### Insurance Ordinance 《保險業條例》

95T. Pre-existing chief executive, director or key person in control functions
(1) This section applies if a person is a chief executive, director or key person in control functions of a designated insurance holding company as at the beginning of the date of designation.
(2) In relation to a person mentioned in subsection (1)—
(a) the person is taken to be appointed as a chief executive, director or key person in control functions (as the case may be) of the designated insurance holding company on the date of designation; and
(b) subject to subsections (3), (4) and (5), the appointment (pre-existing appointment

95U. Approval of appointment
(1) The Authority may, on an application made under section 95S(2) by a designated insurance holding company, approve the appointment of the person specified in the application (proposed person

95V. Objection to appointment
(1) This section applies in relation to an appointment approved under section 95U of a person as a chief executive, director or key person in control functions of a designated insurance holding company.
(2) For subsection (1), it does not matter whether the approval is—
(a) given on an application made under section 95S(2); or
(b) taken to be given by virtue of section 95T(2).
(3) The Authority may, by a written notice served on the person and the designated insurance holding company, object to the appointment if it appears to the Authority that—
(a) the person is not, or is no longer, a fit and proper person to be a chief executive, director or key person in control functions (as the case may be) of the company; or
(b) the person or the company has contravened a condition imposed under section 95Z on the approval.
(4) A notice under subsection (3) (notice of objection

### Insurance Ordinance 《保險業條例》

95W. Restrictions on acting if appointment unapproved or objected to
(1) A person appointed as a specified officer of a designated insurance holding company in contravention of section 95S(1) must not act, or continue to act, as such a specified officer.
(2) Subsection (3) applies if the appointment of a person as a specified officer of a designated insurance holding company—
(a) falls within section 95T(3), (4) or (5); or
(b) is objected to under section 95V(3).
(3) A person mentioned in subsection (2) must not continue to act as the specified officer mentioned in that subsection after—
(a) in the case of subsection (2)(a)—the date specified in the notice a copy of which is served under section 95T(7)(b) on the person; or
(b) in the case of subsection (2)(b)—the date specified in the notice served under section 95V(3) on the person.
(4) A person who contravenes subsection (1) or (3) commits an offence and is liable on conviction—
(a) to a fine of $200,000 and to imprisonment for 2 years; and
(b) in the case of a continuing offence—to a further fine of $2,000 for every day during which the offence continues.
(5) In this section—
specified officer (指明人員) means a chief executive, director or key person in control functions.

95X. Return of pre-existing shareholder controllers, chief executives, directors and key persons in control functions
(1) Subject to subsection (2), a designated insurance holding company must, within 3 months after the date of designation, deposit with the Authority a written return in the specified form for informing the Authority of the particulars of every person who is a shareholder controller, chief executive, director or key person in control functions of the company as at the beginning of the date of designation.
(2) The Authority may extend the 3-month period mentioned in subsection (1) by a period not exceeding 3 months if it appears to the Authority that the circumstances are such that a period longer than 3 months should be allowed.
(3) A designated insurance holding company that contravenes subsection (1) commits an offence and is liable on conviction—
(a) to a fine of $200,000; and
(b) in the case of a continuing offence—to a further fine of $1,000 for every day during which the offence continues.

### Insurance Ordinance 《保險業條例》

95Y. Determination of fit and proper
(1) In determining whether a person is a fit and proper person for the purposes of sections 95M, 95N, 95U and 95V, the Authority must have regard to the following matters—
(a) the education or other qualifications or experience of the person;
(b) the person’s ability to act competently, honestly and fairly;
(c) the reputation, character, reliability and integrity of the person;
(d) the person’s financial status or solvency;
(e) whether any disciplinary action has been taken against the person by—
(i) the Monetary Authority;
(ii) the Securities and Futures Commission;
(iii) the Mandatory Provident Fund Schemes Authority; or
(iv) any other authority or regulatory organization, whether in Hong Kong or elsewhere, which, in the Authority’s opinion, performs a function similar to those of the Authority;
(f) if the person is a company in a group of companies, any information in the possession of the Authority, whether provided by the person or not, relating to—
(i) any other company in the group of companies; or
(ii) any substantial shareholder or officer of the person or of a company referred to in subparagraph (i); and
(g) the state of affairs of any other business that the person carries on or proposes to carry on.
(2) The obligations imposed on the Authority under subsection (1) are in addition to those of the Authority to have regard to any other matter that the Authority considers relevant in making the determination.