Insurance Ordinance

(1)
A person commits an offence if the person, in connection with an application for the grant or renewal of a licence, or with an application for the approval, under this
Division—
(a)
makes a statement that is false or misleading in a material particular; and
(b)
knows that, or is reckless as to whether, the statement is false or misleading in the material particular.
(2)
A person commits an offence if the person, in connection with an application for the grant or renewal of a licence, or with an application for the approval, under this
Division—
(a)
omits a material particular from a statement with the result that the statement is rendered false or misleading; and
(b)
knows that, or is reckless as to whether, the material particular is omitted from the statement.
(3)
A person who commits an offence under subsection (1) or (2) is liable to a fine at level 5 and to imprisonment for 6 months.