Records relating to collection of Fund levies
10.19 Records relating to collection of Fund levies
A licensed insurer must keep such accounting and other records in relation to Fund levies collected by the insurer under this Division—
as may be prescribed by the regulations, and
subject to the regulations, as may be directed by the Authority by notice served on the insurer.
The regulations may prescribe the manner in which collection of Fund levies is to be accounted for in any such records.
A licensed insurer must lodge with the Authority returns in relation to Fund levies collected by the insurer under this Division in such form, containing such particulars and accompanied by such documents—
as may be prescribed by the regulations, and
subject to the regulations, as may be directed by the Authority by notice served on the insurer.
Returns must be lodged at such other times as may be prescribed by the regulations or, subject to the regulations, at such times as the Authority, by notice served on the insurer, directs.
The Authority may require returns, and documents accompanying returns, to be certified by an auditor or by an actuary.
A licensed insurer who contravenes any requirement imposed on the insurer by or under this section is guilty of an offence.
Maximum penalty—100 penalty units.
The Authority may make publicly available a copy of any return, and any documents accompanying a return, under this section.
This provision refers to the regulations (prescribed by the regulations
, the regulations
, The regulations may prescribe
). Made under this Act:
This Act’s bill:Explanatory memorandumSecond reading speech
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