Duties of insurer and insurance intermediary, share issue and transfer

(1) An insurer or insurance intermediary shall not, unless the prior written approval of the Supervisor has been obtained– (a) cause, permit or acquiesce in the acquisition referred to in section 7A(2), (3) or (4); (b) cause, permit or acquiesce in a sale, transfer, charge or other disposition referred to in section 7B(1); or (c) issue or allot any shares or cause, permit or acquiesce in any reorganisation, including of its share structure, that results in– (i) a person acquiring a investment or controlling interest in the insurer or insurance intermediary; or (ii) a person who already owns or holds a substantial investment in the insurer or insurance intermediary, increasing the substantial investment by ten per cent or more. 38