IA's Power of Intervention

The Insurance Authority (“IA”) has the power, under section 66 of the Insurance Ordinance (Cap.41) (“IO”) to direct an insurer to de-register an appointed insurance agent if that agent has breached the Code of Practice for the Administration of Insurance Agents. Similarly, under section 75 of the IO, the IA is empowered to withdraw the authorization of an insurance broker authorized under section 69 or approval of a body of insurance brokers approved under section 70 if the broker or the approved body has failed to comply with the requirements under section 69 or 70 or the withdrawal is justified in the interests of policy holders or potential policy holders or the public.

The IA also has the power under section 74 of the IO to require insurers, insurance agents, insurance brokers or approved bodies of insurance brokers to produce books and papers for its examination of the affairs of insurance intermediaries. Besides, the IA has the power to present a petition for an insurance intermediary to be wound up or declared bankrupt if it considers such to be in the public interest.