Insurance Ordinance

(1)
A company may apply to the Authority for an insurance broker company licence to carry
on—
(a)
regulated activities specified in
section 1(a) of Part 1 of Schedule 1A
in one or more lines of business, as an agent of any policy holder or potential policy holder; and
(b)
regulated activities specified in
section 1(b)
, (c) and (d) of
Part 1 of Schedule 1A
in one or more lines of business.
(2)
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 64ZC
for a technical representative (broker) licence;
(ii)
an application made by the applicant under
section 64ZF
for the approval of the individual as a responsible officer of the applicant; or
(b)
an application made by the applicant under
section 64ZF
for the approval of a licensed technical representative (broker) as a responsible officer of the applicant.
(3)
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 broker company licence to carry
on—
(a)
regulated activities specified in
section 1(a) of Part 1 of Schedule 1A
in one or more lines of business specified in the licence, as an agent of any policy holder or potential policy holder; and
(b)
regulated activities specified in
section 1(b)
, (c) and (d) of
Part 1 of Schedule 1A
in one or more lines of business.
(4)
The Authority must not grant the licence unless it is satisfied
that—
(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;
(c)
if 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;
(d)
the applicant is able to demonstrate that, if licensed, the applicant will be able 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;
(e)
the applicant is neither the holder of a licence granted under
section 64U
nor applying for such a licence; and
(f)
either—
(i)
both of the
following—
(A)
an accompanying application is made for subsection
(2
)(
a
)(
i)
and the criteria for the grant of licence under
section 64ZC(3)
are satisfied;
(B)
an accompanying application is made for subsection
(2
)(
a
)(
ii)
and the criteria for the approval under
section 64ZF(4)
are satisfied; or
(ii)
an accompanying application is made for subsection
(2
)(
b)
and the criteria for the approval under
section 64ZF(4)
are satisfied.
(5)
If the Authority grants an application made under subsection (1), the Authority must also grant the accompanying applications made for subsection (2).
(6)
If the Authority rejects an application made under subsection (1), the Authority must also reject the accompanying applications made for subsection (2).
(7)
The Authority must give the applicant a notice in writing of the result of the application made under subsection (1).
(8)
If the application is rejected, the notice must include a statement of the reasons for the rejection.