Hong Kong Ordinances

INSURANCE COMPANIES ORDINANCE - SECT 69

Insurance brokers to be authorized

(1) The Insurance Authority has the power to authorize an insurance  broker
who complies with this section and pays the prescribed fee for authorization
or renewal of authorization.

(2) Before the Insurance Authority authorizes an insurance broker, he is
required to satisfy himself that the person complies at least with the minimum
requirements specified by the Insurance Authority for-

   (a)  qualifications and experience;

   (b)  capital and net assets;

   (c)  professional indemnity insurance;

   (d)  keeping of separate client accounts;

   (e)  keeping proper books and accounts, and that the person is a fit and
        proper person to be an insurance broker.

(3) The Insurance Authority is required to maintain a register of
authorized insurance brokers authorized by him under subsection (1), and to
keep the register open to the public during normal office hours on payment of
the prescribed fee.

(4) The Insurance Authority has the power by regulation-

   (a)  to prescribe the fees payable under this section; and

   (b)  to prescribe further requirements relating to the ability of a person
        or an authorized insurance broker to competently carry out his
        functions as an insurance broker.

(5) The Insurance Authority has the power to require an insurance  broker
authorized under this section to supply information that verifies the
insurance broker's compliance with this section.

(6) The Insurance Authority has the power to impose conditions on the
authorization of an insurance broker to ensure that the insurance  broker
functions properly and that policy holders and potential policy  holders are
protected. (Part X added 76 of 1994 s. 4)