Insurance Ordinance

(6B)
If the Authority withdraws the designation of a designated insurer under
section 3B(2)
, and an individual is a key person in control functions
                of the designated insurer immediately before the withdrawal takes
effect—
(a)
the individual is taken to be appointed as a key person in control
                    functions of the insurer (being a non-HK insurer other than a designated
                    insurer) on the date on which the withdrawal takes effect; and
(b)
the appointment under paragraph (a) is taken to be approved under
                    subsection (2) on the date on which the withdrawal takes effect.
(Added
20 of 2023 s. 14
)