Insurance Ordinance

(1)
The Authority consists of the following members who are to be appointed by the Chief
Executive—
(a)
a chairperson, who is a non-executive director of the Authority;
(b)
a chief executive officer, who is an executive director of the Authority; and
(c)
not less than 6 other executive or non-executive directors of the Authority.
(2)
The number of non-executive directors must exceed the number of executive directors.
(3)
Of the
non-
executive
directors—
(a)
at least 2 are to be appointed from among persons who, because of their knowledge of and experience in the insurance industry, appear to the Chief Executive to be suitable for appointment; and
(b)
the others are to be appointed from among persons who, either because of their knowledge in actuarial science, accountancy, law or consumer affairs, or because of their professional or occupational experience, appear to the Chief Executive to be suitable for appointment.
(4)
The Authority may perform its functions despite a vacancy in its membership.
(5)
If this section ceases to be complied with, the Chief Executive must as soon as practicable make the necessary appointment to ensure that the requirements of this section are complied with.
(6)
Schedule 1B
contains provisions on the constitution and proceedings of, and other matters relating to, the Authority.