LIFE INSURANCE COMPANIES ORDINANCE, 1907

LIFE INSURANCE COMPANIES ORDINANCE, 1907

No. 11 of 1907.
Relating to Life Insurance Companies. [27th July, 1907.]
1. The Life Insurance Companies Ordinance, 1907.

2. In this Ordinance,-

Life insurance company,' (hereinafter referred.to as ---com-
pany -) except where otherwise stated, shall include any person
whatsoever or any association, corporate or unineorporate, not

As arnended by No. 12 of 1912.
As amended by No. 50 of 1911, No. 8 of 1912, No.12 of 1912 and
No. 13 of 1912.





being established under any Ordinance relating to friendly societies,
who issue or are or become liable under policies of insurance upon
human life within the Colony, or who grant armuities upon human
life within the Colony, or by any other means carry on the business
of life insurance within the Colony; and shall include companies
established out of Hongkong as well as those established in Hong-
kong, companies registered in Hongkong which carry on the busi-
ness of life insurance in China, and also mutual associations as well
as proprietary.

---Carryon the business of life insurance' shall include the receipt,
either directly or through an agent, of applications 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 the
Colony, and whether the company has or has not an office within
the Colony.

Chairman--- means the person presiding over the board of
11

directors of any company.

---Policy holder ' means the legal holder of a policy for securing

the life insurance, endowment, annuity or other contract with the

company.

Policy ' includes a contract for a policy for securing a life

insurance, endowment, or annuity.
---Financial year---means each period of 12 months at the end of
which the balance of the accounts of the company is struck ; or if
no such balance is struck, then each period of 12. months ending
with 31st December.
---Registrar ' means the Registrar of Companies under the
Companies Ordinance, 1911.
' Official Trustee ' means the Official Trustee appointed under
the Trustee Ordinance, 1.901.

PART I.
Conditions to be complied with by life assurance companies.
1-M Every company, wherever established, which shall begin
to carry on the business of life insurance within the Colony, and

As amended by No. 12 of 1910, NO. 50 Of 1911, No. 8 of 1912,
No. 12 of 1912, No. 13 of 1912, No. 21 of 1912 and No. 23 of
^12.





every company registered in Hongkong which shall begin to carry
on the business of life insurance in China, shall deposit with the
Registrar securities to be approved by the Governor-in-Council to
the value of 50,000 dollars.

(2) Every company, wherever established, which before the pass-
ing of this Ordinance carried on the business of life insurance in
Hongkong, if it continues to carry on such business in Hongkong,
and every company registered in Honokong which before the
passing of this Ordinance had carried on the business of life insur-
ance in China,, if it intends to carry on such business in the Colony
or in China, shall deposit, within 6 months from the commence-
ment of this Ordinance, with the Registrar, securities approved as
aforesaid to the value of 50,OOD dollars.

(.3) Provided that a company which had before the commence-
ment of this Ordinance commenced to carry on the business of life
insurance in Hongkong, or being registered in Hongkong had
commenced to carry on the business of life insurance in China,
shall not be deemed to continue 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
conipaity, after the commencement of this Ordinance, carries on
the business of life insurance except in respect of a. policy
contracted for before the coininencenient of this Ordinance, such
compans- shall be subject to the provisions of this section as if It.
were a life insurance company commencing to carry on the
business of life insurance.

(4) ln augmentation of the deposit mentioned in sub-sections (1)
and (2), every company liable to make a. deposit under this section
shall be required to make further deposit up to 200,000 dollars, and
until such further deposit is made it shall send in yearly to
the Registrar returns under the oath of the such policies
secreatry, 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 Hongkong, and in the case of a
company registered in Hongkong, entered into in China, by such
company whether before or after the commencement of this Or-
dinance, as the company is, for the tinie being liable in respect of.
And the company shall after deducting 25 per 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 200,000 dollars.
(5) The whole or any part of such deposit may be a deposit
receipt given by any bank in Hongkong incorporated or regulated
by or under any Ordinance or approved by the Governor in the
name of the Official Trustee:. and such deposit shall be deemed a
security deposited with the Registrar.
(6) 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 suel) 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.
(7) All securities deposited with the Registrar shall be lodged by
him with the Treasurer for safe custody.

