Hong Kong Regulations

OCCUPATIONAL RETIREMENT SCHEMES (INSURANCE ARRANGEMENT) RULES - SECT 3

Insurance arrangement

For the purposes of the Ordinance, an agreement or arrangement shall not be
regarded as an insurance arrangement unless-

   (a)  under the terms of the agreement or arrangement the relevant  insurer
        has the duty to ensure, on the basis of all relevant scheme documents
        in his possession and all relevant information furnished by the
        relevant employer of the relevant scheme including all such
        information verified by the employer's auditor, that contributions are
        made by the employer in accordance with the terms of the scheme;

   (b)  the terms of the agreement or arrangement provide that the
        relevant insurer shall, in relation to payment of any benefit under
        the terms of the relevant scheme in respect of any member of the
        scheme, comply with the
        Occupational Retirement Schemes (Payment of Benefits)  Rules ( Cap 426
        sub. leg.); and

   (c)  the nature of the business transacted or to be transacted under the
        agreement or arrangement meets the description of the nature of
        business relating to long term business class G, H or I in Part 2 of
        the First Schedule to the Insurance Companies Ordinance ( Cap 41).
        (Enacted 1993)