Disclosure of shareholders, beneficial owners and agreements

(1) The Supervisor may by notice in writing require an insurer or insurance intermediary to submit within such period and in such form as may be specified by the Supervisor, a list of shareholders on its register of any class of its issued share capital, and the names of the ultimate beneficial owners of such 42 (2) An insurer or insurance intermediary may by notice in writing require its registered shareholders to submit, within such time and in such form as may be specified by the insurer or insurance intermediary, the names of the ultimate beneficial owners of the shares registered in their names. (3) If an insurer or insurance intermediary has reason to believe that a registered shareholder has transferred or agreed to transfer to any other person ownership or control of any of the rights associated with the shares, including, but not limited to, the right to attend or vote at meetings of shareholders, the insurer or insurance intermediary may, by notice in writing, require any such shareholder or other person to submit to the insurer or insurance intermediary within such time and in such form as may be specified– (a) a statement disclosing the particulars of any such transfer or agreement to transfer; and (b) copies or particulars of any agreement, transfer form, correspondence, writing or other document in the possession, control or knowledge of the person relative to such transfer or agreement to transfer. (4) A person who fails to comply with the requirements of a notice issued under sub-section (2) or (3) or who knowingly provides inaccurate, incomplete or misleading information or a document in response to the notice commits an offence and is liable on summary conviction to a fine of five thousand dollars for every day the offence continues and to imprisonment for a term of six months.