Full legislation
s.13A
Approval of certain controllers of authorized insurers
(1)
An authorized insurer must not appoint an individual as a controller of the
insurer unless the Authority has approved the appointment under subsection
(2).
Note—
See also
section 95ZD
if the authorized insurer is also a
designated insurance holding company.
(Added
18 of 2020 s. 4
)
(2)
The Authority may approve the appointment of the individual as a controller of
the authorized
insurer—
(a)
on an application made by the
insurer; and
(Amended
20 of 2023 s. 12
)
(b)
on payment of a prescribed fee.
(3)
An application made under subsection
(2
)(
a)
must—
(a)
be in the specified form;
(b)
be accompanied by any information specified by the Authority; and
(c)
be served on the Authority.
(Replaced
20 of 2023 s. 12
)
(4)
The Authority must not approve the appointment of an individual as a controller
of the authorized insurer unless it is satisfied that the individual is a fit and
proper person to be so appointed.
(5)
After
deciding on the application, the Authority must give the
authorized insurer and the individual a notice in writing of the result of the application.
(Amended
20 of 2023 s. 12
)
(6)
If the application is rejected, the notice must include a statement of the
reasons for the rejection.
(6A)
If an individual is a managing director or chief executive of a
non-
HK insurer
immediately before the insurer is designated as a designated insurer under
section 3B(1)
—
(a)
the individual is taken to be appointed as a controller of the designated
insurer on the date of designation; and
(b)
the appointment under paragraph (a) is taken to be approved under
subsection (2) on the date of designation.
(Added
20 of 2023 s. 12
)
(6B)
If the Authority withdraws the designation of a designated insurer under
section 3B(2)
, and an individual is a controller of the designated
insurer immediately before the withdrawal takes
effect—
(a)
the individual is taken to be appointed as a controller 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. 12
)
(6C)
If an individual is a managing director or chief executive of a
non-
HK insurer
immediately before the date on which the
non-
HK insurer becomes a
re-
domiciled
insurer under
section 3BA(1)
—
(a)
the individual is taken to be appointed as a controller of the re-domiciled
insurer on that date; and
(b)
the appointment under paragraph (a) is taken to be approved under
subsection (2) on that date.
(Added
14 of 2025 s. 124
)
(7)
Subject to subsection (9), the Authority may, by serving a notice in writing on
an authorized insurer and an individual, revoke the approval of the appointment of
the individual as a controller of the
insurer (given
under subsection (2) or taken to be given by virtue of subsection
(6A),
(6B) or
(6C))
if it appears to the Authority that the individual is not, or is no longer, a fit
and proper person to be so appointed.
(Amended
20 of 2023 s. 12
;
14 of 2025 s. 124
)
(8)
The authorized insurer must, by the date specified in the notice under
subsection (7), terminate the appointment of the individual as a controller of the
insurer.
(9)
Before serving the notice under subsection (7), the Authority must serve on the
authorized insurer and the individual a preliminary written notice
stating—
(a)
that the Authority is considering the service on the insurer of a notice
under that subsection because it appears to the Authority that the individual is
not, or is no longer, a fit and proper person to be appointed as a controller of
the insurer; and
(b)
that the insurer or the individual may, within 1 month after the date of
service of the preliminary
notice—
(i)
make written representations to the Authority; and
(ii)
if the insurer or the individual so requests, make oral representations
to a person appointed for the purpose by the Authority.
(10)
If representations are made under subsection (9), the Authority must take them
into consideration before serving a notice under subsection (7).
(11)
An authorized insurer which contravenes subsection (1) or (8) commits an offence
and is
liable—
(a)
to a fine of $200,000; and
(b)
in the case of a continuing offence, to a further fine of $2,000 for each
day during which the offence continues.
(12)
In this
section—
administrator
(
管理人
), in relation to a special purpose insurer, means an individual who
(alone or jointly with others) is responsible for the administration of the whole
business of the special purpose insurer;
(Added
17 of 2020 s. 11
)
controller
(
控權人
)—
(a)
means—
(i)
in relation to an
HK
insurer (other than a special purpose insurer) or a designated
insurer—an individual who is a managing director or
chief executive of the insurer;
(Amended
17 of 2020 s. 11
)
(ii)
in relation to
a
non-
HK insurer (other than a special purpose insurer or a designated
insurer
)—
an individual who
is—
(Amended
17 of 2020 s. 11
;
20 of 2023 s. 12
)
(A)
a managing director of the insurer in respect of so much of its
insurance business as is carried on within Hong Kong; or
(B)
a chief executive of the insurer who, alone or jointly with
others, is responsible (whether or not under the immediate authority
of the directors) for the conduct of the whole of the insurance
business carried on by the insurer within Hong Kong, not being an
individual
who—
(I)
is also responsible for the conduct of insurance business
carried on by the insurer elsewhere; and
(II)
has a subordinate who is responsible for the whole of the
insurance business carried on by the insurer within Hong Kong;
or
(Amended
17 of 2020 s. 11
)
(iii)
in relation to an
HK
insurer or non-HK insurer that is a special purpose
insurer—an
administrator of the
HK
insurer or non-HK
insurer;
but
(Added
17 of 2020 s. 11
. Amended
20 of 2023 s. 12
)
(b)
does not include a Manager.