Insurance Ordinance

(1)
On application made by a company under
section 7
for authorization to
                carry on special purpose
business—
(a)
subject to paragraph (b), the Authority may authorize the company in
                    writing to carry on, subject to such conditions as the Authority may impose,
                    special purpose business; or
(b)
the
Authority—
(i)
must refuse the application if subsection (2) applies; and
(ii)
may refuse the application on any other ground.
(2)
The Authority must not authorize a company under this section unless the
                following conditions are
satisfied—
(a)
the company has appointed 2 or more directors all of whom appear to the
                    Authority to be fit and proper persons to hold the positions;
(b)
the company has appointed an administrator as a controller who appears to
                    the Authority to be a fit and proper person to hold the position;
(c)
the company complies with the relevant financial, solvency, investor’s
                    sophistication and other requirements prescribed by rules made under
section 129
or
129A
;
(d)
the company intends to carry on special purpose business only but not any
                    other class of insurance business.
(3)
For the purposes of subsection
(2
)(
a)
and (b), if the Authority
                considers that a person is not a fit and proper person to hold the relevant
                position, the Authority must notify the company in writing of the fact and the
                reason for that opinion.
(4)
In this
section—
administrator
(
管理人
), in relation to a company, means an individual who (alone or
                jointly with others) is responsible for the administration of the whole business of
                the company.