Insurance (Exemption to Appointment of Actuary) Rules
(Enacting provision omitted—E.R. 1 of 2025)
[1 July 2024] L.N. 67 of 2024
(Omitted as spent—E.R. 1 of 2025)
In these Rules—
gross of reinsurance (未減除再保險前) has the meaning given by rule 2(1) of the Insurance (Valuation and Capital) Rules (Cap. 41 sub. leg. R); (E.R. 1 of 2025) gross premium (毛保費), in relation to a period of time, means the premiums paid or payable to a relevant insurer in respect of contracts of insurance written or renewed in that period of time before deducting commissions of agents or brokers but after deducting any discounts specified in policies or refunds of premiums made in respect of any termination or reduction of risks; marine insurer (海事保險人) has the meaning given by rule 2 of the Insurance (Marine Insurers and Captive Insurers) Rules (Cap. 41 sub. leg. U); (E.R. 1 of 2025) outstanding claims liabilities (未決申索負債) has the meaning given by rule 30(2)(a) of the Insurance (Valuation and Capital) Rules (Cap. 41 sub. leg. R). (E.R. 1 of 2025)An authorized insurer is exempted from section 15AAA(1)(c) and (d) of the Ordinance, if the insurer is a—
marine insurer; or
captive insurer.
Subject to subrule (3), an authorized insurer is also exempted from section 15AAA(1)(c) and (d) of the Ordinance in an insurer’s financial year, if it satisfies both of the following criteria—
total gross premium relating to prescribed scope of the insurer during the financial year is less than $20,000,000; and
total outstanding claims liabilities (gross of reinsurance) relating to prescribed scope of the insurer as at end of the financial year is less than $20,000,000.
Subrule (2) does not apply to an authorized insurer in the first 3 financial years on or after the date on which the insurer begins to carry on general business in or from Hong Kong.
In this rule—
prescribed scope (訂明範圍), in relation to an authorized insurer, means—(a)its general business, if the insurer is—(i)an HK insurer; or(ii)a designated insurer; or(b)its general business carried on in or from Hong Kong, if the insurer is a non-HK insurer but not a designated insurer.When an authorized insurer ceased to be exempted in accordance with rule 3(1) or (2) in a financial year, the insurer must, within 3 months immediately after the end of that financial year, comply with section 15AAA(1)(c) or (d) of the Ordinance, as the case may be.