Insurance Ordinance

(1)
A person must not carry on a regulated
activity—
(a)
in the course of the person’s business or employment; or
(b)
for reward.
(2)
A person must not hold out that the
person—
(a)
is carrying on a regulated activity in the course of the person’s business or employment; or
(b)
is carrying on a regulated activity for reward.
(3)
This section does
not—
(a)
prohibit a licensed insurance agency
from—
(i)
carrying on regulated activities as an agent of an authorized insurer by which the licensed insurance agency is appointed; or
(ii)
holding out that the licensed insurance agency carries on regulated activities as such an agent;
(b)
prohibit a licensed individual insurance agent
from—
(i)
carrying on regulated activities as an agent of an authorized insurer by which the licensed individual insurance agent is appointed; or
(ii)
holding out that the licensed individual insurance agent carries on regulated activities as such an agent;
(c)
prohibit a licensed technical representative (agent)
from—
(i)
carrying on regulated activities as an agent of a licensed insurance agency by which the licensed technical representative (agent) is appointed; or
(ii)
holding out that the licensed technical representative (agent) carries on regulated activities as such an agent;
(d)
prohibit a licensed insurance broker company
from—
(i)
carrying on regulated activities specified in
section 1(a) of Part 1 of Schedule 1A
as an agent of a policy holder or potential policy holder;
(ii)
holding out that the licensed insurance broker company carries on regulated activities specified in
section 1(a) of Part 1 of Schedule 1A
as such an agent;
(iii)
carrying on regulated activities specified in
section 1(b)
, (c) and (d) of
Part 1 of Schedule 1A
; or
(iv)
holding out that the licensed insurance broker company carries on regulated activities specified in
section 1(b)
, (c) and (d) of
Part 1 of Schedule 1A
; or
(e)
prohibit a licensed technical representative (broker)
from—
(i)
carrying on regulated activities as an agent of a licensed insurance broker company by which the licensed technical representative (broker) is appointed; or
(ii)
holding out that the licensed technical representative (broker) carries on regulated activities as such an agent.
(4)
A person who, without reasonable excuse, contravenes subsection (1) or (2) commits an offence and is
liable—
(a)
on conviction on indictment to a fine of $1,000,000 and to imprisonment for 2 years and, in the case of a continuing offence, to a further fine of $20,000 for each day during which the offence continues; or
(b)
on summary conviction to a fine at level 6 and to imprisonment for 6 months and, in the case of a continuing offence, to a further fine of $2,000 for each day during which the offence continues.
(5)
This section is subject to
section 123
.