Section 124. Offences by director, employee or agent of insurer.
No director, employee, agent or contributory, past or present, of an insurer which is being wound up-
(a) after its cessation of insurance business, shall continue to issue a policy;
(b) within twelve months immediately preceding or after the commencement of the winding up-
(i) shall conceal any part of its property, or conceal any debt due to or from it;
(ii) shall remove fraudulently any part of its property;
(iii) by himself or through another person, shall alter, conceal, destroy, mutilate or falsify a document relating to its property or affairs;
(iv) shall make, or cause to be made, any false or fraudulent entry in a document affecting, or relating to its property or affairs;
(v) by himself or through another person, shall part fraudulently with, alter or make any omission in a document relating to its property or affairs;
(vi) by any false representation or other fraud, shall obtain any property, for or on its behalf, on credit which it has not subsequently paid for;
(vii) shall obtain on credit, for or on its behalf, under the false pretence that it is carrying on its business, a property which it has not subsequently paid for;
(viii) shall pledge or dispose of its property which has been obtained on credit and has not been paid for, unless the pledging or disposal was in the ordinary course of its business;
(ix) shall attempt to account for any part of its property by fictitious losses or expenses; or
(x) shall make any false representation or other fraud for the purpose of obtaining the consent of its creditors to an agreement with reference to its affairs or to its winding up; or
(c) after the commencement of the winding up-
(i) shall make material omission in a statement relating to its affairs;
(ii) knowing or believing that a false debt has been proved by a person, shall fail to inform the liquidator; or
(iii) shall fail to produce or prevent the production of a document relating to its property or affairs.
Penalty: Imprisonment for five years or five million ringgit or both. Default penalty.