Insurance Act 1966 · 2020 Revised Edition · Part 2 · Conduct of Insurance Business
5. Holding out as licensed insurer or authorised reinsurer
Feedback & supportLast amended by an amending law of 2013.
Where any person holds himself, herself or itself out, or purports to hold himself, herself or itself out, to be a licensed insurer or an authorised reinsurer in respect of life business or general business, or both, when that person is not licensed or authorised under this Act in respect of that business —
licensed insurer
“licensed insurer” means an insurer which is for the time being licensed under section 11;
that person shall be guilty of an offence; and
where that person is a corporation, limited liability partnership or firm, every director, manager or officer of the corporation and every partner or officer of the firm and every partner or manager of the limited liability partnership (as the case may be) shall, unless the person proves that the offence was committed without the person’s knowledge or consent, be guilty of an offence.
Any person who is guilty of an offence under subsection (1) shall be liable on conviction —
in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction; or
in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.[4