32.—(1) Where the Authority is satisfied that the affairs of any insurance intermediary are being conducted in a manner likely to be detrimental to the public interest or the interest of the policy owners or prejudicial to the interest of the insurance intermediary, the Authority may issue such directions to the insurance intermediary as it may consider necessary and, in particular, may require the insurance intermediary —
(a)
to take such action or recruit such management personnel as may be necessary to enable it to conduct its business in accordance with sound insurance principles;
(b)
to remove any of its directors or any person whom the Authority considers unfit to be associated with it;
(c)
to take action as to the disposition or recovery of its assets;
(d)
to take any available steps for the recovery by the insurance intermediary of sums appearing to the Authority to have been illegally or improperly paid; or
(e)
to take action to make good any default under section 21 or 22.
(2) The Authority may, upon representation being made to it, or on its own motion, modify or cancel any direction issued under subsection (1) and, in so doing, may impose such conditions as it may think fit.
(3) Any insurance intermediary who fails to comply with any direction made under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 6 months or to both and, in the case of a continuing offence, to a further fine not exceeding $1,000 for every day or part thereof during which the offence continues after conviction.