(1) Every company registered under this Act to carry on any class of insurance business shall, at least one month prior to the date of issue of any standard form of policy, or of the use of any standard form of application for a policy, furnish the Registrar with a copy of such form of policy or form of application.
(2) The Registrar may prohibit a company from issuing any form of policy, form of endorsement or form of application for a policy the issue or use of which, in his or her opinion is fraudulent, unjust or not in the public interest.
(3) A company which continues to issue or continues to use a form of policy or a form of endorsement or a form of application for a policy the issue or use of which is prohibited by the Registrar under subsection (2) commits an offence.