Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INSURANCE ACT 1973 - SECT 28A

Commencement and cessation of insurance business

  (1)   A person commits an offence if:

  (a)   the person is a general insurer; and

  (b)   the person becomes aware that the person has started to carry on insurance business in Australia; and

  (c)   the person does not tell APRA of the date on which the person started to carry on insurance business in Australia:

  (i)   in writing; and

  (ii)   within 7   days after the date on which the person becomes aware that the person had started to carry on insurance business in Australia.

Penalty:   50 penalty units.

  (2)   A person commits an offence if:

  (a)   the person is a general insurer; and

  (b)   the person becomes aware that the person has ceased to carry on insurance business in Australia; and

  (c)   the person does not tell APRA of the date on which the person ceased to carry on insurance business in Australia:

  (i)   in writing; and

  (ii)   within 7   days after the date on which the person becomes aware that the person has ceased to carry on insurance business in Australia.

Penalty:   50 penalty units.


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback