Insurance Ordinance

(1)
The Authority must not exercise a power under
section 81
without first giving the person in respect of whom the power is to be exercised a reasonable opportunity of being heard.
(2)
If the Authority decides to exercise a power under
section 81
in respect of a person, the Authority must inform the person of its decision to do so by notice in writing.
(3)
The notice must
include—
(a)
a statement of the reasons for the decision;
(b)
the time when the decision is to take effect;
(c)
in so far as applicable, the duration and terms of the revocation, suspension or prohibition to be imposed under the decision;
(d)
in so far as applicable, the terms in which the person is to be reprimanded under the decision; and
(e)
in so far as applicable, the amount of the pecuniary penalty to be imposed under the decision and the period within which it is required to be paid.
(4)
The Authority must consult the Monetary Authority before exercising a power under
section 81
in respect
of—
(a)
an authorized institution;
(b)
a person
who—
(i)
is, or was, a regulated person; and
(ii)
is, or was, employed by an authorized institution; or
(c)
a person
who—
(i)
is, or was, a regulated person; and
(ii)
is, or was, appointed as an agent by an authorized institution,
in relation to any regulated activity carried on by the institution.
(5)
In subsection (1), a reference to an opportunity of being heard is a reference to an opportunity to make written representations or oral representations.