Registered debt agreement administrator to maintain insurance
186HA Registered debt agreement administrator to maintain insurance
A person who is a registered debt agreement administrator must maintain:
adequate and appropriate professional indemnity insurance; and
adequate and appropriate fidelity insurance;
against the liabilities that the person may incur working as a registered debt agreement administrator.
A person commits an offence if:
the person is subject to a requirement under subsection (1); and
the person intentionally or recklessly fails to comply with the requirement.
Penalty: 1,000 penalty units.
A person commits an offence of strict liability if:
the person is subject to a requirement under subsection (1); and
the person fails to comply with the requirement.
Penalty for contravention of this subsection: 60 penalty units.
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