4. Any company may, on giving due notice to the Reo---istrar,
withdraw from his custody any securities so deposited, on deposit-
ing with him approved securities of an equal value, and such
0
substituted securities shall for all purposes be treated as securities
originally deposited.

5. The Covernor shall in any case, whether of original or sub-
stituted deposit, be the sole judge of the value of such securities
for the purposes of such deposit, and his decision shall be final and
conclusive.
Is. 6, rep. N1o. 8 of 1909, s. 2.]

7. The Registrar shall, annually, half yearly, or at shorter
periods, as shall be prescribed, prepare a report of each company
which shall have made any deposit of securities, showing the
nature and value of the securities deposited.

8. 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 50,000 dollars.
Such deposit may be made by the subscribers of the memorandum
of association of such coinpany, or any of them, in the name of

As amended by No. 8 of 1912.
As amended by No. 12 of 1912.
As amended by No. 8 of 1912, No. 12 of 1912 and No. 13 of 1912.





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.

9. 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 Hongkong or in China, as the case may be, and
on the following conditions being complied with or performed,
withdraw froni such deposit any or all of the securities so
deposited
- (1) on the expiration of a notice in writing which shall be given
to the Registrar by such company at least 6 months before, the
intended withdrawal; and
(2) 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 Hongkong
or in China, as the case may be:
Provided always that none of the securities so deposited shall be
withdrawnuntil such company shall have satisfied the Registar, 1

that it has no existing life insurance business whatever in the
Colony.
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.

10. No company having given any such notice as in the preced-
ing section provided shall thereafter recomniertce to carry on the
business of life insurance in Hongkong or China, as the case may
be, unless it shall first make the deposit provided for in section 3
as in the case of a com any beginning to carry on such business;
p 1
but such new deposit shall be treated as a separate deposit from any
securities remaining deposited under section 9. Provided that the
receipt of premiums or other moneys in respect of policies made
before such. notice and the discharge of liabilities thereon, and 11e
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.

As aniended by No. 8 of 1909, No. 8 of 1912 and Xo. 13 of 1912.
As arriended by No. 8 of 1912, No. 12 of 1912, No. 13 of 1912 and
No. 4-3 of 1912 Supp. Sched.





11. 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 liable
for a ny contracts of the company for which it would not have been
liable had the business of the coinpany 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 the commencement of this Ord'inance, unless by
the constitution of the company such exeniption already exists
but this Ordinance shall not diminish the liability of any life
insurance fund for any contracts of such conipany entered into
before the commencement of this Ordinance : Provided alwavs that
this section shall not apply to anly contracts made by any life
insurance company existing at the commencement of this Ordi-
nance 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.

12. Every company shall, at the expiration of each financial Year
of such conipany, prepare a statement of its re ' venue account for
such year, and of its balance sheet at the close of such Year, in the
forms respectively contained in the Ist and 2nd scheddes.

13. 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 aforesaid 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 3rd and 4th
schedules.

As amended by No. 8 of 1912.
As amended by No. 50 of 1911, No. 8 of 1912 and No. 21 of 1912.
As amended by No. 50 of 1911 and No. 8 of 1912.





14. Every company shall, once in every 5 years if established
after the commencement of this Ordinance, and once in every 10
years if established before the commencement of this Ordinance, or
at such shorter intervals as may be prescribed by the instrument
constituting such conipany, 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 5th schedule.

15. Every company shall, within 9 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 6th
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 3 years.

The expression ---date of each such investigation--- means the
date to which the accounts of each company are inade up for the
purposes of each such investigation.

16. The Governor-in-Councll may alter the forms in the sche-
dules, for the purpose of idaptiDg them to the circumstances of
any company, or of better carrying into effect the object of this
Part of the Ordinance.

17. Every statement or abstract bereinbefore required to be made
by a coinpany shall be signed by the principal officer thereof
managing the life insurance business in HoncIong and shall be
printed ; and the original, so signed as aforesaid, together with 3
printed copies thereof, shall be deposited with the Registrar within
9 months of the dates respectively hereinbefore prescribed as the
dates at which the same are to be prepared. Every annual state-
ment so deposited shall be accompanied by 3 printed copies of the
abstract required to be made by section 14.

