| (Cap 41, section 59(a)) [29 December 1995] (L.N. 598 of 1995) Cap 41G s 1 Application (1) Subject to subsection (2), this Regulation applies with respect to the determination of the value of any assets and the amount of any liabilities of an insurer whose business includes or will include general business, other than those assets and liabilities in respect of which an account is required to be maintained pursuant to section 22 or 22A of the Ordinance. (2) In the case of a company or an association of underwriters which is, immediately before the commencement of this Regulation, an insurer authorized under section 8 of the Ordinance or approved under section 6(1)(c) of the Ordinance to carry on insurance business (which includes general business), this Regulation applies with respect to the determination of the value of its assets and the amount of its liabilities after the expiration of 12 months beginning on the commencement of this Regulation. (3) For the avoidance of doubt, it is declared that in the case of a company or an association of underwriters which has, immediately before the commencement of this Regulation, submitted an application for authorization under section 8 of the Ordinance or for approval under section 6(1)(c) of the Ordinance to carry on insurance business (which includes general business), this Regulation applies immediately on such commencement with respect to the determination of the value of its assets and the amount of its liabilities. (Enacted 1995) Cap 41G s 2 Interpretation In this Regulation- "adjusted gross premium income" (经调整的毛保费收入) means the sum obtained by dividing the amount of gross premium income in a financial year by the number of days in that financial year and multiplying the result by 365; "deferred acquisition costs" (递延取得成本) means that part of the costs of acquisition of an asset which relates to the unexpired period of risk which is carried forward from one accounting period to the next; "gross premium income" (毛保费收入), in relation to a financial year, means the premiums paid or payable to an insurer in respect of contracts written or renewed in that financial year before deducting commissions of agents or brokers payable thereon but after deducting any discounts specified in policies or refunds of premiums made in respect of any termination or reduction of risks; "gross premiums receivable" (可收取毛保费) means the premiums payable to an insurer in respect of contracts written or renewed by an insurer as at the end of a financial year before deducting commissions of agents or brokers payable thereon; "independent qualified valuer" (独立合格估价师) means a person- (a) holding a professional qualification in valuing properties recognized by the Insurance Authority and having post-qualification experience in valuing properties in the location and category of the property which is the subject of valuation within 3 years before the relevant date of the relevant valuation; and (b) who is not employed by the insurer whose property is the subject of valuation, a subsidiary or associate company of the insurer, or the holding company of the insurer;"insurer" (保险人) means- (a) a company which is seeking authorization or which is authorized under section 8 of the Ordinance to carry on insurance business; or (b) an association of underwriters which is seeking approval or which is approved under section 6(1)(c) of the Ordinance;"listed" (上市) means listed on a recognized stock market as defined in section 1 of Part 1 of Schedule 1 to the Securities and Futures Ordinance (Cap 571) or on a stock exchange outside Hong Kong which is recognized by the Insurance Authority as being of a standing not lower than that of such a recognized stock market, and "unlisted" (非上市) shall be construed accordingly; (23 of 1998 s. 2; 5 of 2002 s. 407(2)) "market value of the holding of a unit, or other beneficial interest, in a unit trust or mutual fund" (单位信讬或互惠基金中的单位权益或其他实益权益的市值) means the price at which the manager under the trust scheme or mutual fund scheme would purchase the holding of a unit or other beneficial interest if he is required to do so; "middle market quotation" (中间市场报价), in relation to a listed share or security- (a) for which 2 closing prices are quoted on the relevant stock exchange, means the average of the 2 closing prices so quoted for the relevant date or, if no closing prices are quoted on that day, the most recent day prior to that day for which closing prices for the share or security have been quoted; and (b) for which 1 closing price is quoted on the relevant stock exchange, means the closing price so quoted for the relevant date or, if no closing price is quoted on that day, the most recent day prior to that day for which a closing price for the share or security has been quoted,and for the purpose of this definition, "relevant stock exchange" (有关证券交易所) means the stock exchange where the share or security is listed and where the share or security is listed in more than one stock exchange, the principal place of listing of the share or security;"net book value" (帐面净值), in relation to an asset, means the cost of acquisition of the asset less its accumulated depreciation; |
