Insurance Ordinance

(1)
The Authority may exercise any of the powers specified in subsection (2) in
                respect of an authorized insurer
if—
(a)
the insurer is guilty of misconduct;
(b)
the insurer was guilty of misconduct; or
(c)
the Authority is of the opinion
that—
(i)
a person who holds the position of a director or controller of the
                        insurer is not a fit and proper person to hold that position; or
(ii)
a person who held the position of a director or controller of the
                        insurer was not a fit and proper person to hold that position.
(2)
The following powers are specified for subsection (1
)—
(a)
to revoke the authorization of the authorized insurer, whether in relation
                    to all or any, or a part of all or any, of the class or classes of insurance
                    business for which the insurer is authorized to carry on;
(b)
to suspend the authorization of the authorized insurer, whether in relation
                    to all or any, or a part of all or any, of the class or classes of insurance
                    business for which the insurer is authorized to carry on, for a period or until
                    the occurrence of an event, that the Authority specifies;
(c)
to prohibit the authorized insurer from applying to be authorized to carry
                    on a class of insurance business, for a period or until the occurrence of an
                    event, that the Authority specifies;
(d)
to reprimand the authorized insurer publicly or privately;
(e)
to order the authorized insurer to pay a pecuniary penalty not exceeding the
                    amount which is the greater
of—
(i)
$10,000,000; or
(ii)
3 times the amount of the profit gained or loss avoided by the insurer
                        as a result of the misconduct, or of the conduct of the director or
                        controller of the insurer which leads the Authority to form the opinion
                        referred to in subsection
(1
)(
c)
in relation to that director or
                        controller.
(3)
If the Authority has exercised its power under subsection (1), it may disclose
                to the public details of its decision, the reasons for which the decision was made,
                and any material facts relating to the case.
(4)
The Authority, in forming an opinion for subsection
(1
)(
c)
, may,
                among other matters (including those specified in
section 14A
), take into
                account the present or past conduct of the person.
(5)
Subject to subsection (6), in this
section—
misconduct
(
不當行為
)
means—
(a)
a contravention of a provision of this Ordinance;
(b)
a contravention of a term or condition of an authorization granted
                        under
section 8
or
8A
;
(Amended
17 of 2020 s. 17
)
(c)
a contravention of any other condition imposed on an authorized insurer
                        under a provision of this Ordinance; or
(d)
an act or omission relating to the carrying on of a class of insurance
                        business by an authorized insurer which, in the Authority’s opinion, is or
                        is likely to be prejudicial to the interests of policy holders or potential
                        policy holders or the public interest,
and
guilty of misconduct
(
犯不當行為
) is to be construed accordingly.
(6)
This section does not apply to any contravention, act or omission specified in
                paragraph (a), (b), (c) or (d) of the definition of
misconduct
in
                subsection (5) that occurred before the commencement date of this Part.