Determination of application

(1) The Supervisor, in considering an application received in accordance with section 7D shall make such investigations and inquiries, as necessary, and shall consider– (a) the terms and conditions of the proposed acquisition, sale, transfer, charge or other disposal; (b) the financial resources and history of the shareholder or proposed shareholder; (c) the financial condition and capitalisation of the insurer or insurance intermediary; (d) any proposed change in the business, corporate structure, or management of the insurer or insurance intermediary; (e) the completeness and truthfulness of the information submitted by the shareholder or proposed shareholder; and (f) any other matters that the Supervisor considers appropriate. (2) The Supervisor shall determine an application received in accordance with this section and give the applicant written notice of the decision within one hundred and twenty days of the acceptance of the application. 39 (3) Notwithstanding sub-section (2), the Supervisor may, upon giving the applicant written notice that further investigation or inquiry is needed, extend the time period for determination and giving the decision by a maximum of sixty days. (4) The Supervisor may specify further procedures for the implementation of this section. (5) Where the Supervisor is of the opinion that the interests of a group of two or more persons are so interrelated that they should be considered as a single unit, the total shareholdings in an insurer or insurance intermediary of that group shall be combined and deemed to be the holdings of a single person for purposes of this section.