Hong Kong Regulations

MERCHANT SHIPPING (LOCAL VESSELS) (COMPULSORY THIRD PARTY RISKS INSURANCE) REGULATION - SECT 5

Approval

(1) Upon application made by a protection and indemnity association under
section 4, the Director may approve the protection and indemnity association
as an insurer for the purposes of the Ordinance, subject to such conditions as
he thinks fit.

(2) The Director shall not approve an application unless he is satisfied that
the protection and indemnity association is a fit and proper body to be an
insurer for the purposes of the Ordinance.

(3) If the Director approves a protection and indemnity association as an
insurer for the purposes of the Ordinance, he shall notify in writing the
protection and indemnity association and the Insurance Authority.

(4) If the Director refuses an application, he shall notify the applicant in
writing of the refusal and the reasons for the refusal.

(5) For the avoidance of doubt, an approval granted under subsection (1) does
not signify that an approved insurer is authorized to carry on any class or
classes of insurance business under the Insurance  Companies Ordinance (
Cap 41).