The New Companies Ordinance: Implications for Directors & Officers Liability Insurance

With the new Companies Ordinance coming into force next month, what are the considerations for companies and directors when taking out Directors & Officers Liability Insurance? The new Companies Ordinance codifies the common law duty of care, skill and diligence and introduces a new concept of "Responsible Person". It also clarifies the rules on what the company can and cannot indemnify its directors for. Some matters however still remain unclear.