Insurance Ordinance

(7A)
Subsection (7) does not prevent the Authority from making, by virtue of
                subsection (1), an application referred to in subsection (5) in respect of the
                shares that are the subject of a notice under subsection (2) against a person
                falling within the descriptions in
section 13B(3
)(
a)
, (b) and (c)
if—
(a)
the person has, within 14 days after the service of that notice, taken the
                    actions specified in
section 13B(4)
;
(b)
the Authority has rejected the person’s application for an approval to be a
                    shareholder controller of the authorized insurer under
section
                        13B(2H)
; and
(c)
the rejection has taken effect under
section 116
.
(Added
20 of 2023 s. 20
)