Holding out as approved insurance broker
17.—(1)  No person shall hold himself out to be an approved insurance broker in respect of any type of insurance broking business unless he is approved under these Regulations in respect of that type of insurance broking business.
(2)  Any person who contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine of $2,500 for every day or part thereof during which the offence continues after conviction.