Insurance Ordinance

(1)
An
                HK
                insurer or designated
                insurer
                must not appoint a person as a director of the insurer unless the Authority has
                approved the appointment under subsection (2).
Note—
See also
section 95ZD
if the
                    HK
                    insurer or
                    designated
                    insurer is also a designated insurance holding company.
(Added
18 of 2020 s. 5
)
(2)
The Authority may approve the appointment of the person as a director of the
                HK
                insurer or
                designated
insurer—
(Amended
20 of 2023 s. 13
)
(a)
on an application made by the
                    insurer;
                    and
(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. 13
)
(4)
The Authority must not approve the appointment of a person as a director of the
                HK
                insurer or
                designated
                insurer unless it is satisfied that the person is a fit and proper person to be so
                appointed.
(5)
After
                deciding on the application,
                the
                Authority must give the
                HK
                insurer or
                designated
                insurer and the person a notice in writing of the result of the
                application.
(6)
If the application is rejected, the notice must include a statement of the
                reasons for the rejection.
(6A)
If a person is a director of a
non-
HK insurer immediately before the insurer is
                designated as a designated insurer under
section 3B(1)
—
(a)
the person continues to be the insurer’s director; and
(b)
the appointment of the person as such a director is taken to be approved
                    under subsection (2) on the date of designation.
(Added
20 of 2023 s. 13
)
(6B)
If a person is a director 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 person is taken to be appointed as a director 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. 125
)
(7)
Subject to subsection (9), the Authority may, by serving a notice in writing on
                an
                HK
                insurer or
                designated
                insurer and a person, revoke the approval of the appointment of the person as a
                director of the
                insurer
                (given under subsection (2) or taken to be given by virtue of subsection
                (6A)
                or
                (6B))
                if it appears to the Authority that the person is not, or is no longer, a fit and
                proper person to be so appointed.
(Amended
14 of 2025 s. 125
)
(8)
The
                HK
                insurer or
                designated
                insurer must, by the date specified in the notice under subsection (7), terminate
                the appointment of the person as a director of the insurer.
(9)
Before serving the notice under subsection (7), the Authority must serve on the
                HK
                insurer or
                designated
                insurer and the person a preliminary written notice
stating—
(Amended
20 of 2023 s. 13
)
(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 person is
                    not, or is no longer, a fit and proper person to be appointed as a director of
                    the insurer; and
(b)
that the insurer or the person 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 person 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
                HK
                insurer or
                designated
                insurer which contravenes subsection (1) or (8) commits an offence and is
liable—
(Amended
20 of 2023 s. 13
)
(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.