Powers of Authority to issue directions
19.—(1)  Where the Authority is satisfied that the affairs of any approved insurance broker are being conducted in a manner likely to be detrimental to the public interest or the interests of the policy owners or prejudicial to the interests of the approved insurance broker, the Authority may issue such directions to the approved insurance broker as it may consider necessary and, in particular, may require the approved insurance broker, as the case may be —
(a)to take action as to the disposition or recovery of its assets;
(b)to take any available steps for the recovery by the approved insurance broker, of sums appearing to the Authority to have been illegally or improperly paid; or
(c)to take action to make good any default under regulation 13 or 14.
(2)  The Authority may, upon representation being made to it, or on its own motion, modify or cancel any direction issued under paragraph (1) and, in so doing, may impose such conditions as it may think fit.
(3)  Any approved insurance broker who contravenes any direction made under 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 not exceeding $2,500 for every day or part thereof during which the offence continues after conviction.