Certain insurers and MDOs to keep additional records
40 Certain insurers and MDOs to keep additional records
Records to be kept
An insurer or MDO that applies for an IBNR indemnity must keep records that are relevant to the following matters:
determining its IBNR exposure as at the end of a financial year;
any other matter specified in the rules.
Failure to keep the records is an offence (see section 47).
Records to be retained for certain period
The records must be retained for a period of 5 years (or any other period specified in the rules) starting on the day on which the records were created.
Failure to retain the records is an offence (see section 47).
Rules regarding additional matters
Rules made for the purposes of paragraph (1)(e) must not commence earlier than 14 days after the day on which the rules are registered on the Federal Register of Legislation.
This Act’s bill:Explanatory memorandumSecond reading speech
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