Changes in IIO shareholding and control require advance disclosure, prior approvals, claim priority, and solvency-linked payment restrictions.

An IIO must inform the Authority of proposals capable of causing a change in control and of proposed portfolio changes; capital issuances or allotments require prior approval, as do portfolio changes beyond Authority-set limits. Changes must preserve seniority of claims, ranking policyholders ahead of creditors, subordinated debt holders, preference shareholders and equity shareholders. Guarantees affecting that priority are prohibited. Prior approval is required for preference-share dividends or subordinated-debt interest payments where solvency or net-loss conditions apply.

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