S.L. 487.8 · Insurance Distribution (S.L. 487.8)
S.L. 487.8 Art. 5Impositionofcourt penalties and administrative penalties.
(1) Any person found guilty of an offence for having contravened a provision of the Act mentioned in the first column of the
Third Schedule, with a corresponding general description of the offence set out in the second column thereof, shall be liable to the corresponding penalty of the level specified in the third column of the said Schedule.
(2) For any failure by any person to comply with any provision of the Act mentioned in the first column of the Fourth Schedule, consisting in the corresponding act or omission described in the second column thereof, the competent authority may by notice in writing impose by way of an administrative penalty on the person concerned the corresponding penalty specified in the third column of the said Schedule, taking into account all the relevant circumstances as specified in regulation 11.
(3) Any description in the second column of the Third and Fourth Schedules of any offence, infringement and failure as respectively referred to in sub-regulation (1) and (2) shall not be relied on in interpreting the provision to which the offence or failure corresponds.