Chapter Fourteen
Penalties
Article 77 - A sentence of imprisonment and a fine not less than L.E.5000 and not
exceeding L.E.50000 or either of these two penalties
1 - Any one who transacted any class of insurance or reinsurance business in Egypt without
authorisation.
2 - Any one who represented foreign insurance bodies or companies or intermediated to them
without autborisation of the Authority
3 - Any one who refrained from producing the books and documents to the representatives of
the Authority who have the right of inspection in addition to a sentence of submitting them
and in the case of a delay in submitting information required to be given in time specified in
this Act and its executive regulation. In these two cases a sentence may be made including
a warning fine of refrain or delay not exceeding L.E. 50 per day.
4 - Any one who willfully declares or conceals intending fraud to data, minutes or any other
documents submitted to the Authority or published to the public.
5 - Any one who divulged information obtained through carrying on his duties under this Act.
Article 78 - Any one who breaches the tariffs, rates, conditions at forms notifies to and approved by the Authority according to article 86 of this Act, shall be liable to a fine not less than LE. 100 and not exceeding L.E. 1000..
An insurance company which breaches these conditions, tariffs, and rates referred to shall be penalised to a fine equal to the double of the premium in the case of offence, but not less than LE. 1000 and not exceeding LE. I 00000 for each case.
Upon these offences criminal action shall be brought based on a petition presented by the Authority and it may reconcile at any time until the final jurisdiction to that action with the offender company against payment all or part of the fine referred to accordingly the procedure shall be dissolved.
Article 79 - Without prejudice to any severer penalty stipulated in the penal code or any other law, any one who intermediates in Egypt to effect insurance or reinsurance business and any one who carries on the profession of actuaries, insurance consultants or loss adjusters without being registered in the prescribed registers specified in this Act, shall be sentenced to imprisonment for not less than six months or a fine not less than LE.5000 and not exceeding LE. 50000, also officers of insurance companies shall be liable to the same penalty for the contravention of the provisions of articles 67,70,74 or this Act.
Article 80 - The provisions of the above article will be applied to any one who contravenes the provisions or this Act, its regulations or decisions issued accordingly.
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