Acquisition and holding of shares

(1) A person shall not acquire or hold any share in an insurer or insurance intermediary, unless he is fit and proper. (2) A person shall not, unless the prior written approval of the Supervisor is obtained, acquire– (a) a substantial investment or controlling interest in an insurer or insurance intermediary; or (b) the right to exercise control, in any manner, over any voting share of an insurer or insurance intermediary where such acquisition would give the right to exercise control over more than ten per cent of– (i) any class of voting shares; or (ii) the total votes attached to all outstanding voting shares. (3) Notwithstanding sub-section (2), an intermediary licensed under Part IV may not acquire a substantial investment in an insurer. (4) A person who has obtained the written approval of the Supervisor to acquire a substantial investment in an insurer or insurance intermediary pursuant to sub-section (2), shall not increase that substantial investment, by ten percent or more unless the prior written approval of the Supervisor is obtained. (5) The Supervisor shall not grant approval for the purpose of sub-sections (2) and (4) unless the Supervisor is satisfied that following the acquisition, the person who, acquires the substantial investment, increase in substantial investment or the right to exercise control over voting shares is fit and proper.