Section 30: Offences under this Part.

(1) Notwithstanding any other provisions of this Act or any other enactment, an insurance institution which-
(a) for the purpose of avoiding payment of any sum due under this Act, knowingly makes any false statement, declaration, representation, or produces, furnishes or causes to be produced or furnished any return document information which is false in any material particular; or
(b) fails to pay to the Commission within such period as may be prescribed any sum due under this Act; or
(c)
fails to make any returns, as the case may be,
is guilty of an offence under this Act and liable on conviction to a fine not exceeding N500,000.
(2) The court before which an insurance institution is convicted of an offence under this Act, may, without prejudice to any civil remedy, order the insurance institution to pay to the Commission any sum together with any interest or penalty thereon certified to be due from the insurance institution to the Commission at the date of conviction and such amount may be recovered in the same manner as a fine and paid to the Commission.