### Insurance Ordinance 《保險業條例》

50A. Requirement on solvency margin
(1) The members of Lloyd’s taken together shall, at all times, maintain assets of a value not less than the aggregate of the relevant amount, within the meaning of section 10(1), having regard only to the general business, and the greater of the following—
(a) the aggregate of—
(i) the amount of their liabilities; and
(ii) if any part of the long term business carried on is of a nature other than that specified in class G or H in Part 2 of Schedule 1, $2,000,000 or its equivalent; or
(b) the aggregate of the amount of their liabilities and such amount as may be prescribed by or determined in accordance with rules made under section 129(1)(b).
(2) For the purposes of subsection (1), references to a company or an authorized insurer in section 10 or in rules made under section 129(1)(b) shall be read as references to the members of Lloyd’s taken together.
(Added 51 of 1999 s. 4; 12 of 2015 s. 60)

### Insurance Ordinance 《保險業條例》

50B. Fit and proper management
(1) Lloyd’s shall appoint a person (not being a body corporate) as its authorized representative who shall reside in Hong Kong and be responsible for its overall operation in Hong Kong.
(2) Without limiting the generality of subsection (1), the authorized representative shall be responsible for—
(a) accepting service of notices on behalf of Lloyd’s and its members;
(b) servicing Lloyd’s policy holders in Hong Kong with a view to protecting their interests; and
(c) ensuring compliance by Lloyd’s and its members with the provisions of this Ordinance.
(3) Sections 13A (except section 13A(12)) and 13AB apply to Lloyd’s. (Replaced 12 of 2015 s. 61)
(4) A reference in those sections to an authorized insurer is a reference to Lloyd’s. (Replaced 12 of 2015 s. 61)
(5) A reference in those sections to a controller is a reference to the authorized representative. (Replaced 12 of 2015 s. 61)
(6) (Repealed 12 of 2015 s. 61)(7) Where, subsequent to the appointment of an authorized representative, there is any change in the representative’s particulars as submitted to the Authority under this section, Lloyd’s shall, within one month of such change occurring, notify in writing the Authority. (Amended 12 of 2015 s. 2)
(8) Where Lloyd’s contravenes subsection (7), it commits an offence and is liable, on conviction, to a fine of $200,000 together with a fine of $2,000 for each day on which the offence continues.
(Added 51 of 1999 s. 4)

### Insurance Ordinance 《保險業條例》

50D. Local assets
Part IVA and section 129(1)(a) apply to Lloyd’s and a reference to an authorized insurer in those provisions or in subsidiary legislation made under one of those provisions shall be deemed to be a reference to Lloyd’s.
(Added 51 of 1999 s. 4. Amended 12 of 2015 ss. 2 & 63)

50E. Part X applies to Lloyd’s
(1) Part X applies to Lloyd’s.
(2) A reference in Part X to an insurer or authorized insurer is a reference to a member of Lloyd’s.
(Replaced 12 of 2015 s. 64)

50F. Powers of intervention
(1) The provisions of Part V, except section 40, apply to one or more of the following, as the context may require—
(a) Lloyd’s;
(b) a member of Lloyd’s who carries on insurance business in Hong Kong;
(c) the members of Lloyd’s taken together who carry on insurance business in Hong Kong,
and a reference in those provisions to an authorized insurer shall be deemed for this purpose to be a reference to one or more of Lloyd’s, such member and such group of members. (Amended 12 of 2015 s. 2)
(2) For the purposes of subsection (1), the reference in section 33(1) to section 20 shall be read as a reference to section 50C.
(Added 51 of 1999 s. 4)

50G. Further regulatory powers
(1) The provisions of Part VA, except sections 41P(2)(a), (b) and (c), 41U, 41V and 41W, apply to one or more of the following, as the context requires—
(a) Lloyd’s;
(b) a member of Lloyd’s who carries on insurance business in Hong Kong;
(c) the members of Lloyd’s taken together who carry on insurance business in Hong Kong.
(2) A reference in those provisions to an insurer or authorized insurer is a reference to one or more of Lloyd’s, the member and the group of members.
(3) A reference in those provisions to a controller is a reference to the authorized representative appointed under section 50B.
(Added 12 of 2015 s. 65)

### Insurance Ordinance 《保險業條例》

50H. Part XIII applies to Lloyd’s etc.
(1) The provisions of Part XIII, except section 122, apply to one or more of the following, as the context requires—
(a) Lloyd’s
(b) a member of Lloyd’s who carries on insurance business in Hong Kong;
(c) the members of Lloyd’s taken together who carry on insurance business in Hong Kong.
(2) A reference in those provisions to an insurer or authorized insurer is a reference to one or more of Lloyd’s, the member and the group of members.
(3) A reference in those provisions to a controller is a reference to the authorized representative appointed under section 50B.
(4) Section 122 applies to Lloyd’s and a reference in that section to an authorized insurer is a reference to Lloyd’s.
(Added 12 of 2015 s. 65)

### Insurance Ordinance 《保險業條例》

53. Power of Chief Executive in Council to exempt insurer
(1) The Chief Executive in Council may by order direct that, as respects any insurer specified in the order, such provisions of this Ordinance as may be so specified shall not apply to the insurer or shall apply to the insurer with such modifications or variations as may be so specified.
(2) An order made under this section may be subject to conditions and may be amended or revoked at any time by the Chief Executive in Council.
(3) In this section insurer includes Lloyd’s.
(Amended 31 of 1999 s. 3)

### Insurance Ordinance 《保險業條例》

53E. Prescribed person to send report directly to Authority in certain cases relating to authorized insurers
(Amended 12 of 2015 ss. 2 & 70)(1) Where a prescribed person (other than an actuary or former actuary), during the discharge of his duties in that capacity in respect of the authorized insurer concerned (including a former insurer), becomes aware of any matter (including, in the case of a former auditor or former accountant referred to in the definition of prescribed person