Definitions—pt 7.6A
394A Definitions—pt 7.6A
In this part:
financial penalty notice—see section 394D (3).
ground for financial penalty—see section 394B.
minor contravention means conduct by a licensed insurer that constitutes a ground for financial penalty that does not involve a serious contravention.
serious contravention means conduct by a licensed insurer that constitutes a ground for financial penalty that involves any of the following:
dishonest or misleading conduct by the licensed insurer;
underpayment or delay in paying defined benefits by the licensed insurer;
failure by the licensed insurer to ensure protected information is disclosed only in accordance with section 371;
failure by the licensed insurer to comply with an order of the ACAT made for this Act;
anything else prescribed by regulation.
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