12. Insurance broker not to carry on business unless registered

Subject to this Act, no person shall carry on business as an insurance broker in respect of any class of insurance business unless the person is registered by the Authority in respect of that class of business.

Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $30,000 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 of $2,000 for every day or part thereof during which the offence continues after conviction.