Section 17. Requirements as to prospectuses and statements of capital. (INSURANCE ACT, 1963

(P.M. ACT 1 OF 1963)
INSURANCE ACT, 1963

PART II - CONDUCT OF INSURANCE BUSINESS
Miscellaneous requirements as to conduct of business

Section 17. Requirements as to prospectuses and statements of capital.

(1) In any case where, under section 39 or 42 of the Companies Act, 1965, it is unlawful to issue, circulate or distribute a prospectus relating to a company without a copy of it being first delivered for registration under that Act, it shall also be unlawful, in the case of a company registered or intended to be registered as an insurer under this Act, to do so without the prospectus having been sanctioned by the Commissioner; and any person knowingly responsible for the issue, circulation or distribution of a prospectus in contravention of this sub-section shall on conviction be liabte to a fine of five thousand dollars.

In this sub-section "prospectus" includes any document to which the expression applies in the said section 39 or 42 .

(2) Where a notice, advertisement or other official publication of a company registered or intended to be registered as an insurer under this Act, contains a statement of the company's authorised share capital, and does not state therewith how much of that capital has been subscribed and how much is paid up, the company shall be liable on conviction to a fine of one thousand dollars.