part 2 of the First Schedule; "Manager" , in relation to an insurer, means the person appointed, pursuant to section 35(2)(b), to be the Manager of the insurer; (Added 51 of 1992 s. 2) "policy" - (a) in relation to long term business, includes an instrument evidencing a contract to pay an annuity upon human life; (b) in relation to insurance business of any other class, includes any policy under which there is for the time being an...See the full content of this document