18. The Registrar shall make an examination into each statement
c)
or abstract deposited as.aforesald either alone or with an actuary
appointed by the G9vernor for the purpose ; and the Registrar, or

As amended by 'No. 50 of 1911, No. 8 of 1912 and No. 12 of 1912.
As amended b ' ~ No. 50 of 1911, No. 8 of 1912, No. 12 of 1912 and
No. 13 of 1912.
As amended by No. 8 of 1912, No. 13 of 1912 and No. 43 of 1912
Supp. Sehed.
As an-tended by No. 8 of 1912 and No. 12 of 1912.
As amended bv N. 12 of 1910 and No. 12 of 1912.





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 be
published in the Gazette.

19. 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 otherwise, on application, to
every shareholder and policy holder of the company.

20. Every company not registered under the Conipanies Ordi-
nance, 1865, or the Companies Ordinance, 1911, shall keep a register
of shareholders in like form and containing like partictilars in the
manner provided by such Ordinances respectively, and shall
furnish, on application, to every shareholder and policy holder of
the company, a copy of such book, on paynient of a suin not
exceeding 50 cents for every 100 words required to be co[)led for
such purpose.

21. Every company not registered as aforesaid shall cause a
sufficient rtuniber of copies of its (teed of settlenieril, 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 settlen-ient, Act, Ordinance,
charter, or instrument on payment of a sum not exceeding 1 dollar
and 25 cents.

22. 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,
n
on payment of such fees as shall be directed, obtain copies thereof.

23. Every statement, abstract, or other document deposited 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 document 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

As amended by No. 8 of 1912.
As amendel by No. 8 of 1912, No. 13 of 1912 and to. 43 of 1912
Supp. Selled.





document as aforesaid or a copy thereof, and shall he received in
eidetice as if it were the original document, unless some variation
vi 1
between it and the original document shall be proved.

24. Any life insurance company registered under the Companies
Ordinance, 1865, or the Companies Ordinance, 1911, may be wound
tip by the Court in accordance with the provisions of the Com-
panies Ordinance, 1911, 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 conipany is insolvent the Court shall take into
account, upon what it deems, tinder 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 beand until a primd facie case
shall also be established to the satisfaction of the Judge; and in
the case of a proprietiry life insurance company having an uncalled
capital or an amount sufficient, with the future premiums receiv-
able by the life insurance company, to make up the actual invested
assets equal to the amount of the estimated liabilities, the Court
shall stispend 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 arty extended time for which the proceedings shall have
been suspended, such amount shall not have been realised by
means of calls as with the already-in vested assets to be equal to
the liabilities, an order shall be made on the petition as if the life
insurance company bad been proved insolvent.

25. 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 as the Court thinks
just, in place of making a winding-up order.

26. Any notice which is by this Ordinance required to be sent to
any 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.

As amended by No. 8 of 1909 and No.. 13 of 1912.
As amended by No. 8 of 1912,





27. 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.

PART II.
28. Every 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 not exceeding .50
dollars for every day during which the default continues; and the
chairman, agent, secretary, or other principal officer of the coin-
pally shall be liable to such penalty as well as the company, and in
the case of a company registered under the Companies Ordinance,
1865, or the Companies Ordinance, 1911, if default continues for
a period of 3 months after notice of such default shall have been
published in otie or more newspapers as the Registrar may direct,
the Court mav order the winding-up of such company in accordance
with the provisions of the Companies Ordinance, 1911, upon the
application of one or more policy holders or shareholders.

29.-(15 Where the Registrar has reasonable' cause to believe
that a company registered in Hongkoug under the Companies
Ordinance, 186.5, or the Companies Ordinance, 1911, is earrying on
the business of life insurance in China without having complied
with the requirements of this Ordinance, lie shall publish in the
Gazette and send to the company a notice that at the expiration of
3 months from the date of that notice the name of the company
mentioned therein will, unless cause be shown to the contrary, be
struck oft 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 oiT shall be dissolved: Pro-
vided 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.

As amended by No. 8 of 1912, No. 12 of 1912 and No. 13 of 1912.
As amended by No. 8 of 1909, No. 12 of 1912 and No. 13 of 1912.





