Insurance Ordinance

(1)
Subject
                to
sections 38A(2)
and
38B(5)
,
                if
                any change takes place in the particulars specified in respect of an authorized
                insurer in the application made by that insurer under
section 7
or any
                information furnished under that
                section, and the
                particulars fall within a type of particulars set out in the form specified by the
                Authority for the purposes of this subsection, the insurer
must—
(Amended
51 of 1992 s. 5
;
20 of 2023 s. 21
)
(a)
within 1 month after the date on which the change takes place, notify the
                    Authority of the change in the specified form; and
(b)
furnish the Authority with any information required by the Authority.
(Amended
20 of 2023 s. 21
)
(2)
Subject to
sections
                    38A(2)
and
38B(5)
,
                if
                any change takes place in the particulars in respect of the
                directors,
                controllers or key persons in control functions of an authorized
                insurer, and the
                particulars fall within a type of particulars set out in the form specified by the
                Authority for the purposes of this subsection, the insurer
must—
(Amended
44 of 1990 s. 4
;
51 of 1992 s. 5
;
20 of 2023 s. 21
)
(a)
within 1 month after the date on which the change takes place, notify the
                    Authority of the change in the specified form; and
(b)
furnish the Authority with any information required by the Authority.
(Amended
20 of 2023 s. 21
)
(2A)
(Repealed
20 of 2023 s. 21
)
(3)
Subject to
sections 13BB
,
38A(2)
and
38B(5)
, if
                an event specified in subsection (3A) occurs in relation to an authorized insurer on
                a date, the insurer
must—
(a)
within 1 month after that date, notify the Authority of the occurrence of
                    the event in the specified form; and
(b)
furnish the Authority with any information required by the Authority.
(Replaced
20 of 2023 s. 21
)
(3A)
For the purposes of subsection (3), the event
is—
(a)
in relation to an HK insurer or designated insurer—a person becomes, or
                    ceases to be, a director, controller (other than a shareholder controller),
                    minority shareholder controller, majority shareholder controller or key person
                    in control functions of the insurer; or
(b)
in relation to a non-HK insurer other than a designated insurer—a person
                    becomes, or ceases to be, a director, controller or key person in control
                    functions of the insurer.
(Added
20 of 2023 s. 21
)
(4)
Subject to subsection (5) and
section 38B(4)
, the
                Authority
                may, if it appears to
                the
                Authority that any person appointed as
                controller
                or director (other than a controller or director to whom
section
                    13A
,
13AC
,
13B
or
13BA
applies) of an authorized insurer is
                not, or is no
                longer, a fit and proper person to be appointed to that position,
                serve a notice in writing
                on the person
                and the insurer
stating—
(Amended
44 of 1990 s. 4
;
51 of 1992 s. 5
;
12 of 2015 ss. 2 & 30
;
20 of 2023 s. 21
)
(a)
that
                    the
                    Authority objects to the appointment; and
(b)
that
                    the
                    Authority objects thereto on the ground that it appears to
                    the
                    Authority that the person so appointed is
                    not, or is no
                    longer, a fit and proper person to be appointed to the
                    position in question.
(Amended
20 of 2023 s. 21
)
(5)
The following provisions shall apply in relation to a notice of objection
                referred to in subsection (4
)—
(a)
the
                    Authority
                    shall serve on the insurer and the person concerned a preliminary written notice
stating—
(Amended
12 of 2015 s. 2
)
(i)
that the
                        Authority
                        is considering the service on the insurer of a notice of objection under
                        that subsection on the ground referred to in paragraph (b)
                        thereof;
(ii)
that the insurer and that person may, within 1 month from the date of
                        service of the preliminary notice, make written representations to the
                        Authority
                        and, if the insurer or that person so requests, oral representations to a
                        person
                        appointed for the purpose by the Authority;
(Amended
44 of 1990 s. 4
)
(b)
(Repealed
12 of 2015 s. 30
)
(c)
where representations are made under paragraph
(a
)(
ii)
, the
                    Authority
                    shall take them into consideration before serving the notice of
                    objection.
(6)
(Repealed
12 of 2015 s. 30
)
(7)
(Repealed
50 of 1992 s. 3
)
(8)
Any person who fails to comply with subsection (1), (2) or (3) commits an
                offence and is liable to a fine of $200,000 and, in the case of an individual, to
                imprisonment for 2 years, together with a fine of $2,000 for each day on which the
                offence continues.
(Amended
35 of 1996 s. 10
)