Insurance Ordinance

(1)
This section applies
if—
(a)
a prescribed person who is an auditor of a specified broker becomes aware of evidence of a failure by the specified broker to comply with the specified rules when the person discharges duties in the capacity as an auditor of the specified broker; or
(b)
a prescribed person who is a former auditor of a specified broker becomes aware of evidence of a failure by the specified broker to comply with the specified rules when the person discharged duties in the capacity as a former auditor of the specified broker.
(2)
The prescribed person must, as soon as practicable after becoming aware of the evidence, send to the Authority a report in writing of the failure.
(3)
In subsection
(1
)(
b)
, a reference to evidence includes evidence of which the prescribed person became aware when the person was an auditor of the specified broker.
(4)
In this
section—
specified broker
(
指明經紀
) means—
(a)
a licensed insurance broker company;
(b)
a former licensed insurance broker company; or
(c)
a person who was formerly an authorized insurance broker within the meaning of the pre-amended Ordinance;
specified rules
(
指明規則
)—
(a)
in relation to a licensed insurance broker company or a former licensed insurance broker company, means rules made under
section 129
that set out the
requirements—
(i)
in relation to the capital and net assets of a licensed insurance broker company;
(ii)
in relation to the professional indemnity insurance taken out by a licensed insurance broker company;
(iii)
in relation to the keeping of separate client accounts by a licensed insurance broker company; and
(iv)
in relation to the keeping of proper books and accounts by a licensed insurance broker company;
(b)
in relation to a person who was formerly an authorized insurance broker within the meaning of the
pre-
amended Ordinance, means the minimum requirements specified by the former authority under the
pre-
amended
Ordinance—
(i)
in relation to the capital and net assets of an authorized insurance broker;
(ii)
in relation to the professional indemnity insurance taken out by an authorized insurance broker;
(iii)
in relation to the keeping of separate client accounts by an authorized insurance broker; and
(iv)
in relation to the keeping of proper books and accounts by an authorized insurance broker.