Publication of authorised, subscribed and paid-up capital

(1) A person shall not publish in respect of any insurance company or in respect of an insurance company proposed to be formed after the 31st day of December, 2004, a prospectus, notice, circular, advertisement or other invitation offering to the public for subscription any shares in the company or proposed company, unless the prospectus, notice, circular, advertisement or other invitation is first submitted to and approved by the (2) A person acting as promoter of any such proposed company shall not accept any office of profit in the company or any payment or pecuniary advantage other than as provided in any such prospectus, notice, circular, advertisement or other invitation. 160