Insurance Ordinance

(1)
An authorized insurer must not appoint a person as its actuary under
section 15AAA(1)
unless the Authority has approved the appointment
                under subsection (2).
(2)
The Authority may approve the appointment of a person as an actuary of an
                authorized
insurer—
(a)
on an application made by the insurer; and
(b)
on payment of a prescribed fee.
(3)
An application made under subsection
(2
)(
a)
must—
(a)
be in the specified form; and
(b)
be accompanied by any information specified by the Authority.
(4)
The Authority must not approve the appointment of a person as an actuary of the
                authorized insurer unless it is satisfied that the person is a fit and proper person
                to be so appointed.
(5)
After deciding on the application, the Authority must give the person and the
                authorized insurer a written notice of the result of the application.
(6)
If the application is rejected, the notice must state the reasons for the
                rejection.
(7)
An authorized insurer that contravenes subsection (1) commits an offence and is
                liable on
conviction—
(a)
to a fine of $200,000; and
(b)
in the case of a continuing offence—to a further fine of $2,000 for each
                    day during which the offence continues.