150 Offence to disclose giving of direction or notice

(1)

Every person commits an offence who discloses that a direction has been given under subpart 1 or this subpart or that a notice has been given under section 149.

(2)

Nothing in subsection (1) applies to the disclosure or publication of the fact that a direction or notice has been given if the disclosure or publication is made—

(a)

to any director, relevant officer, or professional or financial adviser of the licensed insurer or associated person of a licensed insurer to which the direction or notice relates:

(b)

with the written consent of the Bank, for the purposes of the sale or other disposition, or the possible sale or other disposition, of the whole or any part of the capital, or business undertaking, of the licensed insurer or associated person of a licensed insurer:

(c)

by, or on behalf of, the Bank or with the written consent of the Bank,—

(i)

to the public or any class of the public; or

(ii)

to any person who has a proper interest in knowing that the direction or notice has been given.

(3)

For the purposes of subsection (2)(b) and (c),—

(a)

the Bank’s consent must not be unreasonably withheld; and

(b)

in considering whether to give its consent, the Bank must take into account the time that has elapsed since the direction or notice was given.

(4)

Nothing in subsection (1) applies to the disclosure or publication of the fact that a direction has been given requiring the actions set out in section 144(1)(f) or 146(c) for the purpose of giving effect to that direction.

(5)

Every person who commits an offence under this section is liable on conviction,—

(a)

in the case of an individual, to imprisonment for a term not exceeding 3 months or to a fine not exceeding $200,000 (or both):

(b)

in the case of a body corporate, to a fine not exceeding $500,000.

Section 150(5): amended, on 1 July 2013, by section 413 of the Criminal Procedure Act 2011 (2011 No 81).