Insurance Ordinance

(1)
This section applies if the
Authority—
(a)
grants an insurance agency licence under
section 64U
;
(b)
grants an individual insurance agent licence under
section 64W
;
(c)
grants a technical representative (agent) licence under
section 64Y
;
(d)
grants an insurance broker company licence under
section 64ZA
;
(e)
grants a technical representative (broker) licence under
section 64ZC
;
(f)
approves an individual as a responsible officer of a licensed insurance agency under
section 64ZE
; or
(g)
approves an individual as a responsible officer of a licensed insurance broker company under
section 64ZF
.
(2)
The Authority may impose any conditions that it considers appropriate on the licence or approval when granting the licence or approval.
(3)
The Authority may also impose any conditions that it considers appropriate on the licence or approval after the Authority has granted the licence or approval.
(4)
The Authority may amend or revoke any conditions imposed under subsection (2) or (3).
(5)
The power under subsection (2), (3) or (4) is only exercisable by notice in writing served
on—
(a)
in relation to subsection
(1
)(
a)
, (b), (c), (d) or (e)—the licensee; or
(b)
in relation to subsection
(1
)(
f)
or (g)—the licensee and the individual.
(6)
A notice under subsection (5) must, in the case of a conditions being imposed or amended, include a statement of reasons for imposing or amending the conditions.
(7)
An imposition, amendment or revocation of any conditions under subsection (2), (3) or (4) takes effect at the time the notice under subsection (5) is served or at the time specified in the notice, whichever is the later.