Information and records as to business etc to be supplied to Authority by insurers
189 Information and records as to business etc to be supplied to Authority by insurers
(cf former ss 28, 30B)
In this section—
insurer means a licensed insurer, a former licensed insurer, a self-insurer or a former self-insurer, and includes a scheme agent.
The Authority may require an insurer—
to disclose to the Authority specified information relating to the business and financial position of the insurer or of any corporation which is a related corporation, or
to forward to the Authority, or make available for inspection, specified records, or copies or extracts from specified records, kept by the insurer or by any corporation which is a related corporation.
A requirement under this section—
shall be made in writing and served on the insurer, and
shall specify the manner in which and the time within which the requirement is to be complied with.
The manner in which a requirement is to be complied with may include the supply to the Authority of a certificate by a registered tax agent, a registered company auditor (within the meaning of the Corporations Act 2001 of the Commonwealth) or an actuary approved by the Authority as to the correctness of any specified information or specified records (or copies of or extracts from specified records).
Unless the insurer satisfies the court that it is not within its power to comply with the requirement, an insurer who fails to comply with the requirement is guilty of an offence and liable to a penalty not exceeding 100 penalty units.
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