### Insurance Ordinance 《保險業條例》

19. Statements of transactions of prescribed class or description
(1) Classes or descriptions of agreements or arrangements appearing to the Authority as likely to be undesirable in the interests of policy holders may be prescribed for the purposes of this section, and every authorized insurer which enters into an agreement or arrangement of a class or description so prescribed shall, within such period as may be prescribed, furnish the Authority with a statement containing such particulars of that agreement or arrangement as may be prescribed. (Amended 25 of 1994 s. 8)
(2) Different classes or descriptions of agreements or arrangements may be prescribed for the purposes of this section in relation to authorized insurers of different classes or descriptions.
(3) The whole or any part of any statement furnished to the Authority under this section may be deposited by the Authority with the Registrar of Companies for registration and may be published by the Authority in such ways as the Authority thinks appropriate. (Amended 28 of 2012 ss. 912 & 920)
(Amended 12 of 2015 s. 2)

### Insurance Ordinance 《保險業條例》

21. Documents to be deposited with Registrar of Companies
(1) Without prejudice to the Companies Ordinance (Cap. 622), where an authorized insurer which is a company submits to the Authority any account, balance sheet, abstract, certificate or statement of the insurer or any report of the auditor thereof required to be submitted under section 17 or 18, the insurer shall at the same time deposit a copy of such document, except any such document required to be submitted by Part 8 or 9 of Schedule 3, with the Registrar of Companies for registration. (Amended 50 of 1992 s. 4; 26 of 1994 s. 4; 28 of 2012 ss. 912 & 920; 12 of 2015 s. 2)
(2) An authorized insurer which fails to comply with subsection (1) commits an offence and is liable to a fine of $200,000. (Amended 35 of 1996 s. 15)
(Amended 12 of 2015 s. 40)

### Insurance Ordinance 《保險業條例》

25C. Letter of credit or other commitment from a bank
(1) An authorized insurer may, instead of maintaining assets in Hong Kong as required by this Part, substitute, in whole or in part, a letter of credit or other commitment from a bank, as defined in the Banking Ordinance (Cap. 155), in favour of the Authority, but the terms and conditions attached to such a letter of credit or other commitment are subject to the approval of the Authority.
(2) The Authority may, if in its opinion it would appropriately safeguard the interests of policy holders or potential policy holders, exercise its right to payment pursuant to a letter of credit or other commitment referred to in subsection (1).
(3) Any payment made to the Authority pursuant to a letter of credit or other commitment shall be held in trust for the insurer as if it were a deposit made by an authorized insurer under section 35A(1).
(4) Nothing in this section shall limit the powers of the Authority to require a deposit under section 35A(1).
(Amended 12 of 2015 s. 2)

25D. Approval of transfer of general business
(1) Where it is proposed to execute an instrument by which an authorized insurer (the transferor

### Insurance Ordinance 《保險業條例》

25E. Effect of approval under section 25D
(1) Subject to subsection (2), an instrument giving effect to a transfer approved by the Authority under section 25D shall be effectual in law— (Amended 12 of 2015 s. 2)
(a) to transfer to the transferee all the transferor’s rights and obligations under the policies included in the instrument; and
(b) if the instrument so provides, to secure the continuation by or against the transferee of any legal proceedings by or against the transferor which relate to those rights and obligations,
notwithstanding the absence of any agreements or consents which would otherwise be necessary for it to be effectual in law for those purposes.
(2) Except insofar as the Authority may otherwise direct, a policy holder whose policy is included in such an instrument shall not be bound by it unless he has been given written notice of its execution by the transferor or the transferee. (Amended 12 of 2015 s. 2)

25F. Lloyd’s underwriters
(1) Sections 25D and 25E shall apply in relation to a transfer to and from members of Lloyd’s if, and only if, the following conditions are satisfied—
(a) the transfer is not one where both the transferor and the transferee are members of Lloyd’s;
(b) the Committee of Lloyd’s have by resolution authorized one person to act in connection with the transfer for the members concerned as transferor or transferee; and
(c) a copy of the resolution has been given to the Authority. 
(2) Where sections 25D and 25E apply in relation to a transfer to or from members of Lloyd’s, they shall apply as if—
(a) reference to an insurer or authorized insurer in section 25D included reference to members of Lloyd’s; and
(b) anything done in connection with the transfer by the person authorized in accordance with subsection (1)(b) had been done by members for whom he acted.
(Amended 12 of 2015 s. 2)[cf. 1982 c. 50 ss. 51 & 52 U.K.]

### Insurance Ordinance 《保險業條例》

27. Restrictions on new business
(1) The Authority may require an authorized insurer— (Amended 12 of 2015 s. 2)
(a) not to effect any contracts of insurance or contracts of insurance of a specified description;
(b) not to vary any contracts of insurance of a specified description, being contracts effected in the course of carrying on insurance business and in force when the requirement is imposed.
(2) A requirement under this section may apply to contracts of insurance whether or not the effecting of them falls within a class of insurance business which the insurer is for the time being authorized to carry on.

28. Requirements about investments
(1) The Authority may require an authorized insurer— (Amended 12 of 2015 s. 2)
(a) not to make investments of a specified class or description;
(b) to realize, before the expiration of a specified period (or such longer period as the Authority may allow), the whole or a specified proportion of investments of a specified class or description held by the insurer when the requirement is imposed. (Amended 12 of 2015 s. 2)
(2) A requirement under this section may be framed so as to apply only to investments which are (or, if made, would be) assets representing a fund maintained by the insurer in respect of its long term business or so as to apply only to other investments. (Amended 59 of 1993 s. 11)