Insurance Ordinance

(1)
If the Authority is satisfied that a licensed insurance broker company ceases to have a responsible officer, the Authority may suspend the licence of the licensed insurance broker company 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 broker company
if—
(a)
the licensed insurance broker company has not made an application under
section 64ZF
for the approval of an individual as a responsible officer of the licensed insurance broker company within 90 days after the date on which the suspension takes effect; or
(b)
the licensed insurance broker company 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 broker
company—
(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 broker company to make representations; and
(b)
how and when the licensed insurance broker company may make representations.