Clause 33

by inserting, immediately after the word “Act” in subsection (1)(b), the words “or any regulations made under this Act”;

by deleting “$20,000” in the penultimate line of subsection (1) and substituting “$50,000”;

by deleting the words “as being or having been an insurer” in the 3rd and 4th lines of subsection (2);

by deleting “$5,000” in the 6th line and “$1,000” in the penultimate line of subsection (2) and substituting “$12,500” and “$1,250”, respectively;

by inserting, immediately after the word “offence” in the 6th line of subsection (3), the words “and shall be liable to be proceeded against and punished accordingly”; and

by inserting, immediately after subsection (5), the following subsections:“(6) The Authority may, without instituting proceedings against any person for an offence under this Act or any regulations made thereunder which is punishable only by a fine, demand and receive the amount of such fine or such reduced amount as it thinks fit from that person, whereupon —

if that person pays such amount to the Authority within 14 days after the demand, no proceedings shall be taken against him in relation to the offence; and

if that person does not pay the amount so demanded, the Authority may cause proceedings to be instituted in relation to the offence.(7) The powers conferred upon the Authority under subsection (6) shall only be exercised where a person admits the offence and agrees in writing to the offence being dealt with under that subsection.”.