LIFE INSURANCE COMPANIES ORDINANCE

LIFE INSURANCE COMPANIES ORDINANCE

CHAPTER 36.

LIFE INSURANCE COMPANIES.

Relating to life, insurance companies.

[2nd August, 1907.]

1. This Ordinance may be cited as the Life Insurance

Companies Ordinance.

2. In this Ordinance

'carry on the business of life insurance' shall include the
receipt, either directly or through an agent, of applica-
tions for policies of insurance on human life or for
annuities upon human life, and the receipt, either
directly or through an agent, of premiums or other
payments for or in respect of such policies or annuities,
whether such policies or annuities are or are not issued
or payable within the Colony and whether the company
has or has not an office within the Colony;

'chairman' means the person presiding over the board of directors of
any company;

'financial year' means each period of twelve months at the end of
which the balance of the accounts of the conipany is struck; or if
no such balance is struck, then each period of twelve months
ending with the 31st day of December;

'life insurance company' (hereinafter referred to as company), except
where otherwise stated, shall include any person whatsoever
who, or any association, corporate or unincorporate, not being
established under any Ordinance relating to friendly societies,
which, issues or is or becomes liable under policies of insurance
upon human life within the Colony, or grants annuities upon
human life within the Colony, or by any other means carries on
the business of life insurance within the Colony; and shall include
companies established out of Hong Kong as well as those
established in Hong Kong, companies registered in Hong Kong
which carry on the business of life insurance in China, and, also
mutual associations as well as proprietary;

'Official Trustee' means the Official Trustee appointed under the
Trustee Ordinance;





'policy' includes a contract for a policy for securing a life insurance,
endowment or annuity;

'policy holder' means the legal holder of a policy for securing the life
insurance, endowment, annuity or other contract with the
company;

'Registrar' means the Registrar of Companies under the Companies
Ordinance.

PART I.

Conditions to be complied with by life insurance
companies.

3. (1) Every company which carries on thebusiness of life insurance
in the Colony or which is registered in the Colony and which carries on
the business of life insurance in China shall deposit and keep
deposited with the Registrar securities to be approved by the Governor
in Council to the value of fifty thousand dollars : Provided that such a
company shall not be deemed to carry on such business by reason
only of receiving premiums in respect of policies or other contracts
made before the commencement of this Ordinance, but if any such
conipany carries on the business of life insurance except in respect of a
policy contracted for before such date, such company shall be subject
to the provisions of this section.

(2) In augmentation of the deposit mentioned in subsection (i),
every company liable to make a deposit under this section shall be
required to make and keep deposited further deposit up to two hundred
thousand dollars, and until such further deposit is made it shall send in
yearly to the Registrar returns under the oath of the chairman, agent,
secretary or other principal officer of the company of the amount of
premiums received by the company on account of such policies issued,
granted or entered into in Hong Kong, and in the case of a company
registered in Hong Kong, entered into in China, by such company
whether before or after the commencement of this Ordinance, as the
company is for the time being liable in respect of. And the company
shall, after deducting twenty-five ter cent therefrom and the net
amount of losses or claims actually paid in respect of such policies,
deposit with the Registrar securities of such kinds as aforesaid, to the
value





of such balance of premiums, until the deposit equals two hundred
thousand dollars.

(3) The deposit shall consist of securities of the following nature-

(a)fixed deposits in banks approved by the Governor in Council;

(b)stocks, funds or securities, other than the security of a
charge on land by way of legal mortgage or otherwise,
authorized by the Trustee Act, 1925;

(c) any Government securities of the Colony.

(4) If any securities deposited under this Ordinance with the
Registrar are, while so deposited, lost, stolen, destroyed or damaged,
the injury sustained by the persons making such deposit or by any
other person interested therein shall be made good out of moneys to
be appropriated for the purpose by the Legislative Council.

(5) All securities deposited with the Registrar shall be lodged by
him with the Accountant General for safe custody.

(6) For the purposes of this Ordinance the office of Registrar shall
have perpetual succession. All securities which are or may be
deposited with the Registrar under this Ordinance shall be deemed to
be vested in the Registrar for the time being and the person for the time
being performing the duties of the office shall have power to deal with
the legal estate without any further transfer or conveyance.

4. Any company may, on giving due notice to the Registrar,
withdraw from his custody any securities so deposited, on depositing
with him approved securities of an equal value, and such substituted
securities shall for all purposes be treated as securities originally
deposited.

5. Subject to the provisions of this Ordinance and to any
regulations for the time being in force thereunder, the Governor in
Council shall be the sole judge of the nature of the securities to be
accepted and of the value of any securities proposed to be deposited,
and of the value at all





times during the continuance of the deposit of any securities
deposited under this Ordinance.

6. The Registrar shall not issue a certificate of incorporation to a
company intending to carry on the business of life insurance in the
Colony or in China unless such deposit as aforesaid shall have been
made to the extent of fifty thousand dollars. Such deposit may be made
by the subscribers of the memorandum of association of such
company, or any of them, in the name of the proposed company, and
such deposit upon the incorporation of such company shall be deemed
to have been made by and to be part of the assets of such company.

7. (1) Any company which may have made a deposit of securities
under this Ordinance may, on ceasing to carry on the business of life
insurance in Hong Kong or in China, as the case may be, and on the
following conditions being complied with or performed, withdraw from
such deposit any or all of the securities so deposited

(a)on the expiration of a notice in writing which shall be given
to the Registrar by such company at least six months before
the intended withdrawal; and

(b)on satisfying the Registrar that, from the time of giving such
notice until the date of the intended withdrawal, such
company has not, except as to policies or contracts made
before the giving of such notice, carried on the business of
life insurance in Hong Kong or in China, as the case may
be:

Provided always that none of the securities so deposited shall be
withdrawn until such company shall have satisfied the Registrar that it
has no existing life insurance business whatever in the Colony.

(2) The Registrar shall cause every notice so given as
in this section provided, and also his decision with regard
to every such proposed withdrawal, to be published at the
cost of the company as he may think fit. [9

8. No conipany, having given any such notice as provided in
section 7 shall thereafter recommence to carry on the business of life
insurance in Hong Kong or China, as





the case may be, unless it shall first make the deposit provided for in
subsection (i) of section 3; but such new deposit shall be treated as a
separate deposit from any securities remaining deposited under section
7 : Provided that the receipt of premiums or other moneys in respect of
policies made before such nofice and the discharge of liabilities
thereon, and the doing of other acts relating to such policies, shall not
be deemed to be a recommencement of a carrying on of business within
the meaning of this section.

9. In the case of a company established before or after the
commencement of this Ordinance transacting other business besides
that of life insurance, a separate account shall be kept of all receipts in
respect of the life insurance and annuity contracts of the company, and
the said receipts shall be carried to and form a separate fund, to be
called the life insurance fund, of the company, and such fund shall be
as absolutely the security of the life policy and annuity holders as
though it belonged to a company carrying on no other business than
that of life insurance, and shall not be for any contracts of the
company for which it would not have been liable had the business of
the company been onlY that of life insurance : and in respect to all
existing companies, the exemption of the life insurance fund from
liability for other obligations than to its life policy holders shall have
reference only to the contracts entered into after

commencement

of this Ordinance, unless by the con-
stitution of the company such exemption already exists; but
this Ordinance shall not diminish the liability of any life
insurarice fund for any contracts of such comoomy entered
into before the commencement of this Ordinance : Provided
always that this section shall not apply to any contracts
made by any life insurance company existing at the com-
mencement of this Ordinance by the terms of whose deed
of settlement the whole of the profits of all the business are
paid exclusively to the life policy holders, and on the face
of which contracts the liability of the insured distinctly
appears. [11

10. Every company shall, at the expiration of each financial year
of such company, prepare a statement of its revenue account for such
year and of its balance sheet at





the close of such year, in the forms respectively contained
in the First and Second Schedules. [12

11. Every company which, concurrently with the
granting of policies of insurance or annuities on human
life, transacts any other kind of insurance or other business,
shall at the expiration of each such financial year as afore-
said prepare statements of its revenue account for such year
and of its balance sheet at the close of such year, in the forms
respectively contained in the Third and Fourth Schedules.

