Insurance Ordinance

(1)
A person commits an offence and is liable to a fine at level 4 and to imprisonment for 6 months if
he—
(a)
exercises or purports to exercise any right to dispose of any shares which, to his knowledge, are for the time being subject to any restrictions under
section 13C(2)
or of any right to be issued with any such shares;
(b)
votes in respect of any such shares (whether as holder or proxy), or appoints a proxy to vote in respect of them;
(c)
being the holder of any such shares, fails to notify of their being subject to those restrictions any person whom he does not know to be aware of that fact but does know to be entitled (apart from the restrictions) to vote in respect of those shares whether as holder or as proxy; or
(d)
being the holder of any such shares, or being entitled to any right to be issued with other shares in right of them, or to receive any payment on them (otherwise than in a liquidation), enters into any agreement which is void under
section 13C(3)
or (4).
(2)
Where shares in an authorized insurer are issued in contravention of restrictions under
section 13C(2)
, or payments are made by an authorized insurer in contravention of such restrictions, the insurer commits an offence and is liable to a fine at level 4 and, in the case of an individual who commits the like offence by virtue of
section
                    124
, to imprisonment for 6 months.
(Amended
12 of 2015 ss. 2 & 29
)