Hong Kong Regulations

INSURANCE COMPANIES (GENERAL BUSINESS) (VALUATION) REGULATION - SECT 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)