Insurance Ordinance

(1)
Before exercising with respect to
                an
                authorized insurer any power or powers conferred by
sections
                    27
,
28
,
29
,
30
,
31
,
32
,
32A
,
33
,
34
and
35
on the ground (as provided in
section 26(1
)(
e)
) that any person who is a
                director or controller of the insurer is not a fit and proper person to hold the
                position
                held
                by the
                person,
                the Authority
                must
                serve on that person a written notice
stating—
(Amended
12 of 2015 s. 2
;
20 of 2023 s. 56
)
(a)
that the
                    Authority
                    is considering exercising a power or powers conferred by those sections and the
                    ground on which
                    the
                    Authority is considering the exercise of the power or powers;
                    and
(b)
that the person on whom the notice is served may, within the period of 1
                    month from the date of service of the notice, make written representations to
                    the
                    Authority
                    and, if that person so requests, oral representations to a
                    person
                    appointed for the purpose by the Authority.
(Amended
12 of 2015 s. 51
)
(2)
Unless the Authority, after considering any representations made in accordance with subsection (1) by the person served with a notice under that subsection, decides not to exercise the power or powers in relation to which the notice was served, the Authority shall before exercising the power or powers serve on the insurer a written
notice—
(Amended
12 of 2015 s. 2
)
(a)
containing the matters mentioned in subsection
(1
)(
a)
and (b), taking references to the person there mentioned as references to the insurer; and
(b)
specifying the power or powers which the Authority proposes to exercise and, if the power or one of them is that conferred by
section 35
, specifying the manner of its proposed exercise.
(3)
A notice under this section shall give particulars of the ground on which the Authority is considering the exercise of the power or powers in question.
(4)
Where representations are made in accordance with this section the Authority shall take them into consideration before exercising the power or powers in question.
(5)
A requirement imposed on an authorized insurer in the exercise of any power or powers to which this section applies may be framed so as to come into effect after the expiration of a specified period (or such longer period as the Authority may allow) unless before the expiration of that period the person whose fitness is in question has ceased to hold the position concerned.
(6)
This section
                does
                not apply, as respects
                an
                authorized insurer, in relation to the exercise of any power
                conferred by
section
                    27
,
28
,
29
,
30
,
31
,
32
,
32A
,
33
,
34
or
35
where it is exercised by the
Authority—
(Amended
12 of 2015 ss. 2 & 51
;
20 of 2023 s. 56
)
(a)
after serving a notice under
section 13A(5)
on the insurer
                    rejecting the application for the approval of the appointment of an individual
                    as a controller of the insurer, and despite the notice, the individual is
                    appointed as a controller of the insurer;
(Replaced
12 of 2015 s. 51
)
(b)
after serving a notice under
section 13A(7)
on the insurer
                    revoking the approval of the appointment of an individual as a controller of the
                    insurer, and despite the notice, the individual continues to act as a controller
                    of the insurer;
(Replaced
12 of 2015 s. 51
)
(c)
after serving a notice under
section 13AC(5)
on the insurer
                    rejecting the application for the approval of the appointment of a person as a
                    director of the insurer, and despite the notice, the person is appointed as a
                    director of the insurer;
(Replaced
12 of 2015 s. 51
)
(d)
after serving a notice under
section 13AC(7)
on the insurer
                    revoking the approval of the appointment of a person as a director of the
                    insurer, and despite the notice, the person continues to act as a director of
                    the insurer; or
(Added
12 of 2015 s. 51
)
(e)
after serving a notice under
section 14(4)
on the insurer, and
                    despite the notice, the person continues to act as a controller or director.
(Added
12 of 2015 s. 51
)
(7)
For the purposes of subsection (6), this section does not apply even
if—
(a)
the insurer or the individual or person concerned has applied to the Tribunal under
section 100
for a review of the decision of the Authority to serve the notice; and
(b)
the Tribunal has not determined the review of the decision.
(Added
12 of 2015 s. 51
)