Insurance Ordinance

(1)
A person must not, at any time, be appointed as a licensed insurance agency or licensed individual insurance agent in carrying on a regulated activity for more than the maximum number of authorized insurers that are prescribed by rules made under
section 129
.
(2)
A person who contravenes subsection (1) commits an offence and is liable to a fine at level 6.
(3)
If an authorized insurer knows that a person is appointed as a licensed insurance agency or licensed individual insurance agent in carrying on regulated activities for the prescribed maximum number or more of authorized insurers, that insurer must not appoint that person to carry on a regulated activity as an agent of the insurer.
(4)
An authorized insurer which contravenes subsection (3) commits an offence and is
liable—
(a)
on conviction on indictment to a fine of $1,000,000 and to imprisonment for 2 years; or
(b)
on summary conviction to a fine at level 6.