Hong Kong Regulations

MERCHANT SHIPPING (LOCAL VESSELS) (COMPULSORY THIRD PARTY RISKS INSURANCE) REGULATION - SECT 9

Obligation of approved insurer on suspension or revocation of approval

(1) Upon receipt of a notice given under section 8(3), the approved insurer
shall—

   (a)  cease to issue new policies of insurance for the purposes of the
        Ordinance; and

   (b)  cease to renew existing policies of insurance issued for the purposes
        of the Ordinance.

(2) As soon as practicable after receipt of a notice given under section 8(3),
the approved insurer shall notify its policy holders insured for the purposes
of the Ordinance of the suspension or revocation of the approval.

(3) An approved insurer who contravenes subsection (1) commits an offence and
is liable on conviction to a fine at level 6.

(4) Any person who by virtue of section 20 is guilty of an offence under
subsection (3) is liable on conviction to a fine at level 6 and to
imprisonment for 2 years.

(5) An approved insurer who contravenes subsection (2) commits an offence and
is liable on conviction to a fine at level 2.

(6) Any person who by virtue of section 20 is guilty of an offence under
subsection (5) is liable on conviction to a fine at level 2 and to
imprisonment for 3 months.