Insurance Ordinance

(1)
Subject to subsection (4), the Authority may, by a written notice served on an
                authorized insurer and the person appointed as the insurer’s actuary under
section 15AAA(1)
(
relevant person
), revoke the approval
                under
section 15AAAB(2)
if it appears to the Authority that the relevant
                person is not, or is no longer, a fit and proper person to be so
                appointed.
(2)
For subsection (1), it does not matter whether the approval
is—
(a)
given on an application made under
section 15AAAB(2
)(
a)
;
                    or
(b)
taken to be given by virtue of
Part 2 of Schedule 12
.
(3)
The insurer must, by the date specified in the notice under subsection (1),
                terminate the appointment.
(4)
Before serving the notice under subsection (1), the Authority must serve on the
                authorized insurer and the relevant person a written notice
stating—
(a)
that the Authority is considering the service on the insurer of a notice
                    under that subsection because it appears to the Authority that the relevant
                    person is not, or is no longer, a fit and proper person to be appointed as the
                    insurer’s actuary; and
(b)
the effect of subsection (5).
(5)
The authorized insurer or the relevant person may, within 1 month after the date
                of service of the notice under subsection (4
)—
(a)
make written representations to the Authority; and
(b)
if the insurer or the person so requests, make oral representations to a
                    person appointed for the purpose by the Authority.
(6)
If representations are made under subsection (5), the Authority must take them
                into consideration before serving a notice under subsection (1).
(7)
An authorized insurer that contravenes subsection (3) 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.