### Insurance Ordinance 《保險業條例》

3. Classes of insurance business
(1) The classes of insurance business relevant for the purposes of this Ordinance shall be those specified in Schedule 1 and the provisions of that Schedule shall have effect accordingly. (Amended 59 of 1993 s. 3)
(2) If—
(a) a contract (including a tontine) referred to in Part 2 or 3 of Schedule 1; or
(b) a contract belonging to the class of special purpose business,
is not (but for this subsection) a contract of insurance, the contract is, for the purposes of this Ordinance, deemed to be a contract of insurance. (Replaced 17 of 2020 s. 4)
(Amended 12 of 2015 s. 6)

3A. Regulated activity, material decision and regulated advice
For the purposes of this Ordinance—
(a) a person carries on a regulated activity if the person does an act specified in Part 1 of Schedule 1A;
(b) a person makes a material decision if the person makes a decision in relation to a matter specified in Part 2 of Schedule 1A; and
(c) a person gives regulated advice if the person gives an opinion in relation to a matter specified in Part 3 of Schedule 1A.
(Added 12 of 2015 s. 7)

### Insurance Ordinance 《保險業條例》

4AAA. Establishment of Authority
(1) A body corporate is established with the corporate name of “Insurance Authority” in English and “保險業監管局” in Chinese.
(2) The Authority is renamed as “Provisional Insurance Authority” in English and “臨時保險業監管局” in Chinese during the period—
(a) beginning immediately after the establishment of the body corporate under subsection (1); and
(b) ending immediately before the date on which section 10 of the Amendment Ordinance comes into operation.
(3) The Authority—
(a) has perpetual succession under its corporate name;
(b) is required to have a common seal; and
(c) is capable of suing and being sued in its corporate name.
(4) To avoid doubt, the renaming of the Authority under this section does not—
(a) affect any rights or obligations of the Authority; or
(b) render defective any legal proceedings by or against the Authority.
(5) On and after the expiry of the period specified in subsection (2), any legal proceedings that could have been commenced or continued against the Authority by its corporate name of “Provisional Insurance Authority” may be commenced or continued against the Authority by its corporate name of “Insurance Authority”.
(6) During the period specified in subsection (2), section 53A(1) applies to the Authority and a person who is or has been a member, employee, agent, consultant or advisor of the Authority as if after section 53A(1AA)(b), the following were added—
“(baa) the Authority;
(baab) a person who is or has been a member, employee, agent, consultant or advisor of the Authority;”.
(Added 12 of 2015 s. 9)

4. Authority
(Replaced 12 of 2015 s. 2)(1) (Repealed 12 of 2015 s. 10)(2) The Chief Executive may give directions generally or in a particular case with respect to the exercise by the Authority of any of its functions under this Ordinance, and the Authority shall comply with any such direction. (Amended 12 of 2015 s. 2)
(Amended 31 of 1999 s. 3)(Format changes—E.R. 1 of 2013)

### Insurance Ordinance 《保險業條例》

4AA. Composition of Authority
(1) The Authority consists of the following members who are to be appointed by the Chief Executive—
(a) a chairperson, who is a non-executive director of the Authority;
(b) a chief executive officer, who is an executive director of the Authority; and
(c) not less than 6 other executive or non-executive directors of the Authority.
(2) The number of non-executive directors must exceed the number of executive directors.
(3) Of the non-executive directors—
(a) at least 2 are to be appointed from among persons who, because of their knowledge of and experience in the insurance industry, appear to the Chief Executive to be suitable for appointment; and
(b) the others are to be appointed from among persons who, either because of their knowledge in actuarial science, accountancy, law or consumer affairs, or because of their professional or occupational experience, appear to the Chief Executive to be suitable for appointment.
(4) The Authority may perform its functions despite a vacancy in its membership.
(5) If this section ceases to be complied with, the Chief Executive must as soon as practicable make the necessary appointment to ensure that the requirements of this section are complied with.
(6) Schedule 1B contains provisions on the constitution and proceedings of, and other matters relating to, the Authority.
(Added 12 of 2015 s. 11)

### Insurance Ordinance 《保險業條例》

4B. Powers of Authority
(1) The Authority may do anything that is necessary for, or incidental or conducive to, performing any of its functions.
(2) Without limiting subsection (1), the Authority may—
(a) hold, acquire, lease, sell, charge, dispose of or otherwise deal with all kinds of property, whether movable or immovable;
(b) enter into, carry out, assign, accept the assignment of, vary or rescind any contract, agreement, memorandum of understanding or other obligation;
(c) with the approval of the Financial Secretary, borrow money on security or other conditions;
(d) receive and expend monies;
(e) accept gifts;
(f) publish or otherwise make available materials on any matter relating to the performance by the Authority of any of its functions;
(g) establish wholly-owned subsidiaries;
(h) invest, in the manner approved by the Financial Secretary, its funds that are not required for immediate use;
(i) do all things that the Authority thinks fit for its administration and management; and
(j) exercise other powers that are conferred on the Authority under this Ordinance or any other Ordinance.
(Added 12 of 2015 s. 13)

4C. Industry advisory committees
(1) The Authority must appoint an industry advisory committee to advise it on any matters it refers to the committee in relation to long term business.
(2) The Authority must also appoint another industry advisory committee to advise it on any matters it refers to the committee in relation to general business.
(3) The Authority may, after consulting the Financial Secretary, establish additional industry advisory committees to advise it on any matters regarding the performance of any of its functions (other than matters in relation to long term business and general business).
(4) Each industry advisory committee is constituted in accordance with Schedule 1C and must conduct its business in accordance with that Schedule.
(Added 12 of 2015 s. 13)

4D. Authority may establish other committees
(1) The Authority may establish one or more committees to assist it in a matter with which the Authority is concerned.
(2) The Authority may refer a matter to a committee established under this section (committee

4E. Staff and consultants of Authority
(1) The Authority may employ persons for the remuneration and allowances, and on the terms and conditions, that the Authority determines.
(2) The Authority may provide and maintain schemes (whether contributory or not) for the payment of retirement benefits, gratuities or other allowances to its employees and their dependants.
(3) The Authority may engage consultants, agents and advisors to assist it in performing its functions.
(Added 12 of 2015 s. 13)