Insurance Ordinance

(1)
This section applies if the Authority approves the appointment
of—
(a)
an individual as a controller of an authorized insurer under
section
                        13A
;
(b)
a person as a director of an authorized insurer under
section
                        13AC
;
(c)
an individual as a key person in control functions of an authorized insurer
                    under
section
                    13AE
;
                    or
(Amended
20 of 2023 s. 15
)
(d)
a person as a shareholder controller of an authorized insurer under
section 13B
.
(Added
20 of 2023 s. 15
)
(1A)
For subsection
(1
)(
a)
, it does not matter whether the approval
is—
(a)
given on an application made under
section 13A(2
)(
a)
;
                    or
(b)
taken to be given by virtue of
section
                    13A(6A)
,
(6B)
or
(6C)
.
(Added
20 of 2023 s. 15
. Amended
14 of 2025 s. 127
)
(1B)
For subsection
(1
)(
b)
, it does not matter whether the approval
is—
(a)
given on an application made under
section 13AC(2
)(
a)
;
                    or
(b)
taken to be given by virtue of
section
                        13AC(6A)
or
(6B)
.
(Added
20 of 2023 s. 15
. Amended
14 of 2025 s. 127
)
(1C)
For subsection
(1
)(
c)
, it does not matter whether the approval
is—
(a)
given on an application made under
section 13AE(2
)(
a)
;
                    or
(b)
taken to be given by virtue of
section
                    13AE(6A)
,
(6B)
or
(6C)
.
(Added
20 of 2023 s. 15
. Amended
14 of 2025 s. 127
)
(1D)
For subsection
(1
)(
d)
, it does not matter whether the approval
is—
(a)
given on an application made under
section 13B(2B
)(
a)
;
                    or
(b)
taken to be given by virtue
of—
(i)
section
                        13B(5)
or
(5A)
,
13BB(3)
,
95ZB(2)
or
95ZC(3)
; or
(Amended
14 of 2025 s. 127
)
(ii)
Part 1 of Schedule 12
.
(Added
20 of 2023 s. 15
)
(2)
The Authority may impose any conditions that it considers appropriate on the
                approval when
                the
                approval
                is given.
(Amended
20 of 2023 s. 15
)
(3)
The Authority may also impose any conditions that it considers appropriate on
                the approval after the
                approval
                is given or taken to be given.
(Amended
20 of 2023 s. 15
)
(4)
The Authority may amend or revoke any conditions imposed under subsection (2)
                or (3).
(5)
The power under subsection (2), (3) or (4) is only exercisable by notice in
                writing served on the authorized insurer and the individual or person.
(6)
A notice under subsection (5) must, in the case of any conditions being imposed
                or amended, include a statement of reasons for imposing or amending the
                conditions.
(7)
An imposition, amendment or revocation of any conditions under subsection (2),
                (3) or (4) takes effect at the time the notice under subsection (5) is served on the
                authorized insurer and the individual or person or at the time specified in the
                notice, whichever is the later.