Insurance Ordinance

(1)
A person licensed under
section 64U
,
64W
,
64Y
,
64ZA
or
64ZC
may apply to the Authority for a renewal of the licence.
(2)
For a partnership, the application for a renewal of the licence may only be made by a partner authorized by the partnership on behalf of the partnership and, if the licence is renewed, it is to be expressed to be renewed to that partner on behalf of the partnership.
(3)
An application under subsection (1) may only be made no later than 45 days before the licence is due to expire.
(4)
On an application made in the manner specified by the Authority and on payment of a prescribed fee, the Authority may renew the licence.
(5)
The Authority must not renew an insurance agency licence granted under
section 64U
unless—
(a)
it is satisfied
that—
(i)
if the applicant was a sole proprietor at the time when the licence was first applied for, the applicant is a sole proprietor;
(ii)
if the applicant was a partnership at the time when the licence was first applied for, the applicant is a partnership; or
(iii)
if the applicant was a company at the time when the licence was first applied for, the applicant is a company;
(b)
it is satisfied
that—
(i)
if the applicant is a sole
proprietor—
(A)
the applicant is a fit and proper person to carry on regulated activities in the lines of business concerned; and
(B)
where there is a controller in relation to the applicant, the controller is a fit and proper person to be associated with the carrying on of regulated activities in those lines of business;
(ii)
if the applicant is a
partnership—
(A)
each partner of the applicant is a fit and proper person to carry on regulated activities in the lines of business concerned; and
(B)
where there is a controller in relation to the applicant, the controller is a fit and proper person to be associated with the carrying on of regulated activities in those lines of business; or
(iii)
if the applicant is a
company—
(A)
the applicant is a fit and proper person to carry on regulated activities in the lines of business concerned;
(B)
each director of the applicant is a fit and proper person to be associated with the carrying on of regulated activities in those lines of business; and
(C)
where there is a controller in relation to the applicant, the controller is a fit and proper person to be associated with the carrying on of regulated activities in those lines of business;
(c)
it is satisfied that the applicant is appointed as an agent by at least one authorized insurer; and
(d)
it is satisfied that
either—
(i)
the applicant has a responsible officer; or
(ii)
the applicant has made an application for the approval of an individual as a responsible officer of the applicant under
section 64ZE
, and the criteria for the approval under
section 64ZE(4)
are satisfied.
(6)
The Authority must not renew an individual insurance agent licence granted under
section 64W
unless it is satisfied
that—
(a)
the applicant is a fit and proper person to carry on regulated activities in the lines of business concerned; and
(b)
the applicant is appointed as an agent by at least one authorized insurer.
(7)
The Authority must not renew a technical representative (agent) licence granted under
section 64Y
unless it is satisfied
that—
(a)
the applicant is a fit and proper person to carry on regulated activities in the lines of business concerned; and
(b)
the applicant is appointed as an agent by a licensed insurance agency.
(8)
The Authority must not renew an insurance broker company licence granted under
section 64ZA
unless it is satisfied
that—
(a)
the applicant is a company;
(b)
the applicant is a fit and proper person to carry on regulated activities in the lines of business concerned;
(c)
each director of the applicant is a fit and proper person to be associated with the carrying on of regulated activities in those lines of business;
(d)
if there is a controller in relation to the applicant, the controller is a fit and proper person to be associated with the carrying on of regulated activities in those lines of business;
(e)
the applicant is able to demonstrate that, if the licence is renewed, the applicant will be able to continue to comply with rules made under
section 129
that set out the
requirements—
(i)
in relation to the capital and net assets of a licensed insurance broker company;
(ii)
in relation to the professional indemnity insurance taken out by a licensed insurance broker company;
(iii)
in relation to the keeping of separate client accounts by a licensed insurance broker company; and
(iv)
in relation to the keeping of proper books and accounts by a licensed insurance broker company; and
(f)
either—
(i)
the applicant has a responsible officer; or
(ii)
the applicant has made an application for the approval of an individual as a responsible officer of the applicant under
section 64ZF
, and the criteria for the approval under
section 64ZF(4)
are satisfied.
(9)
The Authority must not renew a technical representative (broker) licence granted under
section 64ZC
unless it is satisfied
that—
(a)
the applicant is a fit and proper person to carry on regulated activities in the lines of business concerned; and
(b)
the applicant is appointed as an agent by at least one licensed insurance broker company.
(10)
The Authority must give the applicant a notice in writing of the result of the application for a renewal made under subsection (1).
(11)
If the application is rejected, the notice must include a statement of the reasons for the rejection.