### Insurance Ordinance 《保險業條例》

38. Rescission, variation and publication of requirements
(1) The Authority may rescind a requirement imposed under sections 27 to 35(1) if it appears to the Authority that it is no longer necessary for the requirement to continue in force, and may from time to time vary any such requirement. (Amended 51 of 1992 s. 9; 12 of 2015 s. 2)
(2) No requirement imposed by virtue of section 26(4) shall be varied after the expiration of the relevant period mentioned therein except in a manner which relaxes that requirement.
(3) A rescission under subsection (1) of a requirement imposed under section 27 may be limited so as to apply only to contracts of a specified description.
(4) Notice of the imposition of a requirement under the said section 27 and of the rescission or variation of any such requirement shall be published by the Authority in the Gazette and in such other ways as appear to the Authority expedient for notifying the public. (Amended 12 of 2015 s. 2)

38A. Effect of direction given under section 35(2)(b)
(1) Subject to section 38B(3)(a), immediately upon a direction given under section 35(2)(b) coming into force—
(a) in respect of an authorized insurer incorporated in Hong Kong, any appointment of a person as a chief executive or director of the insurer which was in force immediately before that direction came into force;
(b) in respect of an authorized insurer incorporated outside Hong Kong, any appointment of a person as a controller (within the meaning of paragraph (a)(ii) of the definition of controller

38B. Powers of Manager
(1) The Manager of an authorized insurer— (Amended 12 of 2015 s. 2)
(a) may do all such things as may be necessary for the management of the affairs, business and property of the insurer; and
(b) without prejudice to the generality of paragraph (a), shall have, and may exercise, in respect of that insurer, all the powers specified in Schedule 7. (Amended 12 of 2015 s. 53)
(2) The Manager of an authorized insurer may require any person who— (Amended 12 of 2015 s. 2)
(a) has ceased to be a chief executive, director or controller (within the meaning of paragraph (a)(ii) of the definition of controller

### Insurance Ordinance 《保險業條例》

38C. Court of First Instance may approve certain resolutions
(1) During the period for which a direction given under section 35(2)(b) is in force in respect of an authorized insurer, the Court of First Instance may, on the application of the Manager or any member of the insurer, approve or refuse to approve any resolution referred to in section 38A(3)(b) which has been properly moved at a meeting of the insurer but which has not, for whatever reason, been passed. (Amended 25 of 1998 s. 2)
(2) On the hearing of an application under subsection (1)—
(a) the Authority; and
(b) the Manager and any member of the insurer concerned (and whether or not the Manager or any such member is the applicant),
shall be entitled to be heard on the application and to call, examine and cross-examine any witness and, if the Authority, the Manager or the member of the insurer so thinks fit, support or oppose the making of the application. (Amended 12 of 2015 s. 2)
(3) In this section, meeting (會議), in relation to an authorized insurer, means any general meeting of the members of the insurer.
(Added 51 of 1992 s. 10. Amended 12 of 2015 s. 2)

### Insurance Ordinance 《保險業條例》

38D. Duration of direction given under section 35(2)
(1) The Authority shall revoke a direction given under section 35(2) if— (Amended 12 of 2015 s. 2)
(a) it appears to the Authority that it is no longer necessary for the direction to remain in force; or (Amended 12 of 2015 s. 2)
(b) it is necessary to do so to give effect to a determination of the Tribunal in a review of the Authority’s direction. (Amended 12 of 2015 s. 54)
(2) (Repealed 12 of 2015 s. 54)(3) The revocation under subsection (1) of a direction given under section 35(2) shall—
(a) be in writing;
(b) be served on—
(i) the authorized insurer specified in the direction; and (Amended 12 of 2015 s. 2)
(ii) the Advisor or Manager, as the case may be, of that insurer; and
(c) take effect immediately it is so served.
(4) Notice of a revocation under this section of a direction given under section 35(2)(b) shall be published by the Authority in the Gazette and in such other ways as appear to the Authority expedient for notifying the public. (Amended 12 of 2015 s. 2)
(5) A revocation in writing under subsection (1) of a direction given under section 35(2) includes a copy of the revocation.
(6) For the avoidance of doubt, it is hereby declared that the revocation under subsection (1) of a direction given under section 35(2)(b) shall not revive any appointment deemed to be revoked as a consequence of the operation of section 38A(1).
(Added 51 of 1992 s. 10)

### Insurance Ordinance 《保險業條例》

40. Withdrawal of authorization
(1) Where an authorized insurer ceases to carry on—
(a) any insurance business;
(b) insurance business of any class; or
(c) insurance business which is part of any class,
the Authority may direct that it shall cease to be authorized to carry on— (Amended 12 of 2015 s. 2)
(i) insurance business;
(ii) insurance business of that class; or
(iii) insurance business which is that part of that class,
as the case may be. (Replaced 34 of 1988 s. 5)
(2) Where an insurer authorized to carry on insurance business of any class has not at any time carried on insurance business—
(a) of that class; or
(b) which is part of that class,
in or from Hong Kong, and at least 12 months have elapsed since the date of authorization, the Authority may direct that it shall cease to be authorized to carry on insurance business—
(i) of that class; or
(ii) which is that part of that class,
as the case may be. (Replaced 34 of 1988 s. 5)
(3) A direction under this section is without prejudice to a subsequent authorization to carry on insurance business of a class to which the direction relates.
(4) Where an authorized insurer ceases to be authorized to carry on insurance business, the Authority may direct that any matters recorded in respect of that insurer in the register kept under section 5H shall be erased. (Amended 12 of 2015 s. 56)
(5) Where an authorized insurer ceases to be authorized to carry on insurance business of any class, the Authority may direct that any matters recorded in respect of that insurer in relation to that class in the register kept under section 5H shall be erased. (Added 34 of 1988 s. 5. Amended 12 of 2015 s. 56)
(Amended 12 of 2015 s. 2)