Offences—insurer to give periodic returns, documents and information
465 Offences—insurer to give periodic returns, documents and information
A licensed insurer commits an offence if the insurer—
must give the MAI commission information, or a periodic return or document, under section 462 (Licensed insurers must give information to MAI commission); and
does not give the MAI commission the information, or the periodic return or document.
Maximum penalty: 100 penalty units.
Penalties imposed under this Act must be paid into the nominal defendant fund (see s 330).
A licensed insurer commits an offence if the insurer—
must give the MAI commission information, or a periodic return or document, under section 462; and
does not give the MAI commission the information, or the periodic return or document—
in the way or time stated by regulation under section 462; or
in the way or time stated by the MAI commission in a notice under section 464.
Maximum penalty: 100 penalty units.
Penalties imposed under this Act must be paid into the nominal defendant fund (see s 330).
It is a defence to a prosecution for an offence against this section if the defendant proves that it was not in the defendant’s power to comply with a request or requirement under section 462.
This Act’s bill:Explanatory statementSecond reading speech
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