Insurance Ordinance

(1)
An individual appointed as a controller of an authorized insurer in contravention of
section 13A(1)
must not act or continue to act as such a controller.
(2)
An individual appointed as a controller of an authorized insurer must not continue to act as such a controller after the date specified in the notice served on the individual under
section 13A(7)
.
(3)
An individual who contravenes subsection (1) or (2) commits an offence and is
liable—
(a)
to a fine of $200,000 and to imprisonment for 2 years; and
(b)
in the case of a continuing offence, to a further fine of $2,000 for each day during which the offence continues.