Insurance Ordinance

(1)
At least 3 months before a licensed insurance broker company ceases to carry on regulated activities, the company must notify the Authority in writing of the intention to do so and the intended date of cessation.
(2)
A licensed insurance broker company which ceases to carry on regulated activities must
prepare—
(a)
an auditor’s report on the financial statements which are to be made up to (and including) the date of cessation;
(b)
an auditor’s report stating whether the auditor is of the opinion that the company has, until the date of cessation, continued to comply with 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; and
(c)
any other documents that are prescribed by rules made under
section 129
.
(3)
A licensed insurance broker company must submit to the Authority the documents specified in subsection (2) not later than 6 months after the date of cessation.
(4)
The Authority must, as soon as practicable after receiving a notification under subsection (1), amend any relevant particulars in the register kept under
section 64O
.
(5)
A licensed insurance broker company which, without reasonable excuse, contravenes subsection (1), (2) or (3) commits an offence and is liable to a fine at level 5.