Clause 13

Section 26 of the Insurance Act is repealed and the following section substituted therefor:“Requirements as to statements of capital

26. Where a notice, advertisement or other official publication of a company registered or intended to be registered as an insurer under this Act contains a statement of the company’s authorised share capital, and does not state therewith how much of that capital has been subscribed and how much is paid up, the company shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.”.