s 416
In forceOffence—insurer to tell MAI commission about grounds for suspension
Chapter 7MAI insurer licences
Part 7.9MAI insurer licences—supervision
416 Offence—insurer to tell MAI commission about grounds for suspension
A person commits an offence if—
(a)
the person is a licensed insurer or a former licensed insurer; and
(b)
an event or thing mentioned in section 384 (Grounds for licence suspension—other grounds) happens, other than an event or thing mentioned in section 384 (e), (m) or (p); and
(c)
the person does not tell the MAI commission about the event or thing, in writing, within 21 days after the event or thing happens.
Maximum penalty: 100 penalty units.
Note Penalties imposed under this Act must be paid into the nominal defendant fund (see s 330).
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