[13

12. Every company shall, once in every five years if
established after the commencement of this Ordinance, and
once in every ten years if established before the commence-
ment of this Ordinance, or at such shorter intervals as may
be prescribed by the instrument constituting such company
or by its regulations or by-laws, cause an investigation to
be made into its financial condition by an actuary and shall
cause an abstract of the report of such actuary to be made
in the form in the Fifth Schedule. [14

13. (1) Every company shall, within nine months after the date of
each such investigation as aforesaid, prepare a statement of its life
insurance and annuity business, in the form contained in the Sixth
Schedule; each of such statements to be made up as at the date of the
last investigation : Provided that, if such investigation be made
annually by any company, it may prepare such statement at any time,
so that it be made at least once in every three years.

(2) In this section, 'date of each such investigation' means the
date to which the accounts of each company are made up for the
purposes of each such investigation. [15

14. The Governor in Council may alter the forms in the
Schedules, for the purpose of adapting them to the circum-
stances of any company or of better carrying into effect the
object of this Part. [16

15. Every statement or abstract hereinbefore required to be made
by a company shall be signed by the principal





officer thereof managing the life insurance business in Hong Kong,
and shall be printed; and the original, so signed as aforesaid, together
with three printed copies thereof, shall be deposited with the Registrar
within nine months of the dates respectively hereinbefore prescribed
as the dates at which the same are to be prepared. Every annual
statement so deposited shall be accompanied by three printed copies
of the abstract required to be made by section 12. [17

16. The Registrar shall make an examination into each
statement or abstract deposited as aforesaid either alone or
with an actuary appointed by the Governor for the purpose;
and the Registrar, or if an actuary be appointed then the
Registrar and such actuary, shall make such report to the
Governor on such statement or abstract as he or they may
think fit, and every such report shall he published in the
Gazette. [18

17. A printed copy of the last-deposited statement,
abstract or other document by this Ordinance required to be
printed shall be forwarded by the company, by post or other-
wise, on application, to every shareholder and policy holder
of the company. [19

18. Every company not registered under any Ordinance
relating to the registration of companies shall keep a register
of shareholders in like form and containing like particulars
in the manner provided by such Ordinance, and shall furnish,
on application, to every shareholder and policy holder of the
company a copy of such book on payment of a sum not
exceeding fifty cents for every hundred words required to
be copied for such purpose. [20

19. Every company n ot registered as aforesaid shall cause a
sufficient number of copies of its deed of settlement, or other the Act,
Ordinance, charter or instrument constituting and regulating the mode
of business of such company, to be printed, and shall furnish, on
application, to every shareholder and policy holder of the company a
copy of such deed of settlement, Act, Ordinance, charter or instrument on
payment of a sum not exceeding one dollar and

twenty-five cents. [21





20. Any printed or other documents required by this
Ordinance to be kept by the Registrar may, on payment of
such fees as the Registrar may direct, be inspected by any
person, who may also, on payment of such fees as shall be
directed, obtain copies thereof. [22

21. Every statement, abstract or other document de-
posited with the Registrar shall be receivable in evidence,
and every document purporting to be certified by the
Registrar to be such deposited document, and every docu-
ment purporting to be similarly certified to be a copy of
such deposited document, shall, if produced out of the
custody of the Registrar, be deemed to be such deposited
document as aforesaid or a copy thereof, and shall be received
in evidence as if it were the original document, unless some
variation between it and the original document shall be
proved. [23

22. Any life insurance company registered under any Ordinance
relating to the registration of companies may be wound up by the court
in accordance with the provisions of, the Companies Ordinance, on the
application of one or more policy holders or shareholders, upon its
being proved to the satisfaction of the court that the company is
insolvent; and in determining whether or not the company is insolvent
the court shall take into account, upon what it deems, under expert
advice to be the proper bases as to mortality and interest, the value of
the contingent and prospective liabilities of the company ; but the court
shall not hear the petition until security for costs, for such amount as
the judge shall think reasonable, shall be given, and until a prima facie
case shall also be established to the satisfaction of the judge; and in
the case of a proprietary life insurance company having an uncalled
capital of an amount sufficient, with the future premiums receivable by
the life insurance company, to make

up the actual invested assets equal to the amount of the estimated
liabilities, the court shall suspend further proceedings on the petition
for a reasonable time (in the discretion of the court), to enable the
uncalled capital or a sufficient part thereof to be called up; and if, at the
end of the original or any extended time for which the proceedings shall
have been suspended, such amount shall not have been realized by
means of calls as with the already invested assets





to be equal to the liabilities, an order shall be made on the
petition as if the life insurance company had been proved
insolvent. [24

