Cap. 403 Art. 18FReportonsolvency and financial condition.

(1) Without prejudice to the information which is to be submitted to the competent authority pursuant to article 32, an authorised insurance and reinsurance undertaking shall disclose publicly, on an annual basis, a report on the undertaking’s solvency and financial condition. The report shall contain the information determined by Insurance Rules made for the purposes of this article.

(2) The competent authority shall, upon a written request by an authorised insurance or reinsurance undertaking, permit an undertaking not to disclose information where:

(a) by disclosing such information, the competitors of the undertaking concerned would gain significant undue advantage;

(b) there are obligations to policyholders or other counterparty relationships binding the undertaking concerned to secrecy or confidentiality.

(3) Where non-disclosure of information is permitted by the competent authority, the authorised insurance or reinsurance undertaking concerned shall make a statement to this effect in its report on solvency and financial condition and shall state the reasons.

(4) The competent authority shall permit an authorised insurance or reinsurance undertaking to make use of or refer to public disclosures made under other legal or regulatory requirements, to the extent that those disclosures are equivalent to the information required to be submitted under sub-article (1) in both their nature and scope.

(5) Where the reason for any permitted non-disclosure obtained pursuant to sub-article (2) ceases to exist, the undertaking concerned shall inform the competent authority without undue delay and such undertaking shall comply with the obligations arising under sub-article (1).

(6) In the event of any major development affecting significantly the relevance of the information disclosed in accordance with this article, an authorised insurance or reinsurance undertaking shall disclose appropriate information on the nature and effects of that major development. The circumstances considered as major developments and the disclosures to be made by the undertaking in such circumstances shall be determined by Insurance Rules.

(7) An authorised insurance and reinsurance undertaking may disclose, on a voluntary basis, any information or explanation related to their solvency and financial condition which is not already required to be disclosed in accordance with this article.