### Insurance Ordinance 《保險業條例》

84. General provisions relating to exercise of disciplinary powers
(1) At any time when the Authority is contemplating exercising a power under section 81, it may, if it considers it appropriate to do so in the interests of policy holders or potential policy holders or the public interest, by agreement with the person concerned—
(a) exercise a power that the Authority may exercise in respect of the person under section 81; and
(b) take an additional action that the Authority considers appropriate in the circumstances of the case.
(2) If the Authority exercises a power or takes an additional action in respect of a person under subsection (1), it must comply with section 82 as if that section applied to the power or action, unless the person agrees otherwise.
(3) In reaching a decision under this Part, the Authority may have regard to any information or material in its possession which is relevant to the decision, regardless of how the information or material has come into its possession.
(4) The Authority must consult the Monetary Authority before exercising a power under subsection (1) 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.

85. Order for payment of pecuniary penalty
(1) A person ordered to pay a pecuniary penalty under section 81 must pay the penalty to the Authority within 30 days, or a longer period that the Authority specifies by notice under section 82(3)(e), after the order has taken effect.
(2) The Court of First Instance may, on an application of the Authority, register an order to pay a pecuniary penalty made under section 81 in the Court.
(3) On registration, the order is to be regarded as an order of the Court of First Instance made within the civil jurisdiction of the Court for the payment of money.
(4) For making an application under subsection (2), the Authority must produce to the Registrar of the High Court a notice in writing requesting that the order be registered, together with the original and a copy of the order.
(5) A pecuniary penalty paid to or recovered by the Authority under an order made under section 81 must be paid by the Authority into the general revenue.

### Insurance Ordinance 《保險業條例》

86. Effect of suspension under section 81
(1) If a licence or approval of a person is suspended under section 81, 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 or responsible officer as would apply to the person were the licence or approval not so suspended.
(2) Without limiting the powers that can be exercised by the Authority under section 81, the Authority may—
(a) revoke the licence of a person under this Part even though the licence is suspended under section 81; or
(b) revoke the approval of a person under this Part even though the approval is suspended under section 81.

87. 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 section 81 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.

88. Requirement to transfer records on revocation or suspension of licence
(1) If the licence of a person is revoked or suspended under section 81, 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》

89. Permission to carry on business operations on revocation or suspension of licence
(1) If the licence of a person is revoked under section 81, 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 81, 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.

90. Conduct requirements for licensed insurance intermediaries
When carrying on a regulated activity, a licensed insurance intermediary—
(a) must act honestly, fairly, in the best interests of the policy holder concerned or the potential policy holder concerned, and with integrity;
(b) must exercise a level of care, skill and diligence that may reasonably be expected of a prudent person who is carrying on the regulated activity;
(c) may advise only on matters for which the intermediary is competent to advise;
(d) must have regard to the particular circumstances of the policy holder or the potential policy holder that are necessary for ensuring that the regulated activity is appropriate to the policy holder or the potential policy holder;
(e) must make the disclosure of information to the policy holder or the potential policy holder that is necessary for the policy holder or the potential policy holder to be sufficiently informed for the purpose of making any material decision;
(f) must use its best endeavours to avoid a conflict between the interests of the intermediary and the interests of the policy holder or the potential policy holder;
(g) must disclose any conflict mentioned in paragraph (f) to the policy holder or the potential policy holder;
(h) must ensure that the assets of the policy holder or the potential policy holder are promptly and properly accounted for; and
(i) must comply with other requirements that are prescribed by rules made under sections 94 and 129.