Section 23Part 4 — POWERS AND DUTIES OF THE AUTHORITY
Directions by the Authority
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Where the Authority is of the opinion that a licensee —
is committing, or about to commit, an act that is an unsafe or unsound practice in conducting the business of the licensee; or
is pursuing or about to pursue, a course of conduct that is an unsafe or unsound practice in conducting the business of the licensee,
the Authority may direct the licensee, in relation to a policy, a line of business or the entire business of the licensee, to cease or refrain from committing the act or pursuing the course of conduct and to perform such acts as in the opinion of the Authority are necessary to remedy or ameliorate the situation.
A person, who without reasonable cause, fails to comply with a direction given by the Authority under subsection (1) commits an offence and is liable —
on summary conviction to a fine of one hundred thousand dollars or to imprisonment for a term of five years or to both; and
on conviction on indictment to a fine of five hundred thousand dollars or to imprisonment for a term of ten years or to both,
and if the offence of which he is convicted is continued after conviction he commits a further offence and is liable to a fine of ten thousand dollars for every day on which the offence is so continued.
The provisions of this section may be applied to a segregated portfolio within a segregated portfolio company that is licensed under this Law.
Cross References
- Section 3 of Insurance Law
Reference to contravention in section 23(1)
Referenced By
- Section 22 — Duties of the Authority
Reference in section 22(1)(d)(vi)