Final returns to be provided by insurance companies
15 Final returns to be provided by insurance companies
An insurance company must, by 30 September 2017 or another date specified by the Commissioner by notice published in the Gazette, give to the Commissioner—
a return in the form approved by the Commissioner showing the total amount of premiums received by or due to the company for the previous financial year for relevant insurance (a final return), and
a certificate from an auditor that relates to the return and complies with subclause (2).
The certificate from the auditor must—
be in the form approved by the Commissioner, and
be from an auditor who is—
a registered company auditor within the meaning of the Corporations Act 2001 of the Commonwealth, or
a person not resident in the State who has qualifications that, in the Commissioner’s opinion, are appropriate for the giving of the certificate.
An insurance company is guilty of an offence if it—
fails to give the Commissioner a return and certificate as required by this clause, or
gives the Commissioner a return that is false or misleading in a material particular.
Maximum penalty—20 penalty units.
This Act’s bill:Explanatory memorandum
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