Hong Kong Regulations

MERCHANT SHIPPING (LOCAL VESSELS) (COMPULSORY THIRD PARTY RISKS INSURANCE) REGULATION - SECT 17

Policy of insurance issued before approval is suspended or revoked

PART 4

MISCELLANEOUS

(1) Where the approval of an approved insurer is suspended or revoked under
section 8, the policy holder of any policy of insurance issued by that
approved insurer for the purposes of the Ordinance before the approval is
suspended or revoked, may opt to—

   (a)  enforce the policy notwithstanding the suspension or revocation; or

   (b)  void the policy by reason of the suspension or revocation.

(2) A policy holder who opts to void a policy of insurance pursuant to
subsection (1) shall, before the expiration of the policy, by registered post
addressed to the last known address of the approved insurer, give written
notice of his decision to the approved insurer and the policy shall cease to
have effect on the date of the receipt of the notice by the approved insurer
or on such later date, if any, as is specified in the notice.

(3) A policy holder who opts to void a policy of insurance pursuant to
subsection (1) shall be entitled to recover any consideration paid by him
under the policy on a pro-rata basis by reference to the number of days of the
remaining part of the validity period of the policy.