Insurance Ordinance

(1)
The Authority may exercise any of the powers specified in subsection (4) in respect of a person
if—
(a)
the person is, or was at any time, guilty of misconduct when the person is a regulated person;
(b)
the person was at any time guilty of misconduct when the person was a regulated person; or
(c)
the Authority is of the opinion
that—
(i)
at the time when the person is a regulated person, the person is not a fit and proper person; or
(ii)
at a time when the person was a regulated person, the person was not a fit and proper person.
(2)
The Authority may also exercise any of the powers specified in subsection
(4
)(
a)
in respect of a person who is a licensed insurance intermediary
if—
(a)
for a person who is an
individual—
(i)
the person enters into a voluntary arrangement with creditors, or has a bankruptcy order made against the individual, under the Bankruptcy Ordinance (
Cap. 6
);
(ii)
the person is convicted of an offence in Hong Kong or elsewhere, which in the opinion of the Authority impugns the fitness and properness of the person to remain licensed; or
(iii)
the person has been found by a court to be mentally incapacitated, or is detained in a mental hospital, under the Mental Health Ordinance (
Cap. 136
), which in the opinion of the Authority impugns the fitness and properness of the person to remain licensed;
(b)
for a person that is a
partnership—
(i)
any of the partners of the person enters into a voluntary arrangement with creditors, or has a bankruptcy order made against the partner, under the Bankruptcy Ordinance (
Cap. 6
);
(ii)
any of the partners of the person is convicted of an offence in Hong Kong or elsewhere, which in the opinion of the Authority impugns the fitness and properness of the person to remain licensed; or
(iii)
any of the partners of the person has been found by a court to be mentally incapacitated, or is detained in a mental hospital, under the Mental Health Ordinance (
Cap. 136
), which in the opinion of the Authority impugns the fitness and properness of the person to remain licensed;
(c)
for a person that is a
company—
(i)
a receiver or manager of the property or business of the person is appointed;
(ii)
the person enters into a scheme of arrangement with its creditors;
(iii)
the person goes into liquidation;
(iv)
the person is convicted of an offence in Hong Kong or elsewhere, which in the opinion of the Authority impugns the fitness and properness of the person to remain licensed;
(v)
any of the directors of the person is convicted of an offence in Hong Kong or elsewhere, which in the opinion of the Authority impugns the fitness and properness of the person to remain licensed; or
(vi)
any of the directors of the person has been found by a court to be mentally incapacitated, or is detained in a mental hospital, under the Mental Health Ordinance (
Cap. 136
), which in the opinion of the Authority impugns the fitness and properness of the person to remain licensed; or
(d)
for a person that is a sole proprietorship, partnership or company—any of the controllers of the person is convicted of an offence in Hong Kong or elsewhere, which in the opinion of the Authority impugns the fitness and properness of the person to remain licensed.
(3)
The Authority may also exercise any of the powers specified in subsection
(4
)(
b)
in respect of a person who is a responsible officer of a licensed insurance agency or a licensed insurance broker company
if—
(a)
the person is convicted of an offence in Hong Kong or elsewhere; and
(b)
in the opinion of the Authority, the conviction impugns the fitness and properness of the person to remain as a responsible officer.
(4)
The following powers are specified for subsections (1), (2) and (3
)—
(a)
for a person who is a licensed insurance
intermediary—
(i)
to revoke the licence of the person;
(ii)
to suspend the licence of the person, for a period or until the occurrence of an event that the Authority specifies;
(b)
for a person who is a responsible
officer—
(i)
to revoke the approval of the person as a responsible officer;
(ii)
to suspend the approval of the person as a responsible officer for a period or until the occurrence of an event that the Authority specifies;
(c)
for a person who is or was a regulated
person—
(i)
to prohibit the person from applying to be licensed for a period or until the occurrence of an event that the Authority specifies;
(ii)
to prohibit the person from being appointed as a responsible officer for a period or until the occurrence of an event that the Authority specifies;
(d)
for a person who is or was a regulated person—to reprimand the person publicly or privately;
(e)
for a person who is or was a regulated
person—
to order the person to pay a pecuniary penalty not exceeding the amount which is the greater
of—
(i)
$10,000,000; or
(ii)
3 times the amount of the profit gained or loss avoided by the person as a result of the misconduct, or of the other conduct of the person which leads the Authority to form the opinion referred to in subsection
(1
)(
c)
.
(5)
If the Authority has exercised its power under subsection (1), (2) or (3), it may disclose to the public details of its decision, the reasons for which the decision was made, and any material facts relating to the case.
(6)
The Authority, in forming an opinion for subsection
(1
)(
c)
, may, among other matters (including those specified in
section 64ZZA
), take into account the present or past conduct of the person.