### Insurance Ordinance 《保險業條例》

95O. Person ceasing to be shareholder controller
(1) If a person ceases to be a shareholder controller of a designated insurance holding company—
(a) any approval under section 95M for the person to be such a shareholder controller ceases to have effect; and
(b) the person must, within 14 days after ceasing to be such a shareholder controller, notify the Authority of that fact in accordance with subsection (2).
(2) A notice under subsection (1)(b) must—
(a) be given in writing;
(b) be in the specified form;
(c) be served on the Authority; and
(d) contain—
(i) the particulars of the designated insurance holding company to which the notice relates;
(ii) the particulars of the person who has ceased to be a shareholder controller of the company; and
(iii) any other information specified in the specified form.
(3) A person who contravenes subsection (1)(b) commits an offence and is liable—
(a) on conviction on indictment—to a fine of $200,000 and to imprisonment for 2 years; or
(b) on summary conviction—to a fine at level 5 and to imprisonment for 6 months,
and in the case of a continuing offence—to a further fine of $2,000 for every day during which the offence continues.
(4) It is a defence for a person charged with an offence under subsection (3) to prove that the person did not know that the acts or circumstances as a result of which the person ceased to be a shareholder controller of the designated insurance holding company were such as to have that effect.

95P. Restrictions on shares if shareholder controller unapproved or objected to
(1) This section applies to the specified shares in relation to a person who is—
(a) an unapproved shareholder controller within the meaning of subsection (2) of a designated insurance holding company; or
(b) a shareholder controller objected to within the meaning of subsection (3) of a designated insurance holding company.
(2) A person is an unapproved shareholder controller of a designated insurance holding company if—
(a) the person is a shareholder controller of the company; and
(b) the person is not approved under section 95M to be a shareholder controller of the company.
(3) A person is a shareholder controller objected to of a designated insurance holding company if—
(a) the person is a shareholder controller of the company;
(b) the Authority has served a notice under section 95N(3) (notice of objection

### Insurance Ordinance 《保險業條例》

95Q. Sale of shares if shareholder controller unapproved
(1) This section applies to the specified shares in relation to a person who is an unapproved shareholder controller within the meaning of section 95P(2) of a designated insurance holding company.
(2) The Authority may apply to the Court of First Instance for an order under subsection (3) in respect of any specified shares in relation to the person if—
(a) the Authority has rejected an application made under section 95I(2), 95K(2) or 95L(5) by the person for the person to be approved under section 95M to be a shareholder controller of the company, and the rejection has taken effect under section 116; or
(b) the Authority has served a notice under section 95P(4) in respect of the shares, and the notice has not been revoked under section 95P(7).
(3) The Court of First Instance may, on an application made under subsection (2) in respect of any specified shares—
(a) order the sale of the shares; and
(b) if the shares are subject to any restrictions under section 95P(4), order that the shares cease to be subject to those restrictions.
(4) If an order is made under subsection (3) in respect of any shares, the Court of First Instance may, on the application of the Authority, make any further order relating to the sale or transfer of the shares as it thinks fit.
(5) If any shares are sold pursuant to an order under this section—
(a) the proceeds of the sale, less the costs of the sale, are to be paid into court for the benefit of the persons beneficially interested in them; and
(b) any such person may apply to the Court of First Instance for an order that the whole or part of the proceeds to be paid to the person.
(6) In this section—
specified shares (指明股份) has the meaning given by section 95P(9).

### Insurance Ordinance 《保險業條例》

95R. Punishment for attempted evasion of restrictions on shares
(1) A person commits an offence if the person, knowing that any shares are subject to a restriction under section 95P(4)—
(a) exercises, or purports to exercise, any right to dispose of those shares or of any right to be issued with those shares;
(b) votes in respect of those shares (whether as holder or proxy), or appoint a proxy to vote in respect of those shares;
(c) while being the holder of those shares, fails to notify of their being subject to that restriction any other person whom—
(i) the person does not know to be aware of that fact; but
(ii) the person does know to be entitled (apart from the restrictions) to vote in respect of those shares (whether as holder or as proxy); or
(d) enters into an agreement in relation to those shares that is void under section 95P(5) or (6) as—
(i) the holder of those shares; or
(ii) a person being entitled to—
(A) any right to be issued with other shares in right of those shares; or
(B) receive any payment on those shares (otherwise than in a liquidation).
(2) A person who commits an offence under subsection (1) is liable on conviction to a fine at level 4 and to imprisonment for 6 months.
(3) A designated insurance holding company commits an offence if the company—
(a) issues any shares in contravention of any restrictions under section 95P(4); or
(b) makes any payment in contravention of such restrictions.
(4) A designated insurance holding company that commits an offence under subsection (3) is liable on conviction to a fine at level 4.
(5) If an individual commits an offence under subsection (4) by virtue of section 124, the individual is, on conviction, also liable to imprisonment for 6 months.

95S. Prohibition against appointment without approval
(1) A designated insurance holding company must not appoint a person as a chief executive, director or key person in control functions of the company unless the appointment has been approved under section 95U.
(2) A designated insurance holding company may apply in accordance with subsection (3) for an approval under section 95U of an appointment mentioned in subsection (1).
(3) An application under subsection (2) must—
(a) be made in writing;
(b) be in the specified form;
(c) be served on the Authority; and
(d) contain—
(i) the particulars of the designated insurance holding company to which the application relates (applicant