Insurance Ordinance

(1)
Subject to
section 38B(3
)(
a)
, immediately upon a direction given under
section 35(2
)(
b)
coming into
force—
(a)
in respect of
                    an
                    HK
                    insurer,
                    any appointment of a person as a chief executive or director of the insurer
                    which was in force immediately before that direction came into force;
(b)
in respect of a
                    non-HK
                    insurer,
                    any appointment of a person as a controller (within the meaning of
                    paragraph
(a
)(
ii)
of the definition of
controller
in
section 13A(12)
) of the insurer which was in
                    force immediately before that direction came into force,
(Amended
12 of 2015 ss. 2 & 52
)
is
                deemed to be revoked and, accordingly, that person
                must
                not act or continue to act as such chief executive, director or controller, as the
                case may be, during the period for which that direction is in force.
(Amended
20 of 2023 s. 58
)
(2)
An authorized insurer is not required to give any notice to the Authority pursuant to
section 14(1)
or (2), and a person is not required to give any notice to an authorized insurer pursuant to
section 14(3)
, as a consequence of the
                operation of subsection (1).
(Amended
12 of 2015 s. 2
)
(3)
During the period for which a direction given under
section 35(2
)(
b)
is in force in respect of an authorized
insurer—
(Amended
12 of 2015 s. 2
)
(a)
no meeting of the insurer may be held except with the consent, and in the presence, of the Manager of the insurer;
(b)
no resolution may be passed at a meeting of the insurer except with the consent of the Manager of the insurer.
(4)
It is hereby declared
that—
(a)
any resolution passed, or purporting to have been passed, in contravention of subsection
(3
)(
b)
;
(b)
any thing done in reliance on any such resolution,
shall be invalid by reason of that contravention.
(5)
Where any member or director of an authorized insurer requests the Manager of the insurer to give a consent referred to in subsection
(3
)(
a)
, the Manager shall not unreasonably refuse to give that consent.
(Amended
12 of 2015 s. 2
)
(6)
In this section,
meeting
(
會議
), in relation to
                    an
                    authorized insurer,
means—
(Amended
12 of 2015 s. 2
)
(a)
any general meeting of the members of the insurer; or
(b)
any meeting of the directors of the insurer.