s 417
In forceOffence—insurer to tell MAI commission of decrease in issued capital
Chapter 7MAI insurer licences
Part 7.9MAI insurer licences—supervision
417 Offence—insurer to tell MAI commission of decrease in issued capital
A person commits an offence if—
(a)
the person is a licensed insurer; and
(b)
there is, or is to be, a decrease in the issued capital of the insurer; and
(c)
the person does not tell the MAI commission about the decrease or proposed decrease, in writing, within 21 days after the decrease or proposal.
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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