### Insurance Ordinance 《保險業條例》

4F. Delegation of Authority’s functions to its members, committees and employees
(1) Subject to subsection (2), the Authority may delegate any of its functions to—
(a) a member of the Authority;
(b) a committee established under section 4D; or
(c) an employee of the Authority, whether by reference to the name of the employee or to the office held by the employee.
(2) A delegation must not be made—
(a) in relation to the power of the Authority to delegate under this section; or
(b) in relation to a function specified in Schedule 1D.
(3) If the Authority delegates a function, it may at the same time authorize the delegate to sub-delegate the function.
(4) The Authority may—
(a) revoke a delegation, or an authorization for a sub-delegation;
(b) attach restrictions or conditions to a delegation; or
(c) attach restrictions or conditions to an authorization for a sub-delegation, including those on the exercise of the power to sub-delegate.
(5) A delegation does not prevent the Authority from concurrently performing the function delegated. A delegation and sub-delegation does not prevent the Authority or a delegate, or both, from concurrently performing the function delegated or sub-delegated.
(6) If a person or a committee purports to act under a delegation or sub-delegation, the person or the committee is presumed, unless the contrary is proved, to be acting in accordance with the terms of the delegation or sub-delegation.
(7) Without affecting subsection (5), if there is a delegation or sub-delegation in relation to a function of the Authority, a reference in this Ordinance or any other Ordinance to the Authority in connection with the performance of the function is, unless the context otherwise requires, to be construed accordingly.
(Added 12 of 2015 s. 13)

### Insurance Ordinance 《保險業條例》

4G. Delegation of certain powers of Authority to Monetary Authority
(1) The Authority may, subject to the approval of the Chief Executive in Council, delegate its powers under sections 64ZZF(6) and 64ZZH(1) to the Monetary Authority in relation to a business of a regulated activity carried on by an authorized institution.
(2) The Chief Executive in Council may, after consultation with the Authority and the Monetary Authority—
(a) impose conditions on the approval of a delegation;
(b) vary any of the conditions of the approval of a delegation; or
(c) withdraw the approval of a delegation.
(3) Without affecting subsection (2)(c), the Authority may, after consultation with the Monetary Authority, revoke a delegation under subsection (1).
(4) A revocation of a delegation under subsection (3) takes effect when the Chief Executive in Council notifies the Authority and the Monetary Authority that the approval of the delegation has been withdrawn under subsection (2)(c).
(5) A delegation does not prevent the Authority from concurrently performing the function delegated. A delegation does not prevent the Authority or a delegate, or both, from concurrently performing the function delegated.
(6) If the Monetary Authority purports to act under a delegation, the Monetary Authority is presumed, unless the contrary is proved, to be acting in accordance with the terms of the delegation.
(7) If there is a delegation in relation to a power of the Authority, the delegation includes—
(a) the delegation of a power incidental to, or connected with, the delegation; and
(b) the delegation of a duty incidental to, or connected with, the delegation.
(8) Without affecting subsection (5), if the powers under sections 64ZZF(6) and 64ZZH(1) are delegated to the Monetary Authority under subsection (1), the provisions of this Ordinance are to operate as if—
(a) in the definition of investigator

4H. Authority to furnish information
When required by the Financial Secretary, the Authority must furnish to the Financial Secretary—
(a) the information that the Financial Secretary specifies on the principles, practices and policies the Authority is pursuing or adopting, or proposes to pursue or adopt, in performing any of its functions; and
(b) the reasons for pursuing or adopting, or proposing to pursue or adopt, those principles, practices and policies.
(Added 12 of 2015 s. 13)

5A. Interpretation of Part IA, Division 2
In this Division—
auditor (核數師) means an auditor appointed under section 5E;
financial year (財政年度) means the financial year of the Authority specified in section 5B.

### Insurance Ordinance 《保險業條例》

5B. Corporate plan and annual estimates
(1) The financial year of the Authority begins on 1 April in each year.
(2) However, the first financial year of the Authority is to—
(a) begin on the commencement date* of section 15 of the Amendment Ordinance; and
(b) end on the following 31 March.
(3) The Authority must, no later than 31 December in each financial year, submit to the Financial Secretary for approval a corporate plan for the next financial year.
(4) A corporate plan for a financial year must specify—
(a) the objectives of the Authority’s activities for that year;
(b) the nature and scope of the activities to be undertaken in order to achieve those objectives; and
(c) the estimates of the Authority’s income and expenditure for that year.
(5) The Financial Secretary must lay a copy of the estimates specified in the corporate plan as approved under subsection (3) on the table of the Legislative Council.

5C. Appropriation
For each financial year, the Government must pay to the Authority out of the general revenue the monies appropriated by the Legislative Council for that purpose.

5D. Accounts and annual report
(1) The Authority must keep proper accounts and records of its transactions.
(2) The Authority must, as soon as practicable after the end of each financial year, prepare financial statements—
(a) that give a true and fair view of—
(i) the state of affairs of the Authority as at the end of that year; and
(ii) the results of the operations and cash flows of the Authority in that year; and
(b) that are signed by the chairperson, and the chief executive officer, of the Authority.
(3) The Authority must, as soon as practicable after the end of each financial year—
(a) prepare a report about its activities during that year; and
(b) send a copy of the report to the Financial Secretary.
(4) The Financial Secretary must lay a copy of the report on the table of the Legislative Council.

5E. Auditors 
(1) The Authority must, with the approval of the Financial Secretary, appoint one or more auditors.
(2) An auditor—
(a) has a right of access at all reasonable times to the books, accounts, vouchers, records and documents kept by the Authority; and
(b) is entitled to require from the officers of the Authority the information and explanations that the auditor considers necessary for the discharge of the auditor’s duties.
(3) The Director of Audit or another public officer authorized by the Director for the purpose may, at any reasonable time—
(a) examine any books, accounts, vouchers, records or documents kept by the Authority; and
(b) if the Director or the public officer considers it appropriate, make a copy of the whole of, or any entry in, those books, accounts, vouchers, records or documents.

### Insurance Ordinance 《保險業條例》

5F. Financial statements to be audited
(1) The Authority must, as soon as practicable after the end of each financial year, provide an auditor for audit with the financial statements prepared for the year under section 5D.
(2) The auditor must—
(a) prepare a report on those financial statements; and
(b) send the report to the Authority.
(3) The report must include a statement as to whether, in the opinion of the auditor, the financial statements give a true and fair view of—
(a) the state of affairs of the Authority as at the end of the financial year; and
(b) the results of the operations and cash flows of the Authority in that year.
(4) The Authority must, as soon as practicable after receiving the report, provide the Financial Secretary with a copy of the report and of the related financial statements.
(5) The Financial Secretary must lay a copy of the report and of the related financial statements on the table of the Legislative Council.

5G. Tax exemption
The Authority is exempt from taxation under the Inland Revenue Ordinance (Cap. 112).