False statements and obstructions

(1) A director or officer of an insurer or intermediary who with intent to deceive– (a) makes any false or misleading statement or entry, or omits any statement or entry that should be made in any book, account, report or statement of the licensee; or (b) obstructs or endeavours to obstruct the proper performance by an auditor of his duties in accordance with the provisions of this Act, or a lawful examination of the insurer or intermediary by the Supervisor or a duly examiner appointed by the commits an offence and shall be liable on summary conviction to a fine not exceeding fifty thousand dollars, or to imprisonment for a term not exceeding twelve months, or to both such fine and imprisonment.