23. The court, in the case of a company registered as
aforesaid, which has been proved to be insolvent as aforesaid,
may, if it thinks fit, reduce the amount of the contracts of
the company upon such terms and subject to such conditions
is the court thinks just, in place of making a winding-up
order. 125

24. Any notice which is by this Ordinance required to be sent to
an policy holder may be addressed and sent to the person to whom
notices respecting such policy are usually sent; and any notice so
addressed and sent shall be deemed and taken to be notice to the
holder of such policy. [26

25. There shall be laid annually before the Legislative
Council the statements* and abstracts of reports deposited with
the Registrar under this Ordinance during the preceding
year, although the Registrar may be of opinion that they
are not such statements or abstracts as are required to be
prepared by this Ordinance. [27

PART II.

Penalties, stinking off, etc.

26. Any company which makes default in complying with any of
the requirements of this Ordinance, where no other penalties are
expressly provided, shall be liable to a penalty of five hundred dollars
for every day during which the default continues; and the chairman,
agent, secretary or other principal officer of the company shall be liable
to such penalty as well as the company, and in the case of a company
registered tinder any Ordinance relating to the registration of
companies if default continues for a period of three months after notice
of such default shall have been published in one or more newspapers
as the Registrar may direct, the court may order the winding-up of such
company in accordance with the provisions of the Companies
Ordinance, upon the application of one or more policy holders or

shareholders. [28





27. (1) Where the Registrar has reasonable cause to
believe that a company registered in Hong Kong under any
Ordinance relating to the registration of companies is
carrying on the business of life insurance in China without
having complied with the requirements of this Ordinance, he
shall publish in the Gazette and send to the company a
notice that at the expiration of three months from the date
of that notice the name of the company mentioned therein
will, unless cause is shown to the contrary, be struck off the
register and the company will be dissolved.

(2) At the expiration of the time mentioned in the notice the
Registrar may, unless cause to the contrary is previously shown by the
company, strike the name of the company off the register, and shall
publish notice thereof in the Gazette, and on such publication the
company whose name is so struck off shall be dissolved: Provided that
the liability, if any, of every director, managing officer and member of
the company shall continue and may be enforced as if the company had
not been dissolved.

(3) If any company or member or creditor thereof feels aggrieved
by the name of such company having been struck off the register in
pursuance of this section, the company or member or creditor may
apply to the court, and the court, if it is satisfied that it is just to do so,
may order the name of the company to be restored to the register and
thereupon the company shall be deemed to have continued in existence
as if the name thereof had never been struck off, and the court may, by
the order, give such directions and make such provisions as seem just
for placing the company and all other persons in the same positions, as
nearly as may be, as if the name of the company had never been struck
off.

(4) A letter or notice authorized or required for the purposes of
this section to be sent to a company may either be sent by post or be
delivered by hand addressed to the company at its registered office, or
if no office has been registered, addressed to the care of some director
or officer of the company, or if there is no director or officer of the
company whose name and address are known to the Regis-





trar, the letter or notice (in identical form) may be sent or delivered to
each of the persons who subscribed the memorandum of association,
addressed to him at the address mentioned in that memorandum.

(5) In the execution of his duties under this section the
Registrar shall conform to any regulations which may be
made by the Governor in Council. [29

28. If any statement, abstract or other document re-
quired by this Ordinance is false in any particular to the
knowledge of any person who signs or deposits the same,
such person shall be liable, on conviction on indictment, to
a fine of two thousand dollars and to imprisonment for two
years, or on sumniary conviction, to a fine of five hundred
dollars. [30

29. Where by this Ordinance any statement or abstract
is required to be made or furnished by any company, the
Governor may, if he thinks fit, direct that such statement or
abstract shall be submitted to an independent actuary for
investigation. The cost of such investigation shall be
notified to the company by the Accountant General and
shall be paid forthwith by the company to the Accountant
General. [31

