### Insurance Ordinance 《保險業條例》

95ZW. Remuneration and expenses of supervisory manager
(1) The Authority may determine the remuneration and expenses to be paid by a designated insurance holding company to the supervisory manager of the company.
(2) If the Authority has made a determination under subsection (1), the Authority must—
(a) publish a notice in the Gazette stating—
(i) that the determination has been made; and
(ii) the name of the designated insurance holding company to which the determination relates; and
(b) provide a copy of the determination to any member of the company who requests it.
(3) Any remuneration and expenses required by a determination under subsection (1) to be paid by a designated insurance holding company to a supervisory manager—
(a) are recoverable by the manager as a civil debt; and
(b) have the following priority in a winding up of the company under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32)—
(i) for a voluntary winding up—the same priority as the priority given under section 256 of that Ordinance to the remuneration of a liquidator; or
(ii) for a winding up by the Court of First Instance—the same priority as the priority given under rule 179(1) of the Companies (Winding-up) Rules (Cap. 32 sub. leg. H) to any costs, charges and expenses incurred by the Official Receiver.
(4) In this section—
supervisory manager (監管經理) includes a former supervisory manager.

95ZX. Revocation of direction given under section 95ZT
(1) The Authority must revoke a direction given under section 95ZT in relation to a designated insurance holding company if—
(a) the Authority is satisfied that the situation concerning the company or its supervised group (as mentioned in section 95ZN(3)(a)) that was the basis on which the direction was given has ceased to exist; or
(b) it is necessary to do so to give effect to a determination of the Tribunal in a review of the Authority’s direction.
(2) The revocation under subsection (1) of a direction—
(a) must be made in writing;
(b) must be served on—
(i) the designated insurance holding company specified in the direction; and
(ii) the supervisory manager of the company; and
(c) takes effect immediately when it is so served.
(3) The Authority must cause notice of the revocation to be published—
(a) in the Gazette; and
(b) in another way as the Authority considers expedient for notifying the public.
(4) The Authority may give notice of the revocation to any involved supervisor of the supervised group of the designated insurance holding company.

### Insurance Ordinance 《保險業條例》

95ZY. Offences in relation to Part XIA, Division 8
(1) A person commits an offence if the person—
(a) fails to comply with a requirement imposed by the Authority under section 95ZO, 95ZP, 95ZQ or 95ZR;
(b) acts, or continues to act, as a chief executive or key person in control functions of a designated insurance holding company despite the person having been removed by the supervisory manager of the company from that position under section 95ZV(4)(a);
(c) fails to comply with a requirement imposed by the supervisory manager of a designated insurance holding company under section 95ZV(2) or (8); or
(d) wilfully obstructs, resists or delays—
(i) the supervisory manager of a designated insurance holding company in lawfully performing the manager’s functions or lawfully exercising the manager’s powers in relation to the company; or
(ii) any other person lawfully assisting the manager in such performance of functions or exercise of powers.
(2) A person who commits an offence under subsection (1) is liable on conviction on indictment—
(a) to a fine of $200,000 and to imprisonment for 2 years; and
(b) in the case of a continuing offence under subsection (1)(a)—to a further fine of $1,000 for every day during which the offence continues.
(3) A person commits an offence if the person, in purported compliance with a requirement imposed under section 95ZO—
(a) provides any information, or produces any document, that the person knows to be false or misleading in a material particular; or
(b) recklessly provides any information, or produces any document, that is false or misleading in a material particular.
(4) A person who commits an offence under subsection (3) is liable—
(a) on conviction on indictment—to a fine of $1,000,000 and to imprisonment for 2 years; or
(b) on summary conviction—to a fine at level 6 and to imprisonment for 6 months.

### Insurance Ordinance 《保險業條例》

95ZZ. Defences in relation to offences under section 95ZY
(1) Subsection (2) applies if an individual is charged by virtue of section 124 with an offence under section 95ZY(1)(a) for the failure by a designated insurance holding company to comply with a requirement imposed under section 95ZO(1) to provide any information, or produce any document, that relates to a member of the supervised group of the company.
(2) It is a defence for an individual mentioned in subsection (1) to prove that, at the time of the alleged offence—
(a) the information or document was not in the possession or control of the designated insurance holding company; and
(b) the individual had taken all reasonable steps within the powers of the person’s position in the company to procure—
(i) the provision of the information or document by the person who possesses or controls the information or document to the company; and
(ii) the compliance by the company with the requirement imposed under section 95ZO(1).
(3) Subsection (4) applies if a designated insurance holding company is charged with an offence under section 95ZY(1)(a) for failing to comply with a requirement imposed under section 95ZO(1) to provide any information, or produce any document, that relates to another member of its supervised group.
(4) It is a defence for a designated insurance holding company mentioned in subsection (3) to prove that, at the time of the alleged offence—
(a) the information or document was not in the possession or control of the company; and
(b) the company had taken all reasonable steps to exercise the company’s control or influence in relation to the member to procure the provision of the information or document by the member to the company.
(5) Subsection (6) applies if a designated insurance holding company is charged with an offence under section 95ZY(1)(a) for failing to comply with a requirement imposed under section 95ZQ(2) or 95ZR(1) to ensure a matter in relation to another member of its supervised group.
(6) It is a defence for a designated insurance holding company mentioned in subsection (5) to prove that, at the time of the alleged offence, the company had taken all reasonable steps to exercise the company’s control or influence in relation to the member to procure the matter.
(7) It is a defence for a person charged with an offence under section 95ZY(1)(c) to prove that, at the time of the alleged offence, the person had a reasonable excuse for failing to comply with the requirement concerned.