### Insurance Ordinance 《保險業條例》

64ZN. Licensed insurance agencies without responsible officers
(1) If the Authority is satisfied that a licensed insurance agency ceases to have a responsible officer, the Authority may suspend the licence of the licensed insurance agency for a period, or until the occurrence of an event, specified by the Authority.
(2) The Authority may revoke the licence of the licensed insurance agency if—
(a) the licensed insurance agency has not made an application under section 64ZE for the approval of an individual as a responsible officer of the licensed insurance agency within 90 days after the date on which the suspension takes effect; or
(b) the licensed insurance agency has made such an application within 90 days after the date on which the suspension takes effect and the Authority rejects the application.
(3) The power under subsection (1) is not exercisable unless, before exercising the power, the Authority has given the licensed insurance agency—
(a) a notice in writing of its intention to do so and the reasons for doing so; and
(b) an opportunity to make written representations or oral representations in relation to those reasons.
(4) A notice under subsection (3)(a) must also include a statement describing—
(a) the right of the licensed insurance agency to make representations; and
(b) how and when the licensed insurance agency may make representations.

64ZO. Licensed insurance broker companies without responsible officers
(1) If the Authority is satisfied that a licensed insurance broker company ceases to have a responsible officer, the Authority may suspend the licence of the licensed insurance broker company for a period, or until the occurrence of an event, specified by the Authority.
(2) The Authority may revoke the licence of the licensed insurance broker company if—
(a) the licensed insurance broker company has not made an application under section 64ZF for the approval of an individual as a responsible officer of the licensed insurance broker company within 90 days after the date on which the suspension takes effect; or
(b) the licensed insurance broker company has made such an application within 90 days after the date on which the suspension takes effect and the Authority rejects the application.
(3) The power under subsection (1) is not exercisable unless, before exercising the power, the Authority has given the licensed insurance broker company—
(a) a notice in writing of its intention to do so and the reasons for doing so; and
(b) an opportunity to make written representations or oral representations in relation to those reasons.
(4) A notice under subsection (3)(a) must also include a statement describing—
(a) the right of the licensed insurance broker company to make representations; and
(b) how and when the licensed insurance broker company may make representations.

### Insurance Ordinance 《保險業條例》

64ZP. Licence revoked on death, dissolution, etc. of licensee
A licence is revoked—
(a) if the licensed insurance intermediary is an individual—on the death of the individual;
(b) if the licensed insurance intermediary is a partnership—on the dissolution of the partnership; or
(c) if the licensed insurance intermediary is a company—on the winding up of the company or on the date on which the company is struck off the Companies Register under the Companies Ordinance (Cap. 622).

64ZQ. Licence revoked or suspended on licensed insurance intermediary’s request
(1) The Authority may revoke the licence of a licensed insurance intermediary if the intermediary requests the Authority to do so.
(2) The Authority may suspend the licence of a licensed insurance intermediary if the intermediary requests the Authority to do so.

64ZR. Effect of suspension under this Subdivision
If the licence of a person is suspended under this Subdivision, the person must, during the suspension period—
(a) continue to be regarded for the purposes of this Ordinance, but not sections 64G, 64ZE, 64ZF, 64ZN and 64ZO, to be licensed; and
(b) without limiting paragraph (a), continue to be required to comply with the provisions of this Ordinance relating to a licensed insurance intermediary as would apply to the person were the licence not so suspended.

64ZS. Revocation or suspension of licence does not avoid or affect agreement, etc.
Subject to section 64N, a revocation or suspension of the licence of a person under this Subdivision does not—
(a) avoid or affect an agreement, transaction or arrangement entered into or arranged by the person, regardless of whether the agreement, transaction or arrangement was entered into or arranged before or after the revocation or suspension; or
(b) affect a right, obligation or liability arising under the agreement, transaction or arrangement.

64ZT. Requirement to transfer records on revocation or suspension of licence
(1) If the licence of a person is revoked or suspended under this Subdivision, the Authority may, by notice in writing, require the person to transfer to a client a copy of the records relating to the client’s assets or affairs, held at any time for the client as specified in the notice.
(2) A person who, without reasonable excuse, fails to comply with a requirement imposed on the person under subsection (1) commits an offence and is liable to a fine of $200,000 and to imprisonment for 2 years.

### Insurance Ordinance 《保險業條例》

64ZU. Permission to carry on business operations on revocation or suspension of licence
(1) If the licence of a person is revoked under section 64ZH, 64ZI, 64ZJ, 64ZK, 64ZN or 64ZO, the Authority may, by notice in writing, permit the person, subject to the conditions specified in the notice, to carry on business operations for closing down the business connected with the revocation.
(2) If the licence of a person is suspended under section 64ZH, 64ZI, 64ZJ, 64ZK, 64ZN or 64ZO, the Authority may, by notice in writing, permit the person, subject to the conditions specified in the notice, to carry on only essential business operations for the protection of the interests of the policy holders concerned during the period of suspension.
(3) If the Authority has granted a permission to a person under subsection (1) or (2), the person must not, because of its carrying on business operations in compliance with the permission, be regarded as having contravened section 64G or 120.
(4) A permission under subsection (1) or (2), and the imposition of conditions under any of those subsections, take effect at the time of the service of the notice or at the time specified in the notice, whichever is the later.