Insurance Ordinance

(1)
This section applies in relation to a person approved under
section
                    13B
to be a shareholder controller of an authorized insurer
that—
(a)
is an HK insurer or designated insurer; and
(b)
is not a special purpose insurer.
(2)
For subsection (1), 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. 129
)
(ii)
Part 1 of Schedule 12
.
(3)
If it appears to the Authority that a person who is a minority shareholder
                controller of an authorized insurer is not, or is no longer, a fit and proper person
                to be such a minority shareholder controller, the Authority may, by a written notice
                served on the person, object to the person being such a minority shareholder
                controller.
(4)
If it appears to the Authority that a person who is a majority shareholder
                controller of an authorized insurer is not, or is no longer, a fit and proper person
                to be such a majority shareholder controller, the Authority, by a written notice
                served on the
person—
(a)
may object to the person being a majority shareholder controller of the
                    insurer; or
(b)
(if it also appears to the Authority that the person is not, or is no
                    longer, a fit and proper person to be a minority shareholder controller of the
                    insurer) may object to the person being any shareholder controller of the
                    insurer.
(5)
A notice under subsection (3) or (4) (
notice of objection
) must
                state the grounds for the objection.
(6)
Before serving a notice of objection on a person, the Authority must serve on
                the person a written notice
stating—
(a)
that the Authority is considering serving the notice of
                    objection;
(b)
the reasons why the Authority is considering doing so; and
(c)
the effect of subsection (7).
(7)
The person may, within the period specified in the notice under subsection
                (6
)—
(a)
make written representations to the Authority; and
(b)
if the person so requests, make oral representations to a person appointed
                    for the purpose by the Authority.
(8)
If representations are made under subsection (7), the Authority must take them
                into account before serving the notice of objection.
(9)
The Authority may, by a written notice served on a person, revoke a notice of
                objection served on the person if it appears to the Authority that the grounds for
                the objection no longer exist.