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Insurance Act, 2017 (Act No. 18 of 2017)

Chapter 10 : Administration of Act

Part 2 : Powers and functions of Prudential Authority

69. 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).