Cap. 487 Art. 44Changes in documentation.

(1) Every person registered or enrolled under this Act, shall notify in writing the competent authority of any material changes in the documentation provided or required to be provided by or under this Act and any regulations, Insurance Distribution

Rules and Conduct of Business Rules made thereunder, as soon as the registered or enrolled person becomes aware of such changes.

(2) Without prejudice to article 44A, a person enrolled as a local company under this Act shall -

(a) before making any addition or alteration to the memorandum or articles of association or other instrument constituting the company, submit in writing to the competent authority particulars of the proposed addition or alteration for its prior consent; and no such addition or alteration shall be made or shall be registered, or shall take effect, whether it is registered or not, unless and until the competent authority has signified its consent in writing; and

(b) inform the competent authority of the names of the persons holding a qualifying shareholding in the company and the percentage of such holdings; and the competent authority may, by Insurance Distribution Rules made for the purposes of this article, determine the form, manner and content of the information to be forwarded to it and the date by which such information shall be forwarded shall also be established by the said Insurance Distribution Rules.

(3) (3)Without prejudice to the foregoing provisions of this article:

(a) a person enrolled under Part III shall notify the competent authority on a continuous basis, without undue delay, with any change or circumstance which may give rise to the existence of close links within the meaning of article 10;

(b) a tied insurance intermediary enrolled under Part VIII shall notify any authorised undertaking appointing it, on a continuous basis, without undue delay, with any change in the information provided in article 37(1A);

(c) an ancillary insurance intermediary enrolled under and

(d) an authorised undertaking appointing, registering and enrolling a tied insurance intermediary or an ancillary insurance intermediary under Part VIII and Part VIIIA, respectively, and an enrolled insurance broker appointing, registering and enrolling an ancillary insurance intermediary under Part VIIIA, shall notify the competent authority on a continuous basis, without undue delay, with any change in the information provided in articles 37(1A) and 43E(2), respectively, as notified by the tied insurance intermediary or ancillary insurance intermediary concerned.