Motor Accident Injuries Act 2019

A licensed insurer commits an offence if the insurer does not keep the following accounting records and other records for the business or financial position of the insurer:

the records prescribed by regulation;

if the MAI commission directs the insurer, in writing, to keep a record—the records that the insurer is directed to keep.

Maximum penalty: 100 penalty units.

Note Penalties imposed under this Act must be paid into the nominal defendant fund (see s 330).

In this section:

accounting records, of a licensed insurer, include the following:

invoices;

receipts;

orders for the payment of amounts;

bills of exchange;

cheques;

promissory notes;

vouchers and other prime entry documents;

the working papers and other documents that are necessary to explain the methods and calculations by which accounts are made up.

Note A licensed insurer must also comply with the requirements under ch 9 in relation to giving information to the MAI commission (see s 462 and s 465).