INSURANCE COMPANIES ORDINANCE - minor amendment

INSURANCE COMPANIES ORDINANCE - minor amendment

CHAPTER 41

INSURANCE COMPANIES

The Insurance Companies Ordinance is amended-

(1)in section 9(1)(c)(ii) by repealing 'one third' and substituting
'15%' ;

(2)in section 10(1) by repealing the table thereto and all words
thereafter and substituting-

TABLE

Case Amount Applicable

1 . The relevant premium income of $5 million or its equivalent.
the company in its last preceding
financial year did not exceed $25
million or its equivalent.
2. The said income in that year exceeded One-fifth of the said income in that
$25 million but did not exceed $100 year.
million or its equivalent.
3. The said income in that year exceeded The aggregate of $20 million and
$100 million or its equivalent. one-tenth of the amount by which
the said income in that year exceeded
$100 million or its equivalent.

In the case of a company referred to in section 8(3)(b)(iii), the amount applicable
shall be not less than $10,000,000 or its equivalent. (Replaced 8 of1989 s.3)

(3)in section 13(1) by repealing '$25,000' and substituting
'$35,000';

(4)in section 18(1)(a) by repealing '2 years' and substituting '12
months';

(5) in section 26-

(a)in subsection (3), by repealing 'The power conferred on
the Insurance Authority by section 34(2),(3) and (4)' and
substituting 'Any power conferred on the Insurance
Authority by section 34';

(b)in subsection (4), by repealing 'and (2)' and substituting
', (2) and (3)';

(6) in section 42-

(a)in subsection (1), by repealing 'An' and substituting
'Subject to subsection (1A), an';





(b) by adding after subsection (1)-

(1A) Subsection (1) shall, until 1 April 1991,
apply to an insurer which was an authorized insurer
immediately before the commencement of the
Insurance Companies (Amendment) Ordinance 1989
(8 of 1989) as if section 10(1) had not been amended
by that Ordinance. (Added8of 1989s. 6)
8 of 1989 s. 2. L.N. 185 of 1989 8 of 1989 s. 4. 8 of 1989 s. 5. 8 of 1989 s. 6.

8 of 1989 s. 2. L.N. 185 of 1989 8 of 1989 s. 4. 8 of 1989 s. 5. 8 of 1989 s. 6.

https://oelawhk.lib.hku.hk/items/show/3654

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