30. Every penalty imposed by this Ordinance shall, unless
otherwise provided, only be recovered summarily. (32

31. The provisions of this Ordinance shall not apply to
any life insurance company which has made a deposit in the
United Kingdom under the provisions of any Act relating
to assurance companies, and the Governor in Council may
at any time, in his discretion and for such period and on
such conditions as he may think fit, exempt from any or
all the provisions of this Ordinance any life insurance
company. [33

32. It shall be lawful for the Governor in Council to make
regulations for carrying into effect the purposes of

this Ordinance. [34





FIRST SCHEDULE. [s. 10.]

REVENUE ACCOUNT of the for the year ending 19

Note 1.- having separate accounts for annuities to return the particulars of their






annuity business, in a separate statement.
Note 2.- in this and in the accounts in the Third and Fifth Schedules should be
the net amounts, after deduction of the amounts paid and received
in respect of reassurances.
Note 3.- received on new policies' means premiums of the first year actually received
or falling due within the year of account.





SECOND SCHEDULE. [s. 10.]

BALANCE SHEET Of the on the 19


*These items are included in the corresponding items in the First Schedule.





THIRD SCHEDULE. [s.
11.]

REVENUE ACCOUNTS of the , for the year ending 19

(No. 1) LIFE ASSURANCE
ACCOUNT.




Note-Companies having separate accounts for annuities to return the
particulars of their annuity business in a separate statement.
'Premiums received on new Policies' means premiums of the first
year actually received or falling due within the year of account.





(No. 2) PROFIT AND LOSS
ACCOUNT.



Note-This account is not required if items ms have been incorporated
in the other accounts of this Schedule.

FOURTH SCHEDULE. [s. 11.]

BALANCE SHEET of the on the 19




FIFTH SCHEDULE. [s. 12.]

STATEMENT RESPECTING THE VALUATION OF THE LIABILITIES
UNDER
LIFE POLICIES AND ANNUITIES OF THE
TO BE MADE BY THE ACTUARY.

(The answers should be numbered to accord with the numbers of the
corresponding questions.)

1. The date up to which the valuation is made.

2. The principles upon which the valuation and distribution of
profits among the policy holders are made, and whether these principles were
determined by the instrument constituting the company, or by its regulations
or by-laws, or otherwise.

3. The table or tables of mortality used in the valuation.

4. The rate or rates of interest assumed in the calculations.

5. The proportion of the annual premium income reserved as a provision
for future expenses and profit. (If none, state how this provision is made.)

6. The consolidated revenue account since the last valuation, or in case of
a company which has made no valuation, since the commencement of the
business. (This return should be made in the form annexed.)

7. The liabilities of the company under life policies and annuities at the
date of the valuation, showing the number of policies, the amount assured and
the amount of premiums payable annually under each class of policies, both
with and without participation in





profits, and, also the net liabilities and assets of the company, with

the amount of surplus or deficiency. (These returns should be made in the
forms annexed.)

8. The time during which a policy must be in force in order to

entitle it to share in the profits.

9. The results of the valuation, showing-

(a) the total amount of profit made by the company;

(b)the amount of profit divided among the policy holders, and the
number and amount of the policies which participated;

(c)the amount of profit brought forward from the previous valuation,
the profits allotted to whole life assurances and endowment
assurances respectively, and also the profits divided amongst the
shareholders;

(d)specimens of bonuses allotted to policies for 1,000 dollars effected at
the respective ages of 20, 30, 40 and 50, and having been respectively
in force for 5 years 10 years, and upwards at intervals of 5 years
respectively, together with the amounts apportioned under the
various modes in which the bonus might be received.

(Form referred to under heading 6 in the Fifth Schedule.)

Consolidated revenue account of the for years,

commencing and ending






(Form referred to under heading 7 in the Fifth Schedule.)

Summary and valuation of the policies of the as at, 19





'Extra premium' in the Life Insurance Companies Ordinance, (Chapter 36
of the Revised Edition), shall be taken to mean the charge for any risk not
provided for in the minimum contract premium.

Separate schedules similar in form to the above must be furnished in
respect of policies valued by different mortality tables, or at different rates of
interest.