(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 be 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 1
< 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 ha`d never been struck off.

(4) A letter or notice authorised 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 corripany, or, if there is no director
or. officer of the company whose name and address are known to
the Registrar, 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 men-
tioned in tbat memorandum.
(.5) In the execution of his duties under this section the
Regustrar shall conform to any regulationis which may be made by
the Governor-in-Counell.

310. If ,
try statement, abstract, or other document required 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 imprisonment for any term not,
exceeding 2 Years, and to a fine not exceeding .500 dollars, or, on
summary conviction, to a fine not exceeding 500 dollars.

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

As aniended bv No. 30 of 1911 and No. 12 of 1912.
As amended Q N1o. 12 of 1910, No. 50 of 1911 and No. 8 of 1912.





32. Every penalty imposed by this Ordinance shall, unless other-
wise provided, only be recovered summarily

The provisions of this Ordinance shall not apply to any life
any '*f e
1
insurance company which has wade a deposit in Great Britain
nd
io
under the provisions of the Life Assorance Acts, 1870 to 1872, and
8
the Governor-in- Council may at any time, in his discretion and for

In '
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.

34. It shall be lawful for the Governor-in-Counell to make regula-
tions for carrying into effect the purposes of this Ordinance.

FIRST SCHEDULE

REVENUE ACCOUNT of the

19
(Date.)

for the Year ending 19



As amended by No. 13 of 1912.
As amended by No. 12 of 1912.
As amended by No. 8 of 1909 and No. 12 of 1912.





19 .
(Date.)



Note1-Companies having separate accounts for annuities to return
the particulars of their annuity business in a separate statement.
Note 2-Itenis in this and in the accounts in the 3rd and 5th
schedules should be the net amounts, after deduction of the amounts
paid and received in respect of reassurance-,.
Note 3------Premiums received on New Policies--- mean premiums
of the first year actually received or falling due within the year of
account.

SECOND SCHEDULE

BALACE SHEET OF THE ,on the ,19


1910.







These items are included in the corresponding items in the Ist
schedule.

THIRD SCHEDULE.

~REVENUE ACCOUNTS of the , for the


~ As amended by No. 8 of 1903 and No. 12 of 1912.






Note-Companies having separate accounts for annuities to return
the particulars of their annuity business in a separate state-
ment. ---Premiums received on new policies--- mean pre-
miurns of the first Year actually received or fallin. due within
the Year of accoun.

(No. 2) PROFIT AND Loss AcCOUNT.


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





FOURTH SCHEDULE.

BALANCE SHEET Of the



As amended by No. 8 of 1909. No. 12 of 1912 and No. 21 of 1912
also G. N. 2 of 1910.





FIFTH SCHEDULE.

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.)



c

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
c
determined by le instrument constituting the company, or by its re-
gulations or by-laws,or otherwise.
3_ The table or tables of mortaity 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 commence-
ment of the business. (This return should be made in the form
annexed.)
'4. The liabilities of the company under life policies and annuities at
the date of tile 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 deficieney. (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---
0
(1) The total amount of profit made by the company,
(2) The amount of profit divided among the policy holders, and the
number and amount of the policies which participated.
(3) The amount of profit brought forward from the previous valua-
tion, the profits allotted to whole life assurances and endowment
assurances respectively, and also the profits divided amongst the share
holders.
(4) 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 witfi the amounts apportioned under the various
modes in which the bonus might be received.

As aniended by No. 8 of 1909 and No, 12 of 1912.





(Form referred to under heading No. 6 in the 5th schedule.)
Consolidated Revenue Account of the for years, coin-
mencing and ending

(Form reffered to under heading No.7 in the 5th schedule.)
Summary and Valuation of the Policics of the, as at, 19





The term ' extra premium - in this Ordinance be taken to mean
the charge for any risk not provided for in the minimum contract pre-
mium.

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

(Form referred to under heading No. 7 in 5th schedule.)
?3

Valuation Balance Sheet of






SIXTH SCHEDULE.

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 re-assurances, correspond-
ing 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 assurauces for the
whole term of life which are in use at the date above meutioned and
the office rates of premium for endowment assurances published and in
force at thedate 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,dis-
tinguishing the portions assured with and without profits, stating
separately the total reversionary bonuses, and specifying the sums
assured for each year of life from the youngest to the oldest ages.

