【法规名称】
【法规编号】 82469 什么是编号？
【正 文】
第4页 CAP 41G INSURANCE COMPANIES (GENERAL BUSINESS) (VALUATION) REGULATION
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[接上页] (3) The value of the assets and liabilities of the subsidiary must be determined in accordance with any regulation (including this Regulation) made under section 59(1)(a) of the Ordinance for the valuation of assets and liabilities of an insurer carrying on- (29 of 1997 s. 16) (a) general business, if the subsidiary carries on general business; or (b) long term business, if the subsidiary carries on long term business,as if the regulation applied to the subsidiary, and for the avoidance of doubt, it is declared that subsection (2) does not require the assets of a subsidiary to be valued on the basis that the subsidiary were in liquidation. (4) The liabilities of the subsidiary are deemed for the purpose of this section to include the relevant amount in the case of the subsidiary. (5) For each subsidiary which has the value of its shareholding held by the insurer determined under this section, the name and place of incorporation of the subsidiary and the proportion of the nominal value of the issued shares of each class of shares held by the insurer must be disclosed. (6) Where the Insurance Authority is satisfied that it is impracticable for an insurer to value its shares in its subsidiary in accordance with this section (other than this subsection), the insurer may, with the approval of the Insurance Authority, value its shares in the subsidiary at up to 75% of the attributable share value of the shares. (7) Subject to subsection (9), for the purpose of subsection (6), the attributable share value of a share in a subsidiary is that part of the surplus of the net tangible assets of the subsidiary as disclosed in its most recent audited accounts audited by an auditor qualified to be appointed under section 15 of the Ordinance (as if that section applied to the subsidiary) over the relevant amount in the case of the subsidiary, which would be payable in respect of the share in the subsidiary held by the insurer if the subsidiary were in liquidation and that surplus were the amount distributable to the shareholders in the winding up. (8) The "relevant amount" (有关数额) referred to in this section- (a) in the case of a subsidiary carrying on general business only, is the relevant amount as determined in accordance with section 10(1) of the Ordinance as if that section applied to the subsidiary; (b) in the case of a subsidiary carrying on long term business only, is an amount equal to the greatest of the following amounts- (i) the relevant amount specified in section 10(2) of the Ordinance as if that section applied to the subsidiary; (ii) the amount prescribed by section 11 of the Insurance Companies (Margin of Solvency) Regulation (Cap 41 sub. leg.) as if that section applied to the subsidiary; or (iii) the amount prescribed by or determined in accordance with regulations made under section 59(1)(aa) of the Ordinance for the purposes of section 8(3)(a)(ii)(B) and (iii)(B) of the Ordinance as if the regulations applied to the subsidiary, reduced by the future profits and hidden reserves of the subsidiary to the extent allowed by the Insurance Authority under section 35AA(3) of the Ordinance as if that section applied to the subsidiary; (29 of 1997 s. 16)(c) in the case of a subsidiary carrying on both general business and long term business, is an amount equal to the aggregate of the 2 amounts referred to in paragraphs (a) and (b) having regard, respectively, to its general business and long term business.(9) For the avoidance of doubt, it is declared that subsection (7) does not require the assets of a subsidiary to be valued on the basis that the subsidiary were in liquidation, and the assets may be valued on the basis that the subsidiary is a going concern, or on any other basis which, in the opinion of the Insurance Authority, is appropriate. (Enacted 1995) Cap 41G s 7 Other unlisted shares (1) The value of any other unlisted share- (a) must be not greater than 75% of- (i) its ready market price, if there is a ready market price; or (ii) if there is no ready market price, that part of the net tangible assets of the company that issues the share as disclosed in its most recent audited accounts audited by an auditor qualified to be appointed under section 15 of the Ordinance (as if that section applied to the company) which would be payable in respect of the share in the company held by the insurer if the company were in liquidation and that net tangible assets were the amount distributable to the shareholders in the winding up; or(b) must not be admitted where there is no ready market price for the share and there are no recent audited accounts referred to in paragraph (a)(ii) of the company that issued the share.(2) For the avoidance of doubt, it is declared that subsection (1)(a)(ii) does not require the assets of a company to be valued on the basis that the company were in liquidation, and the assets may be valued on the basis that the company is a going concern, or on any other basis which, in the opinion of the Insurance Authority, is appropriate. |
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