Insurance (No. 2) Act, 1983
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Regulations. |
6.—(1) Whenever an administrator stands appointed to an insurer under subsection (2) or (4) of section 2 of this Act, the Minister may, if he considers that it is in the public interest to do so, make such regulations as he considers necessary or appropriate for the purpose of ensuring the proper and orderly regulation and conduct of non-life insurance business. | |
(2) Whenever, at a time when regulations under this section are in force, an administrator ceases to stand appointed under section 2 of this Act to an insurer to which an administrator stood appointed under that section at the time of the making of the regulations, the regulations shall, upon the expiration of seven days from such cesser, cease to be in force unless another administrator is appointed under that section to the insurer before such expiration. | ||
(3) An insurer who contravenes a regulation under this section shall be guilty of an offence and shall be liable— | ||
(a) on summary conviction, to a fine not exceeding £1,000, or | ||
(b) on conviction on indictment, to a fine not exceeding £20,000. | ||
(4) Where an offence under this section is committed by a body and the offence is proved to have been committed with the consent or connivance of, or to have been attributable to any neglect on the part of, any person who, when the offence was committed, was a director, member of the committee of management or other controlling authority of the body or the manager, secretary or other officer of the body, that person shall also be deemed to have committed the offence and may be proceeded against and punished accordingly. |