3. A separate statement is to be given of premiums pavable for a
limited number of vears classified accordin- 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 appleation of bonuses in
respect of*the respective assurauces mentioned under heading, No. 2,
distinguishing ordinary from extra. premiums.

5. The total amount assured under endowinent assurances specifying
. 0
sums assured, reversionay 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 sucli calendar 'Year of maturity, dis-
tinguishing assurances with and without participation in profits
0

6. The total amount assured under classes of assurance business
other than for the whole term of life, and other than endown-ient.
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.

1*

7. The amount of premiums receivable annuall in respect of each
such special class of assurauces mentioned under lwadine, No. 6 dis-
tinguishing 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 hea-ding No. 6 which are in force at the date above mentioned.

As amended by No. 8 of 1909 and No. 22 of 1912 also by G. N. 2 of
1910.

9. The total amount of immediate annuities oil lives, distinguishing
the amounts for each year of life.
10. The amount of all annuities other than these specified under
heading No. 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.
0
12. A table of minimurn values, if any, allowed for the surrender of
policies for the whole term of life, and ior endowninent 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 age, from the youngest llo the oldest.
Z~
Separate statements to be furnished for business transacted accord-
ina to different office rates of premium together with a statement of the
manner in which policies on unhealthy lives are dealt with.

Short title. Interpretation of terms. No. 58 of 1911. No. 5 of 1901. Deposit [ 33 & 34 Vict. C. 61 s. 3.] Existing companies, before continuing business, must deposit, etc. Deposits may be withdrawn and others substituted. Decision as to value of securities. Registrar to make periodical report showing value of securities. 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. C. 61 s. 4.] Statements to be made by companies. [ib. s. 5.] Statements by company doing other than life business. [ib. s. 6.] Actuarial report and abstract. [33 & 34 Vict. C. 61 s. 7.] Statement of life and annuity business. [ib. s. 8.] Forms may be altered. [ib. s. 9.] Statements, etc., to be signed and deposited with the Registrar. [ib. 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. [ib. s. 12.] Deed of settlement to be printed. [ib.s. 13.] Documents may be inspected . [ib. s. 16] Documents to be received in evidence. [ib. ss 17.] Circumstances under which company may be wound up by the Court [33 & 34 Vict. C.61 s. 21.] Power of Court to reduce contracts. [ib.s. 22.] Notices to policy holder. [ib. s. 23.] Statements, etc., to be laid before Legislative Council. [33 & 34 Vict. C. 61 s. 24.] Penalty for non-compliance with Ordinance. [ib. 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] Investigation by actuary. Recovery of penalties. Ordinance not to apply to company with deposit in Great Britain. Regulations.

Short title. Interpretation of terms. No. 58 of 1911. No. 5 of 1901. Deposit [ 33 & 34 Vict. C. 61 s. 3.] Existing companies, before continuing business, must deposit, etc. Deposits may be withdrawn and others substituted. Decision as to value of securities. Registrar to make periodical report showing value of securities. 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. C. 61 s. 4.] Statements to be made by companies. [ib. s. 5.] Statements by company doing other than life business. [ib. s. 6.] Actuarial report and abstract. [33 & 34 Vict. C. 61 s. 7.] Statement of life and annuity business. [ib. s. 8.] Forms may be altered. [ib. s. 9.] Statements, etc., to be signed and deposited with the Registrar. [ib. 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. [ib. s. 12.] Deed of settlement to be printed. [ib.s. 13.] Documents may be inspected . [ib. s. 16] Documents to be received in evidence. [ib. ss 17.] Circumstances under which company may be wound up by the Court [33 & 34 Vict. C.61 s. 21.] Power of Court to reduce contracts. [ib.s. 22.] Notices to policy holder. [ib. s. 23.] Statements, etc., to be laid before Legislative Council. [33 & 34 Vict. C. 61 s. 24.] Penalty for non-compliance with Ordinance. [ib. 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] Investigation by actuary. Recovery of penalties. Ordinance not to apply to company with deposit in Great Britain. Regulations.

https://oelawhk.lib.hku.hk/items/show/956

1912

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No. 11 of 1907

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