(1) An insurer or insurance intermediary shall submit, report any information or furnish any returns or documentation prescribed by the Regulations or required by the Code of Practice or the Market Conduct Rules to the Commission within such time and verified in such form and manner as is prescribed or required by the Regulations the Code of Practice or the Market Conduct Rules.

(2) An insurer or insurance intermediary who contravenes subsection (1) is liable to pay to the Commission the pecuniary penalty stated in the First Schedule.

(3) A person who in submitting a report required under subsection (1) makes a false statement of a material fact or omits to state a material fact required to be provided by the Commission or necessary to avoid the report being materially misleading commits an offence.

(4) A person does not commit an offence under subsection (3) if the person did not know and with the exercise of reasonable diligence could not have known that the report contained a false statement or omitted a material fact.