### Insurance Ordinance 《保險業條例》

44. Winding up on petition of Authority
(Amended 12 of 2015 s. 2)(1) The Authority may present a petition for the winding up, in accordance with the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32), of an authorized insurer, being a company which may be wound up by the Court under that Ordinance, on the ground— (Amended 28 of 2012 ss. 912 & 920 ; 12 of 2015 s. 2)
(a) that the company is unable to pay its debts within the meaning of sections 177 and 178 or section 327 of that Ordinance;
(b) that the company has failed to satisfy an obligation to which it is or was subject by virtue of this Ordinance or any Ordinance repealed thereby; or
(c) that the company, being under the obligation imposed by section 16 with respect to the keeping or preserving of proper books of account, has failed to satisfy that obligation or to produce books kept in satisfaction of that obligation.
(2) In any proceedings on a petition to wind up an authorized insurer presented by the Authority under subsection (1), evidence that the company was insolvent— (Amended 12 of 2015 s. 2)
(a) at the close of the period to which the accounts and balance sheet of the company last deposited under section 20 relate; or
(b) at any date or time specified in a requirement under section 32 or 34,
shall be evidence that the company continues to be unable to pay its debts, unless the contrary is proved.
(3) If, in the case of an authorized insurer, being a company which may be wound up by the Court under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32), it appears to the Authority that it is expedient in the public interest that the company should be wound up, the Authority may, unless the company is already being wound up by the Court, present a petition for it to be so wound up if the Court thinks it just and equitable for it to be so wound up. (Amended 28 of 2012 ss. 912 & 920; 12 of 2015 s. 2)
(4) Where a petition for the winding up of an authorized insurer is presented by a person other than the Authority, a copy of the petition shall be served on the Authority and the Authority shall be entitled to be heard on the petition and to call, examine and cross-examine any witness and, if the Authority so thinks fit, support or oppose the making of a winding-up order. (Amended 12 of 2015 s. 2)

### Insurance Ordinance 《保險業條例》

48. Reduction of contracts as alternative to winding up
In the case of an authorized insurer which has been proved to be unable to pay its debts, the Court may, if it thinks fit, reduce the amount of the contracts of the insurer on such terms and subject to such conditions as the Court thinks just, in place of making a winding-up order.
(Amended 12 of 2015 s. 2)

49. Winding up rules
(1) Rules may be made under section 296 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) for determining the amount of the liabilities of an authorized insurer to policy holders of any class or description for the purpose of proof in a winding up and generally for carrying into effect the provisions of this Ordinance with respect to the winding up of authorized insurers. (Amended 28 of 2012 ss. 912 & 920)
(2) Without prejudice to the generality of subsection (1), rules under the said section 296 may make provision for all or any of the following matters—
(a) the identification of the assets and liabilities falling within section 45(2)(a) or (b);
(b) the apportionment between the assets falling within section 45(2) of the costs, charges and expenses of the winding up and of any debts of the authorized insurer having priority under section 265 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32); (Amended 28 of 2012 ss. 912 & 920)
(c) the determination of the amount of liabilities of any description falling within paragraph (a) or (b) of section 45(2) for the purpose of establishing whether or not there is any such excess in respect of that paragraph as is mentioned in section 45(3);
(d) the application of assets within paragraph (a) of section 45(2) for meeting the liabilities within that paragraph;
(e) the application of assets representing any such excess as is mentioned in section 45(3).
(Amended 12 of 2015 s. 2)

### Insurance Ordinance 《保險業條例》

49B. Notice of commencement of liquidation, etc. and of appointment of liquidator, etc.
(1) Where any proceedings are commenced outside Hong Kong for the liquidation of an authorized insurer or for the purpose of placing an authorized insurer under any other form of insolvency administration, the insurer shall give to the Authority written notice of the commencement of such proceedings, and, where a provisional liquidator or liquidator or a person charged with such other form of insolvency administration is appointed, of such appointment, not later than 3 working days after the event to which the notice relates.
(2) Where a receiver or manager of the property in Hong Kong or elsewhere of an authorized insurer is appointed, the insurer shall give to the Authority written notice of such appointment not later than 3 working days after the appointment.
(3) Where any proceedings are commenced in Hong Kong or elsewhere to enforce a judgment given or order made against an authorized insurer for the payment of money, the insurer shall give to the Authority written notice of the commencement of such proceedings not later than 3 working days after such commencement.
(4) An authorized insurer which fails to comply with any of the provisions of this section commits an offence and is liable to a fine of $200,000 and, in the case of an individual, to imprisonment for 2 years, together with a fine of $2,000 for each day on which the failure to give the relevant notice continues after the expiry of the period prescribed under that provision. (Amended 35 of 1996 s. 24)
(5) In this section—

working day (工作日) means a day other than—
(a) a public holiday;
(b) a Saturday; or
(c) a gale warning day or black rainstorm warning day as defined by section 71(2) of the Interpretation and General Clauses Ordinance (Cap. 1). (Added 12 of 2015 s. 59)

(Added 25 of 1994 s. 16. Amended 12 of 2015 s. 2)

50. Requirements to be complied with by Lloyd’s
During any period when a member of Lloyd’s is carrying on insurance business in Hong Kong, Lloyd’s, a member of Lloyd’s and the members of Lloyd’s taken together shall comply with the relevant requirements contained in this Part.
(Replaced 51 of 1999 s. 4)