Section 75: Misleading statements, etc.

A person who:
by any statement promise or forecast which he knows to be misleading, false or deceptive, or by any dishonest concealment of material facts, or by the reckless making (dishonestly or otherwise) of any statement induces another person to enter into or offer to enter into any contract of insurance with an insurance company commits an offence and is liable on conviction to a fine of N100,000 or imprisonment for a term of 2 years or to both such fine and imprisonment.