Insurance Ordinance

(1)
The Authority must
not—
(a)
reject an application made under
section 13A(2)
for the approval
                    of the appointment of an individual as a controller of an authorized
                    insurer;
(b)
impose a condition under
section 13AF(2)
or (3) on such an
                    approval; or
(c)
amend such a condition under
section 13AF(4)
,
without giving the insurer and the individual an opportunity to make
                representations as to why the application should not be rejected or why the
                condition should not be imposed or amended.
(2)
The Authority must
not—
(a)
reject an application made under
section 13AC(2)
for the
                    approval of the appointment of a person as a director of an authorized
                    insurer;
(b)
impose a condition under
section 13AF(2)
or (3) on such an
                    approval; or
(c)
amend such a condition under
section 13AF(4)
,
without giving the insurer and the person an opportunity to make
                representations as to why the application should not be rejected or why the
                condition should not be imposed or amended.
(3)
The Authority must
not—
(a)
reject an application made under
section 13AE(2)
for the
                    approval of the appointment of an individual as a key person in control
                    functions of an authorized insurer;
(b)
impose a condition under
section 13AF(2)
or (3) on such an
                    approval; or
(c)
amend such a condition under
section 13AF(4)
,
without giving the insurer and the individual an opportunity to make
                representations as to why the application should not be rejected or why the
                condition should not be imposed or amended.
(3A)
The Authority must
not—
(a)
impose a condition under
section 13AF(2)
or (3) on the approval
                    of the appointment of a person as a shareholder controller of an authorized
                    insurer; or
(b)
amend such a condition under
section 13AF(4)
,
without giving the insurer and the person an opportunity to make
                representations as to why the condition should not be imposed or amended.
(Added
20 of 2023 s. 16
)
(4)
In this section, a reference to an opportunity to make representations is a
                reference to an opportunity to make written representations or oral
                representations.