Offence—licensed insurer to keep accounts
406 Offence—licensed insurer to keep accounts
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.
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.
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).
This provision refers to the regulations (prescribed by regulation
). Made under this Act:
- Motor Accident Injuries (Acat Costs Orders) Regulation 2020 · under s 492
- Motor Accident Injuries (Insurer Information Collection) Regulation 2020 · under s 492
- Motor Accident Injuries (Lawyer Information Collection) Regulation 2021 · under s 492
1 more instrument made under this Act are listed on the Act’s overview.
This Act’s bill:Explanatory statementSecond reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.