Limits on directors and officers

(1) A person shall not serve or continue to serve as a director, officer or principal representative of an insurer or insurance intermediary, if that person is– (a) not fit and proper; (b) an appointed auditor for the insurer or insurance intermediary or is an officer of an entity which is such an appointed auditor; (c) an appointed actuary for the insurer; 71 (d) an agent of the insurer or an insurance broker; or (e) less than eighteen years of age. (2) An insurer or insurance intermediary shall not elect, appoint or employ a person as a director, officer or principal representative of the insurer or insurance intermediary unless the prior written approval of the Supervisor is obtained in accordance with section 38. (3) A person, insurer or insurance intermediary who– (a) wilfully contravenes this section; or (b) fails to remedy the contravention within 21 days after receipt of a written notice of the contravention from the Supervisor, commits an offence and is liable on summary conviction to a fine of ten thousand dollars for each day the offence continues.