【法规名称】
【法规编号】 82471 什么是编号？
【正 文】
第2页 CAP 41F INSURANCE COMPANIES (MARGIN OF SOLVENCY) REGULATION
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[接上页] (8) For the purposes of the second calculation, the capital at risk is- (a) in any case in which an amount is payable in consequence of death other than a case falling within paragraph (b), the amount payable on death; and (b) in any case in which the benefit under the contract in question consists of the making, in consequence of death, of the payment of an annuity, payment of a sum by instalments or any other kind of periodic payments, the present value of that benefit,less in either case the mathematical reserves in respect of the relevant contracts. (9) When the amount of the mathematical reserves referred to in subsection (2)(a), or the amount of the capital at risk referred to in subsection (3)(a), is to be calculated for the purposes of determining the required margin of solvency, the day as on which that amount is calculated shall be the same as that as on which the margin of solvency is determined; and the mathematical reserves referred to in subsection (8) shall also be calculated as on that day when the capital at risk in question is that referred to in subsection (3)(a), but shall be calculated as at the end of the last preceding financial year when the capital at risk in question is that referred to in subsection (3)(b). (Enacted 1995) Cap 41F s 5 Long term class C (1) For long term business of class C, the required margin of solvency shall be determined in accordance with subsections (2) to (5). (2) In so far as an insurer bears an investment risk, the first calculation shall be applied. (3) In so far as- (a) an insurer bears no investment risk; (b) the total expired and unexpired term of the relevant contract exceeds 5 years; and (c) the allocation to cover management expenses in the relevant contract has a fixed upper limit which is effective as a limit for a period exceeding 5 years,the first calculation shall be applied, but as if section 4(2)(a) contained a reference to 1% instead of 4%. (4) If neither subsection (2) nor (3) applies, then, subject to subsection (5), the required margin of solvency is zero. (5) Where an insurer covers a death risk, a sum arrived at by applying the second calculation (section 4(5) and (6) being disregarded) shall be added to any required margin of solvency, including a required margin of solvency of zero, arrived at under subsection (2), (3) or (4). (Enacted 1995) Cap 41F s 6 Long term classes D and F For long term business of classes D and F, the required margin of solvency shall be determined by applying the first calculation. (Enacted 1995) Cap 41F s 7 Long term class E For long term business of class E, the required margin of solvency shall be equal to 1% of the assets of the relevant tontine. (Enacted 1995) Cap 41F s 8 Long term class I For long term business of class I, the required margin of solvency shall be equal to the aggregate of the required margins of solvency that would have applied if the business had not been retirement scheme business and had accordingly been classified, as appropriate, under the relevant classes of long term business in Part 2 of the First Schedule to the Ordinance instead of under class I. (Enacted 1995) Cap 41F s 9 Additional business of the nature of general business *(1) For additional business regarded as long term business by virtue of paragraph 3 of Part 1 of the First Schedule to the Ordinance, the required margin of solvency shall be the amount applicable to the insurer according to the following Table- (*See 35 of 1996 s. 34.) TABLE Case Amount Applicable 1. The relevant premium income relating to the additional business of the insurer in its last preceding financial year, or the relevant claims outstanding of the insurer as at the end of its last preceding financial year relating to the additional business, whichever is the greater, did not exceed $200 million or its equivalent. One-fifth of the said income in that year, or one-fifth of the said claims outstanding as at the end of that year, as the case may be. 2. The said income in that year, or the said claims outstanding as at the end of that year, whichever is the greater, exceeded $200 million or its equivalent. The aggregate of $40 million and- (a) one-tenth of the amount by which the said income in that year exceeded $200 million; or (b) one-tenth of the amount by which the said claims outstanding as at the end of that year exceeded $200 million, as the case may be, or its equivalent. (35 of 1996 s. 35) In the case where the additional business is not ancillary to the principal risk of long term business, the amount applicable shall not be less than $10 million or its equivalent. (35 of 1996 s. 35) (2) In this section, "relevant premium income" (有关保费收入) has the meaning as it has in section 10(4) of the Ordinance. (3) In this section, "relevant claims outstanding" (有关未决申索) has the same meaning as in section 10(4)(d) of the Ordinance. (35 of 1996 s. 35) (Enacted 1995) Cap 41F s 10 Prescribed levels of solvency margin (1) For the purposes of section 35AA(1) of the Ordinance, the prescribed amount shall be the required margin of solvency or $2000000, whichever is the greater. (2) For the purposes of section 35AA(2) of the Ordinance, the prescribed amount shall be the aggregate of the following amounts- (a) the required margin of solvency as determined by section 9; and (b) $2000000 or one-third of the required margin of solvency as determined by sections 4 to 8, whichever is the greater. (Enacted 1995) Cap 41F s 11 Maintenance of funds For the purposes of sections 22(3)(b)(ii) and 23(2)(b)(ii) of the Ordinance, the amount required to be held in the funds shall be one-sixth of the required margin of solvency. (Enacted 1995) |
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