Insurance Order, 2006 · s 78

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78.
( 1)
Any person who -
fa} signs any document lodged with the Authority under section 59 or paragraph fa} of subsection (1) of section 69; or fb} furnishes the Authority with any information under or for the purposes of any other provision of this Order, shall use due care to secure that the document or information is not false in any material particular; and if he does not use due care in this behalf and the document or information is false in a material particular, he shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000, imprisonment for a term not exceeding 2 years or both.
(2)
Any person who is in breach of any duty imposed on him by this Order as being or having been an insurer, insurance agent, insurance broker or adjuster shall, in a case where no other punishment is provided for by this Order, be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000, and in the case of a continuing offence to a further fine not exceeding $1,000 for every day during which the offence continues after conviction.
( 3)
Where an offence against this Order is committed by any body corporate, any person who at the time of the commission of that offence was a director, manager, secretary or other similar officer of that body, or who was purporting to act in any such capacity, shall, as well as the body corporate, be guilty of the offence unless he proves that he exercised all such diligence to prevent the commission of the offence as he ought to have exercised, having regard to the nature of his functions in that capacity and to all the circumstances.
(4)
Where an offence against this Order is committed by a body corporate, being an offence consisting in the breach of a duty imposed only on bodies corporate, any individual guilty of the offence (whether by virtue of subsection (3)
or otherwise) shall be liable on conviction to a fine, imprisonment for a term not exceeding one year or both.
1052

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"Identification of officers.
77 A.
( 1) . Any per~on exercising any functions under this Order shall carry
~n a~thonty card 1n a form approved by the Authority which card shall 1denhfy the holder and his office and which shall be produced by the holder on demand to any person having reasonable grounds to make that demand.
(2)
Where any person exercising any functions under this Order produces. an a~tho~it_Y c~rd in a form. approved under subsection (1) or any other wntte.n Identification or authonty, then, until the contrary is proved, that authonty card or other written identification or authority shall be presumed to be genuine and he shall be presumed to be person referred to therein.
(3) It shall not be an offence for any person to refuse to comply with an.y deman? or order made by any person exercising any functions under th1s c;>rder, 1f such latter person refuses on demand being made by such first-mentioned person to declare his office and to produce his authority card or other written identification or authority.".
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~.-.- ----
that life at the time the insurance is effected; and the policy moneys paid under such a policy shall not exceed the amount of that insurable interest at that time.
(2)
The lives excepted from subsection (1), besides that of the person effecting the insurance, are those of the person,s wife or husband, of the person 1s child or ward being the age of majority at the time the insurance is effected, and of anyone on whom that person is at that time wholly or partly dependent.
(3)
In so far as in the case of any life policy the policy moneys do not consist wholly of a cash payment due on the death in question, the limit under this section on the amount to be paid shall be applied by reference to the value of the right to the policy moneys immediately after the death or the happening before the death of any event on which they become payable.
(4)
In this section, "insuring the life" of a person means insuring the payment of money (or the equivalent) on the person 1s death or on the happening of any contingency dependent on the termination or continuance of that person's life, and includes granting an annuity to commence on that death or at a time to be determined by reference thereto or to any such contingency.
Capacity of infant to insure.

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s 78( 1)

Any person who -

fa} signs any document lodged with the Authority under section 59 or paragraph fa} of subsection (1) of section 69; or fb} furnishes the Authority with any information under or for the purposes of any other provision of this Order, shall use due care to secure that the document or information is not false in any material particular; and if he does not use due care in this behalf and the document or information is false in a material particular, he shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000, imprisonment for a term not exceeding 2 years or both.

(2)

Any person who is in breach of any duty imposed on him by this Order as being or having been an insurer, insurance agent, insurance broker or adjuster shall, in a case where no other punishment is provided for by this Order, be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000, and in the case of a continuing offence to a further fine not exceeding $1,000 for every day during which the offence continues after conviction.

( 3)

Where an offence against this Order is committed by any body corporate, any person who at the time of the commission of that offence was a director, manager, secretary or other similar officer of that body, or who was purporting to act in any such capacity, shall, as well as the body corporate, be guilty of the offence unless he proves that he exercised all such diligence to prevent the commission of the offence as he ought to have exercised, having regard to the nature of his functions in that capacity and to all the circumstances.

(4)

Where an offence against this Order is committed by a body corporate, being an offence consisting in the breach of a duty imposed only on bodies corporate, any individual guilty of the offence (whether by virtue of subsection (3)

or otherwise) shall be liable on conviction to a fine, imprisonment for a term not exceeding one year or both.

1052

--·-------------------------------------

"Identification of officers.

77 A.

( 1) . Any per~on exercising any functions under this Order shall carry

~n a~thonty card 1n a form approved by the Authority which card shall 1denhfy the holder and his office and which shall be produced by the holder on demand to any person having reasonable grounds to make that demand.

(2)

Where any person exercising any functions under this Order produces. an a~tho~it_Y c~rd in a form. approved under subsection (1) or any other wntte.n Identification or authonty, then, until the contrary is proved, that authonty card or other written identification or authority shall be presumed to be genuine and he shall be presumed to be person referred to therein.

(3)

It shall not be an offence for any person to refuse to comply with an.y deman? or order made by any person exercising any functions under th1s c;>rder, 1f such latter person refuses on demand being made by such first-mentioned person to declare his office and to produce his authority card or other written identification or authority.".

snau ue VU!U UH.lt:;;;)\:) L.UC P\...l.:>v.u. ................... ~u

.. b

~.-.- ----

that life at the time the insurance is effected; and the policy moneys paid under such a policy shall not exceed the amount of that insurable interest at that time.

(2)

The lives excepted from subsection (1), besides that of the person effecting the insurance, are those of the person,s wife or husband, of the person 1s child or ward being the age of majority at the time the insurance is effected, and of anyone on whom that person is at that time wholly or partly dependent.

(3)

In so far as in the case of any life policy the policy moneys do not consist wholly of a cash payment due on the death in question, the limit under this section on the amount to be paid shall be applied by reference to the value of the right to the policy moneys immediately after the death or the happening before the death of any event on which they become payable.

(4)

In this section, "insuring the life" of a person means insuring the payment of money (or the equivalent) on the person 1s death or on the happening of any contingency dependent on the termination or continuance of that person's life, and includes granting an annuity to commence on that death or at a time to be determined by reference thereto or to any such contingency.

Capacity of infant to insure.