Authority may prohibit insurance intermediary from carrying on business
31.—(1)  The Authority may, by order, prohibit any person from carrying on business as an insurance intermediary or from taking part, directly or indirectly, in the management of any insurance intermediary where the person has been convicted of an offence involving fraud, dishonesty or moral turpitude or the Authority is satisfied that the person has —
(a)forged policyholders’ signatures;
(b)misappropriated policyholders’ premiums;
(c)contravened any provision of the Insurance Act (Cap. 142) or this Act or any regulations made under those Acts;
(d)given false, misleading or inaccurate information in its application to the insurer;
(e)wilfully misled any policyholder when assisting him to fill up the proposal form;
(f)used dishonest means to meet the requirements set up by the insurer; or
(g)been involved in any activity prejudicial to the public interest.
(2)  No registered insurer shall deal with any person who has been issued an order under subsection (1) as an insurance intermediary.
(3)  Any person who fails to comply with an order of the Authority made under subsection (1) or who contravenes subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 and, in the case of a continuing offence, to a further fine of $1,000 for every day or part thereof during which the offence continues after conviction.