(Form referred to under heading 7 in the Fifth Schedule.)

Valuation balance sheet of as at 19



SIXTH SCHEDULE. [s. 13.]

STATEMENT OF THE LIFE ASSURANCE AND ANNUITY BUSINESS
OF THE

,ON THE 19

(The answers should be numbered to accord with the numbers of the
corresponding questions. Statements of reassurances, corresponding to
the statements in respect of assurances under headings 2, 4, 6, 7 and 8 are
to be given.)

1. The published table or tables of premiums for assurances for the whole
term of life which are in use at the date above mentioned and the office rates of
premium for endowment assurances published and in force at the date of the
valuation.

2. The total amount assured on lives for the whole term of life with
uniform premiums throughout life or for whole term of life with limited
premiums which are in existence at the date above mentioned, distinguishing
the portions assured with and without profits, stating separately the total
reversionary bonuses, and specifying the sunis assured for each year of life
from the youngest to the oldest ages.

3. A separate statement is to be given of premiums payable for a limited
number of years classified according to the number of years' Payment to be
made.

4. The amount of premiums receivable annually for each year of life, after
deducting the abatements made by the application of bonuses in respect of the
respective assurances mentioned under heading 2, distinguishing ordinary from
extra premiums.





5. The total amount assured under endowment assurances specifying
sunis assured, reversionary bonuses and office yearly premiums separately in
respect of each calendar year in which such assurances will mature for
payment, and stating also the average age, as at the valuation date, in respect of
each such calendar year of maturity, distinguishing assurances with and
without participation in profits.

6. The total amount assured under classes of assurance business other
than for the whole term of life, and other than endowment assurances,
distinguishing the sums assured under each class, and stating separately the
amount assured with and without profits, and the total amount of reversionary
bonuses.

7. The amount of premiums receivable annually in respect of each such
special class of assurances mentioned under heading 6, distinguishing ordinary
from extra premiums.

8. The total amount of premiums which has been received from the
commencement upon all policies under each special class mentioned under
heading 6 which are in force at the date above mentioned.

9. The total amount of immediate annuities on lives, distinguishing the
amounts for each year of life.

10. The amount of all annuities other than those specified under heading
9, distinguishing the amount of annuities payable under each

class, the amount of premiums annually receivable, and the amount of
consideration money receivable in respect of each such class, and the total
amount of premiums received from the commencement upon all deferred
annuities.

11. The average rate of interest yielded by the assets whether invested or
uninvested constituting the life insurance fund of the company, calculated
upon the mean fund of each year during the period since the last investigation.

12. A table of minimum values, if any, allowed for the surrender of
policies for the whole term of life, and for endowment assurances, or a
statement of the method pursued in calculating such surrender values, with
instances of its application to policies of different standing and taken out at
various interval ages, from the youngest to the oldest.

