### Hong Kong Export Credit Insurance Corporation Ordinance 《香港出口信用保險局條例》

9A. Power of Corporation to enter into re-insurance agreement
The Corporation may enter into an agreement with any person whereby such person undertakes to insure the Corporation against all or any of the liability of the Corporation under a contract of insurance entered into under section 9 either before or after the commencement of the Hong Kong Export Credit Insurance Corporation (Amendment) Ordinance 1970 (58 of 1970).
(Added 58 of 1970 s. 2)

9B. Guarantees
Where—
(a) the Corporation has entered into, or proposes to enter into, a contract of insurance under section 9 with, or for the benefit of, any person; and
(b) another person has advanced, or proposes to advance, moneys to the first-mentioned person for the purpose of financing, in whole or in part, the acts and transactions, which are the subject matter of the contract of insurance,
the Corporation may guarantee to that other person the re-payment of the whole or any part of the moneys advanced or to be advanced by him and the payment of the whole or any part of any interest or other charges that may become payable to him in respect of those moneys.
(Added 8 of 1974 s. 3)

### Hong Kong Export Credit Insurance Corporation Ordinance 《香港出口信用保險局條例》

10. Advisory Board establishment
(1) There is hereby established an Advisory Board to advise the Corporation in the conduct of its business under this Ordinance.
(2) The Advisory Board shall consist of—
(a) (Repealed 12 of 2015 s. 169)
(b) the Executive Director, Hong Kong Trade Development Council, or his representative; and
(c) not more than 10 other members.
(3) The members of the Advisory Board, other than the Executive Director, Hong Kong Trade Development Council— (Amended L.N. 206 of 1977; L.N. 294 of 1982; L.N. 215 of 1984; L.N. 392 of 1990; 12 of 2015 s. 169)
(a) shall be appointed by the Chief Executive for a term not exceeding 3 years at a time; and (Amended 66 of 2000 s. 3)
(b) shall upon appointment take an oath before a commissioner for oaths in the form prescribed in Schedule 1. (Amended 47 of 1997 s. 10)
(4) If a member of the Advisory Board has any pecuniary interest, direct or indirect, in any contract or proposed contract or other matter, and is present at a meeting of the Board at which the contract or other matter is the subject of consideration, he shall, as soon as practicable after the commencement of the meeting of the Board, disclose to the Board the fact and the nature of his interest.
(5) The Corporation shall not be bound by the advice of the Advisory Board.
(Amended E.R. 1 of 2013)

11. Policy
The Corporation shall keep the Financial Secretary informed of the decisions of the Corporation insofar as they relate to matters of policy in relation to the conduct of its business.

### Hong Kong Export Credit Insurance Corporation Ordinance 《香港出口信用保險局條例》

12. Approval of policy in respect of certain matters
(1) The policy pursued by the Corporation with respect to any of the following matters, namely—
(a) the classes of contracts of insurance into which the Corporation will enter;
(b) the nature and extent of the risks that may be covered under contracts of insurance entered into by the Corporation;
(c) the undertaking of liabilities in relation to trade with particular places; (Amended 66 of 2000 s. 3)
(d) the organization of the finances of the Corporation and the determination of the use to which any surpluses acquired by the Corporation are to be put;
(e) the determination of the total amount of the capital and reserves required by the Corporation taking into account the sums at risk under contracts of insurance entered into by the Corporation; and
(f) the giving of guarantees, (Added 8 of 1974 s. 4)
shall be subject to the approval of the Financial Secretary:
Provided that nothing in this subsection shall prevent the Corporation, when it considers an immediate decision is required, from pursuing a policy which has not been approved by the Financial Secretary if it seeks his approval of such policy at the first available opportunity.(2) Nothing in subsection (1) shall be construed as—
(a) requiring the approval of the Financial Secretary to the entering by the Corporation into a particular contract of insurance or the giving by the Corporation of a particular guarantee; or
(b) empowering the Financial Secretary to determine that the Corporation shall or shall not enter into a particular contract of insurance or give a particular guarantee,
but the Corporation shall not enter into a particular contract of insurance or give a particular guarantee unless the contract or guarantee is in accordance with the policy approved by the Financial Secretary. (Replaced 8 of 1974 s. 4)
(3) In this section—
surplus (盈餘) means those balances which the Corporation has in hand at the end of any financial year and which are not required to meet—
(a) payments at that time due to be made as a result of claims under examination in respect of contracts of insurance entered into by the Corporation;
(b) payments due to be made in respect of the operating expenses of the Corporation;
(c) provision for expenditure on capital items, on replacements of fixed assets and on amortization payments incurred by the Corporation;
(d) such sums as in the opinion of the Corporation may be required to cover the unexpired risks on contracts of insurance entered into by the Corporation; and
(e) any other liabilities.

### Hong Kong Export Credit Insurance Corporation Ordinance 《香港出口信用保險局條例》

13. Extent of indemnity
(1) A contract of insurance entered into by the Corporation shall specify a percentage as the percentage of the amount of the loss, as defined in the contract, to which the indemnity under the contract extends.
(2) The maximum percentage so specified in any contract of insurance shall not exceed 90 per cent or such other maximum percentage as may be prescribed by the Legislative Council by resolution. (Amended L.N. 185 of 1975)

14. Powers of the Corporation
The Corporation may do, within Hong Kong or elsewhere, all things necessary or convenient to be done for and in connection with, or incidental to, the carrying on of its business and, in particular, may— (Amended 66 of 2000 s. 3)
(a) acquire, hold and dispose of immovable or movable property;
(b) enter into any contract; and
(c) pay to the Government out of surpluses held by the Corporation such sums as may be determined pursuant to the policy approved in this respect by the Financial Secretary under section 12(1).

15. Provident fund scheme
The Corporation may, with the approval of the Chief Executive, establish, manage and control, or enter into an arrangement with an insurance company or association for the establishment, management and control by such company or association, either alone or jointly with the Corporation, of a provident fund scheme for the benefit of the Commissioner and any of the officers of the Corporation, or of any specified class of officer of the Corporation, and if so required by rules governing such scheme may make contributions thereto in accordance with such rules.
(Amended 66 of 2000 s. 3)

16. Appointment of officers
Subject to the provisions of section 17, the Corporation may appoint such officers as it thinks necessary.

17. Terms and conditions of employment
(1) The terms and conditions of employment of officers appointed by the Corporation shall be such as are determined by the Corporation with the approval of the Financial Secretary.
(2) The appointment by the Corporation of an officer whose annual salary is equivalent to or exceeds that of a Senior Administrative Officer in the public service shall be subject to the approval of the Chief Executive. (Amended 8 of 1974 s. 5; 5 of 1990 s. 2; 66 of 2000 s. 3)

18. Corporation indemnified
The Government shall guarantee the payment of all moneys due by the Corporation, but nothing in this section shall authorize a creditor or other person claiming against the Corporation to sue the Government in respect of his claim.