Insurance Act, 2017 (Act No. 18 of 2017)Chapter 10 : Administration of ActPart 2 : Powers and functions of Prudential Authority69. Offences |
| (1) | Any person commits an offence and is on conviction liable to a fine not exceeding R10 million if that person— |
| (a) | contravenes or fails to comply with a provision of section 5(1), 10 or 29(2) or 29(3); or |
| (b) | fails to comply with a request under section 43(2). |
| (2) | A holding company of or another juristic person designated under subsection 10(1) commits an offence and is on conviction liable to a fine not exceeding R50 million if that holding company of or another juristic person contravenes or fails to comply with a provision of section 10(2). |
| (3) | A key person commits an offence and is on conviction liable to a fine not exceeding R10 million if that person contravenes or fails to comply with a provision of section 16(4). |
| (4) | An auditor commits an offence and is on conviction liable to a fine not exceeding R10 million if that auditor contravenes or fails to comply with a provision of section 16(5), 32(4), 32(5) or 32(6). |
| (5) | A significant owner commits an offence and is on conviction liable to a fine not exceeding R50 million if that owner fails to comply with a directive issued under section 17(4). |
| (6) | An insurer commits an offence and is on conviction liable to a fine not exceeding R50 million if that insurer fails to comply with a directive issued under section 29(4). |