Insurance Ordinance

(1)
If a person, on ceasing to be a majority shareholder controller of an HK
                insurer or designated insurer (other than a special purpose insurer), becomes a
                minority shareholder controller of the insurer, the person must, within 1 month
                after becoming such a minority shareholder controller, notify the Authority in the
                specified form.
(2)
If the
person—
(a)
fails to comply with subsection (1);
(b)
did not know that the acts or circumstances as a result of which the person
                    became a minority shareholder controller of the insurer were such as to have
                    that effect; and
(c)
subsequently becomes aware of the fact that the person has become a
                    minority shareholder controller of the insurer,
the person must serve on the Authority, within 1 month after becoming aware
                of that fact, a written notice stating that the person has become such a minority
                shareholder controller and containing the information specified by the
                Authority.
(3)
A person who complies with subsection (1) or (2) is taken to be approved to be
                a minority shareholder controller of the insurer under
section
                13B(2B)
.
(4)
A person who fails to comply with subsection (1) commits an offence and is
                liable on
conviction—
(a)
to a fine at level 4; and
(b)
in the case of a continuing offence—to a further fine of $1,000 for each
                    day during which the offence continues.
(5)
If a person is charged with an offence under subsection (4), it is a defence
                for the person to establish that the person took all reasonable precautions and
                exercised all due diligence to avoid the commission of the offence.
(6)
A person who fails to comply with subsection (2) commits an offence and is
                liable on
conviction—
(a)
to a fine at level 4; and
(b)
in the case of a continuing offence—to a further fine of $1,000 for each
                    day during which the offence continues.
(7)
A person is taken to have established a matter that needs to be established for
                a defence under subsection (5)
if—
(a)
there is sufficient evidence to raise an issue with respect to that matter;
                    and
(b)
the contrary is not proved by the prosecution beyond reasonable
                    doubt.