Imposition of civil penalty on or censure of licensed insurer
9.10 Imposition of civil penalty on or censure of licensed insurer
If the Authority is satisfied that a licensed insurer has contravened its licence or this Act or the regulations or the Insurance Industry Deed, the Authority may, instead of, or in addition to, suspending the insurer’s licence—
impose a civil penalty on the insurer not exceeding $110,000, or
issue a letter of censure to the insurer.
Before imposing a civil penalty, the Authority must give the licensed insurer a reasonable opportunity to make submissions in relation to the alleged contravention.
(Repealed)
A civil penalty that has been imposed under this section may be recovered by the Authority in a court of competent jurisdiction as a debt due to the Authority.
A civil penalty that is paid or recovered is payable into the Motor Accidents Operational Fund.
This provision refers to the regulations (the regulations
). Made under this Act:
This Act’s bill:Explanatory memorandumSecond reading speech
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