Transfer of substantial investment

(1) A person who owns or holds a substantial investment in an insurer or insurance intermediary shall not sell, transfer, charge or otherwise dispose of his substantial investment in the insurer or insurance intermediary, or any part of his substantial investment, unless the prior written approval of the Supervisor has been obtained. (2) The Supervisor shall not grant approval for the purpose of sub-section (1) unless the Supervisor is satisfied that, following the sale, transfer, charge or other disposal, the person who acquires a substantial investment is fit and proper.