Insurance Ordinance

(1)
A sole proprietor, partnership or company may apply to the Authority for an insurance agency licence to carry on regulated activities in one or more lines of business, as an agent of any authorized insurer.
(2)
For a partnership, the application for an insurance agency licence may only be made by a partner authorized by the partnership on behalf of the partnership and, if the licence is granted, it is to be expressed to be granted to that partner on behalf of the partnership.
(3)
An application made under subsection (1) must be accompanied by
either—
(a)
both of the
following—
(i)
an application made by an individual under
section 64Y
for a technical representative (agent) licence;
(ii)
an application made by the applicant under
section 64ZE
for the approval of the individual as a responsible officer of the applicant; or
(b)
an application made by the applicant under
section 64ZE
for the approval of a licensed technical representative (agent) as a responsible officer of the applicant.
(4)
On an application made in the manner specified by the Authority and on payment of a prescribed fee, the Authority may grant to the applicant an insurance agency licence to carry on regulated activities in one or more lines of business specified in the licence, as an agent of any authorized insurer.
(5)
The Authority must not grant the licence
unless—
(a)
it is satisifed
that—
(i)
if the applicant is a sole
proprietor—
(A)
the applicant is a fit and proper person to carry on regulated activities in the lines of business concerned; and
(B)
where there is a controller in relation to the applicant, the controller is a fit and proper person to be associated with the carrying on of regulated activities in those lines of business;
(ii)
if the applicant is a
partnership—
(A)
each partner of the applicant is a fit and proper person to carry on regulated activities in the lines of business concerned; and
(B)
where there is a controller in relation to the applicant, the controller is a fit and proper person to be associated with the carrying on of regulated activities in those lines of business; or
(iii)
if the applicant is a
company—
(A)
the applicant is a fit and proper person to carry on regulated activities in the lines of business concerned;
(B)
each director of the applicant is a fit and proper person to be associated with the carrying on of regulated activities in those lines of business; and
(C)
where there is a controller in relation to the applicant, the controller is a fit and proper person to be associated with the carrying on of regulated activities in those lines of business;
(b)
it is satisfied that the applicant is appointed as an agent by at least one authorized insurer;
(c)
it is satisfied that the applicant is neither the holder of a licence granted under
section 64W
,
64Y
,
64ZA
or
64ZC
nor applying for such a licence; and
(d)
it is satisfied that
either—
(i)
both of the
following—
(A)
an accompanying application is made for subsection
(3
)(
a
)(
i)
and the criteria for the grant of licence under
section 64Y(3)
are satisfied;
(B)
an accompanying application is made for subsection
(3
)(
a
)(
ii)
and the criteria for the approval under
section 64ZE(4)
are satisfied; or
(ii)
an accompanying application is made for subsection
(3
)(
b)
and the criteria for the approval under
section 64ZE(4)
are satisfied.
(6)
If the Authority grants an application made under subsection (1), the Authority must also grant the accompanying applications made for subsection (3).
(7)
If the Authority rejects an application made under subsection (1), the Authority must also reject the accompanying applications made for subsection (3).
(8)
The Authority must give the applicant a notice in writing of the result of the application made under subsection (1).
(9)
If the application is rejected, the notice must include a statement of the reasons for the rejection.