Offence for contravening section 49E
49F Offence for contravening section 49E
A general insurer commits an offence if:
APRA requires the insurer to appoint an actuary under section 49E; and
the insurer:
fails to do so within the time required by that section; or
if the insurer is required under subsection 49E(4) to appoint a different actuary—fails to appoint that actuary within the time required by that subsection.
Penalty: 100 penalty units.
A general insurer commits an offence if:
APRA requires the insurer to appoint an actuary under section 49E; and
the insurer:
fails to do so within the time required by that section; or
if the insurer is required under subsection 49E(4) to appoint a different actuary—fails to appoint that actuary within the time required by that subsection.
This is an offence of strict liability.
Penalty: 60 penalty units.
For strict liability, see section 6.1 of the Criminal Code.
Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
If a body corporate is convicted of an offence against this section, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty above.
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