Insurance records
77GA Insurance records
In this section,insurance policies means insurance policies, for prescribed classes of insurance, that an insurance company issues or undertakes liability for.
An insurance company must keep such records relating to its insurance policies as the Commission, by written notice to the company, requires for the purposes of monitoring compliance with this Division. Fine not exceeding 500 penalty units and, in the case of a continuing offence, a further fine not exceeding 5 penalty units for each day during which the offence continues.
An insurance company must, on request, furnish the Commission with a record or a copy of or extract from a record kept under subsection (2) within 21 days after receipt of the request or within such longer period as the Commission, within the 21 days, allows. Fine not exceeding 500 penalty units and, in the case of a continuing offence, a further fine not exceeding 5 penalty units for each day during which the offence continues.
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