Commonwealth Consolidated Acts

INSURANCE ACQUISITIONS AND TAKEOVERS ACT 1991 - SECT 52

    If:

  (a)   a person or company carries out a trigger proposal; and

  (b)   if subparagraph   51(a)(i) applies--the person did not, before entering into the agreement, give to the Minister a notice in accordance with section   17A stating the person's intention to enter into the agreement; and

  (c)   if subparagraph   51(a)(ii) applies--the company did not, before the alteration, give to the Minister a notice in accordance with section   17A stating the proposal to make the alteration; and

  (d)   either:

  (i)   the person or company knew that the proposal concerned was a trigger proposal; or

  (ii)   the person or company had reasonable grounds to suspect that the proposal concerned was a trigger proposal but did not make all reasonable efforts to ascertain whether it was a trigger proposal;

the person or company commits an offence punishable on conviction by imprisonment for a period not exceeding 2 years.

Note:   Subsection   4B(2) of the Crimes Act 1914 allows a court to impose an appropriate fine instead of, or in addition to, a term of imprisonment. If a body corporate is convicted of an offence, subsection   4B(3) of that Act allows a court to impose a fine of an amount that is not greater than 5 times the maximum fine that could be imposed by a court on an individual convicted of the same offence.