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A-32.1 - Insurers Act
Section 515
Disposition versions
515. Anyone who
(1) contravenes the capital maintenance rules prescribed by any of sections 245 to 247, 264 and 265,
(2) holds themselves out as an insurer or uses a name that includes a word or combination of words listed in the first paragraph of section 489 without being permitted to do so by the second paragraph of that section,
(3) carries on insurer activities without the Authority’s authorization although the authorization is required under this Act,
(4) provides a document or information that they know is false or inaccurate, or access to such a document or information, to the Minister or the Authority, a member of the Minister’s or Authority’s staff or a person appointed by the Minister or Authority in the course of activities governed by this Act, or
(5) hinders or attempts to hinder, in any manner, the exercise of a function by a member of the Authority’s staff or by a person appointed by the Authority for the purposes of this Act,
commits an offence and is liable to a fine of $5,000 to $50,000 in the case of a natural person and $15,000 to $150,000 in any other case.
In force: 2019-06-13
515. Anyone who
(1) contravenes the capital maintenance rules prescribed by any of sections 245 to 247, 264 and 265,
(2) holds themselves out as an insurer or uses a name that includes a word or combination of words listed in the first paragraph of section 489 without being permitted to do so by the second paragraph of that section,
(3) carries on insurer activities without the Authority’s authorization although the authorization is required under this Act,
(4) provides a document or information that they know is false or inaccurate, or access to such a document or information, to the Minister or the Authority, a member of the Minister’s or Authority’s staff or a person appointed by the Minister or Authority in the course of activities governed by this Act, or
(5) hinders or attempts to hinder, in any manner, the exercise of a function by a member of the Authority’s staff or by a person appointed by the Authority for the purposes of this Act,
commits an offence and is liable to a fine of $5,000 to $50,000 in the case of a natural person and $15,000 to $150,000 in any other case.
