Insurance Ordinance

(1)
A person specified in subsection (2) (
principal applicant
) may apply to the Authority for the approval of an individual as a responsible officer of the principal applicant.
(2)
The principal applicant
is—
(a)
a licensed insurance agency; or
(b)
a person who applies under
section 64U
for an insurance agency licence.
(3)
On an application made in the manner specified by the Authority and on payment of a prescribed fee, the Authority may approve the individual as a responsible officer of the principal applicant.
(4)
The Authority must not approve an individual as a responsible officer of the principal applicant unless it is satisfied
that—
(a)
the individual
is—
(i)
a licensed technical representative (agent); or
(ii)
a person who applies under
section 64Y
for a technical representative (agent) licence;
(b)
the individual will be fit and proper, whether solely or jointly with other responsible officers of the principal applicant, to discharge his or her responsibilities as a responsible officer of the principal applicant; and
(c)
the individual has sufficient authority from the principal applicant, and will be provided with sufficient resources and support, for discharging those responsibilities.
(5)
The Authority must give the principal applicant and the individual a notice in writing of the result of the application made under subsection (1).
(6)
If the application is rejected, the notice must include a statement of the reasons for the rejection.