Insurance Ordinance

(1)
Any person
who—
(a)
makes default in complying with any requirement imposed under
section
                        27
,
28
,
29
,
30
,
31
,
32
,
32A
,
33
,
34
,
35(1)
or
35AA
;
(Amended
51 of 1992 s. 11
;
25 of 1994 s. 15
;
20 of 2023 s. 60
)
(b)
(Repealed
12 of 2015 s. 57
)
(c)
acts or continues to act as a chief executive, director or controller of
                    an
                    authorized insurer in contravention of
section
                        38A(1)
;
(Added
51 of 1992 s. 11
. Amended
12 of 2015 s. 57
)
(d)
fails without reasonable excuse to comply with any requirement under
section 38B(2)
; or
(Added
51 of 1992 s. 11
)
(e)
wilfully obstructs, resists or
delays—
(i)
the Manager of
                        an
                        authorized
                        insurer
                        in the lawful performance of his functions, or the lawful exercise of his
                        powers, in respect of the insurer; or
(Amended
12 of 2015 s. 57
)
(ii)
any other person lawfully assisting the Manager in such performance of
                        such functions or such exercise of such powers,
(Added
51 of 1992 s. 11
)
commits an offence and is liable
to—
(i)
a fine of $200,000 and, in the case of an individual, to imprisonment for 2
                    years; and
(Amended
35 of 1996 s. 23
)
(ii)
in the case of an offence under paragraph (a), a fine of $1,000 for each
                    day on which the offence continues.
(Amended
35 of 1996 s. 23
)
(1A)
A person commits an offence if the person, in purported compliance with a
                requirement imposed under
section 34
—
(a)
furnishes any information, or produces any document, that the person knows
                    to be false or misleading in a material particular; or
(b)
recklessly furnishes any information, or produces any document, that is
                    false or misleading in a material particular.
(Replaced
20 of 2023 s. 60
)
(1B)
A person who commits an offence under subsection (1A) is
liable—
(a)
on conviction on indictment—to a fine of $1,000,000 and to imprisonment for
                    2 years; or
(b)
on summary conviction—to a fine at level 6 and to imprisonment for 6
                    months.
(Added
20 of 2023 s. 60
)
(2)
Where a person is charged with an offence under subsection
(1
)(
a)
in
                respect of his default in complying with a requirement imposed under
section
                    34(2)
or (3) to produce any books or papers, it shall be a defence to
                prove that they were not in his possession or control and that it was not reasonably
                practicable for him to comply with the requirement.