Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - SECT 76A

Records must be kept in Australia etc.

  (1)   A life company must keep any records that the company is required to keep under section   75 or 76, or under section   286 of the Corporations Act 2001 :

  (a)   in writing:

  (i)   in the English language; or

  (ii)   in a form in which the records are readily accessible and readily convertible into writing in the English language; and

  (b)   either:

  (i)   in Australia; or

  (ii)   if APRA gives written approval and the company meets the conditions (if any) specified in the approval--in another country specified in the approval.

  (2)   APRA's approval may be given subject to specified conditions.

Notification of address where records are kept

  (3)   If a life company becomes registered under this Act, the company must give APRA notice, in accordance with section   8A and subsection   (3A) of this section, of the address where the company's records mentioned in subsection   (1) of this section are kept.

  (3A)   The notice under subsection   (3) must be given within 28 days after the day on which the company becomes registered under this Act.

  (4)   If:

  (a)   a life company has given APRA notice under subsection   (3) or this subsection; and

  (b)   the company begins to keep the company's records mentioned in subsection   (1) at a new address; and

  (c)   the company is registered under this Act;

the company must give APRA notice, in accordance with section   8A and subsection   (5) of this section, of the new address.

  (5)   The notice under subsection   (4) must be given within 28 days after the day on which the company begins to keep the records at the new address.

Offence

  (6)   A life company commits an offence if the company contravenes subsection   (1).

Penalty:   200 penalty units.

  (7)   A life company commits an offence if the company contravenes subsection   (3) or (4).

Penalty:   100 penalty units.