Insurance Ordinance

(1)
Within 1 month after the date on which a person becomes, or ceases to be, a partner, director or controller of a licensed insurance agency, the agency must notify the Authority in writing of that fact.
(2)
Within 1 month after the date on which a person becomes, or ceases to be, a director or controller of a licensed insurance broker company, the company must notify the Authority in writing of that fact.
(3)
A notification under subsection (1) or (2) must be accompanied by a prescribed fee.
(4)
A licensed insurance agency who, without reasonable excuse, contravenes subsection (1) commits an offence and is liable to a fine at level 5.
(5)
A licensed insurance broker company which, without reasonable excuse, contravenes subsection (2) commits an offence and is liable to a fine at level 5.