Insurance Act 1973

The accounting records that a general insurer keeps for the purposes of this Act (including the prudential standards) must be kept:

in writing:

in the English language; or

in a form in which the records are readily accessible and readily convertible into writing in the English language; and

either:

in Australia; or

if APRA gives written approval and the insurer meets the conditions (if any) specified in the approval—in another country specified in the approval.

The approval may be given subject to specified conditions.

A general insurer must notify APRA, in the approved form, of the address where the insurer’s accounting records are kept:

if, immediately before the commencement of this subsection, the insurer has an authorisation under section 12—within 28 days after that commencement; or

otherwise—within 28 days after the insurer is granted an authorisation under that section.

If:

a general insurer has notified APRA of the address where the insurer’s accounting records are kept; and

the insurer moves the accounting records to a new address;

The notification must be given within 28 days after the day on which the accounting records are moved to the new address.

A general insurer commits an offence if the insurer contravenes subsection (1).

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.

Part VI applies to the following decisions:

a refusal to give an approval under paragraph (1)(b);

a decision to give the approval subject to conditions.