Separate statements to be furnished for business transacted according to
different office rates of premium together with a statement of the manner in
which policies on unhealthy lives are dealt with.
Originally 11 of 1907. Fraser 11 of 1907. 25 of 1940. 22 of 1950. Short tittle. Interpretation. (Cap. 29.) [s. 2 cont.] (Cap. 32.) Deposit. [cf. 33 & 34 Vict. C. 61, s. 3.] 25 of 1940, s. 2. (15 Geo. 5, c. 19) 25 of 1940, s. 3. Deposits may be withdrawn and others substituted. Decision as to value of securities. [s. 5 cont.] Certificate of incorporation not to be given till deposit made. Withdrawal of deposit. After notice given of withdrawal of deposit, company not to carry on business. Life funds to be separate from receipts of other business. 33 & 34 Vict. S. 61, s. 4. Financial statements. 33 & 34 Vict. C. 61, s. 5. [s. 10 cont.] First and Second Schedules. Statements by company doing other than life business. 33 & 34 Vict. C. 61, s. 6. Third and Fourth Schedules. Actuarial report and abstract. 33 & 34 Vict. C. 61, s. 7. Fifth Schedule. Statement of life and annuity business. 33 & 34 Vict. c. 61, s. 8. Sixth Schedule. Forms may be altered. 33 & 34 Vict. c. 61, s. 9. Statements, etc., to be signed, printed and deposited with the Registrar. 33 & 34 Vict. C. 61, s. 10. Statements and abstracts to be examined by the Registrar and his report to be published. Copy of statement to be given to shareholders, etc. 33 & 34 Vict. C. 61, s. 11. List of shareholders. 33 & 34 Vict. c. 61, s. 12. Deed of settlement to be printed. 33 & 34 Vict. c. 61, s. 13. Documents may be inspected. 33 & 34 Vict. C. 61, s. 16. Documents to be received in evidence. 33 & 34 Vict. C. 61, s. 17. Circumstances in which company may be wound up by the court. 33 & 34 Vict. C. 61, s. 21. (Cap. 32.) Power of court to reduce contracts. 33 & 34 Vict. C. 61, s. 22. Notices to policy holder. 33 & 34 Vict. C. 61, s. 23. Statements, etc., to be laid before Legislative Council. 33 & 34 Vict. C. 61, s. 24. Penalty for non-compliance with Ordinance. 33 & 34 Vict. c. 61, s. 18. Procedure for striking off register a company contravening provisions of Ordinance. Penalty for falsifying statements, etc. 33 & 34 Vict. C. 61, s. 19. 22 of 1950, Schedule. Investigation by actuary. Recovery of penalties. Ordinance not to apply to company with deposit in Great Britain. Regulations. [Fourth Sch. Cont.] [Fifth Sch. Cont.] [Sixth Sch. Cont.]

Originally 11 of 1907. Fraser 11 of 1907. 25 of 1940. 22 of 1950. Short tittle. Interpretation. (Cap. 29.) [s. 2 cont.] (Cap. 32.) Deposit. [cf. 33 & 34 Vict. C. 61, s. 3.] 25 of 1940, s. 2. (15 Geo. 5, c. 19) 25 of 1940, s. 3. Deposits may be withdrawn and others substituted. Decision as to value of securities. [s. 5 cont.] Certificate of incorporation not to be given till deposit made. Withdrawal of deposit. After notice given of withdrawal of deposit, company not to carry on business. Life funds to be separate from receipts of other business. 33 & 34 Vict. S. 61, s. 4. Financial statements. 33 & 34 Vict. C. 61, s. 5. [s. 10 cont.] First and Second Schedules. Statements by company doing other than life business. 33 & 34 Vict. C. 61, s. 6. Third and Fourth Schedules. Actuarial report and abstract. 33 & 34 Vict. C. 61, s. 7. Fifth Schedule. Statement of life and annuity business. 33 & 34 Vict. c. 61, s. 8. Sixth Schedule. Forms may be altered. 33 & 34 Vict. c. 61, s. 9. Statements, etc., to be signed, printed and deposited with the Registrar. 33 & 34 Vict. C. 61, s. 10. Statements and abstracts to be examined by the Registrar and his report to be published. Copy of statement to be given to shareholders, etc. 33 & 34 Vict. C. 61, s. 11. List of shareholders. 33 & 34 Vict. c. 61, s. 12. Deed of settlement to be printed. 33 & 34 Vict. c. 61, s. 13. Documents may be inspected. 33 & 34 Vict. C. 61, s. 16. Documents to be received in evidence. 33 & 34 Vict. C. 61, s. 17. Circumstances in which company may be wound up by the court. 33 & 34 Vict. C. 61, s. 21. (Cap. 32.) Power of court to reduce contracts. 33 & 34 Vict. C. 61, s. 22. Notices to policy holder. 33 & 34 Vict. C. 61, s. 23. Statements, etc., to be laid before Legislative Council. 33 & 34 Vict. C. 61, s. 24. Penalty for non-compliance with Ordinance. 33 & 34 Vict. c. 61, s. 18. Procedure for striking off register a company contravening provisions of Ordinance. Penalty for falsifying statements, etc. 33 & 34 Vict. C. 61, s. 19. 22 of 1950, Schedule. Investigation by actuary. Recovery of penalties. Ordinance not to apply to company with deposit in Great Britain. Regulations. [Fourth Sch. Cont.] [Fifth Sch. Cont.] [Sixth Sch. Cont.]

https://oelawhk.lib.hku.hk/items/show/1697

1950

v2

36

20