Insurance Ordinance

(1)
If the Authority is satisfied that a licensed insurance agency ceases to have a responsible officer, the Authority may suspend the licence of the licensed insurance agency for a period, or until the occurrence of an event, specified by the Authority.
(2)
The Authority may revoke the licence of the licensed insurance agency
if—
(a)
the licensed insurance agency has not made an application under
section 64ZE
for the approval of an individual as a responsible officer of the licensed insurance agency within 90 days after the date on which the suspension takes effect; or
(b)
the licensed insurance agency has made such an application within 90 days after the date on which the suspension takes effect and the Authority rejects the application.
(3)
The power under subsection (1) is not exercisable unless, before exercising the power, the Authority has given 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 licensed insurance agency to make representations; and
(b)
how and when the licensed insurance agency may make representations.