(1) An insurer shall not publish or issue a document in which is printed a statement of
(a) its authorized capital unless the statement also sets out the amount of its subscribed capital and of its paid-up capital, or
(b) of its subscribed capital, unless the statement also sets out the amount of its paid-up capital.
(2) An insurer that contravenes subsection (1) is liable to pay to the Commission the pecuniary penalty stated in the First Schedule.