Insurance Ordinance

(1)
The approval of a person as a responsible officer of a licensed insurance agency is revoked if the person ceases to be a licensed technical representative (agent).
(2)
The Authority may revoke the approval of a person as a responsible officer of a licensed insurance agency if it is satisfied
that—
(a)
the person ceases to be responsible for the conduct in relation to the licensed insurance agency’s carrying on of regulated activities; or
(b)
the person ceases to have sufficient authority from the licensed insurance agency, or to be provided with sufficient resources and support, for discharging his or her responsibilities as a responsible officer of the licensed insurance agency.
(3)
The power under subsection (2) is not exercisable unless, before exercising the power, the Authority has given the individual and the licensed insurance
agency—
(a)
a notice in writing of its intention to do so and the reasons for doing so; and
(b)
an opportunity to make written representations or oral representations in relation to those reasons.
(4)
A notice under subsection
(3
)(
a)
must also include a statement
describing—
(a)
the right of the individual and the licensed insurance agency to make representations; and
(b)
how and when the individual and the licensed insurance agency may make representations.