Commencement and cessation of insurance business
28A Commencement and cessation of insurance business
A person commits an offence if:
the person is a general insurer; and
the person becomes aware that the person has started to carry on insurance business in Australia; and
the person does not tell APRA of the date on which the person started to carry on insurance business in Australia:
in writing; and
within 7 days after the date on which the person becomes aware that the person had started to carry on insurance business in Australia.
Penalty: 50 penalty units.
A person commits an offence if:
the person is a general insurer; and
the person becomes aware that the person has ceased to carry on insurance business in Australia; and
the person does not tell APRA of the date on which the person ceased to carry on insurance business in Australia:
in writing; and
within 7 days after the date on which the person becomes aware that the person has ceased to carry on insurance business in Australia.
Penalty: 50 penalty units.
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