(1) A person commits an offence if—
(a) the person has been an authorised insurer in the business of issuing residential building insurance policies; and
(b) the person ceases to be in that business, or the person's authority to carry on insurance business is cancelled under the Insurance Act 1973 (Cwlth); and
(c) the person fails to notify the construction occupations registrar of the cessation or cancellation within 7 days after the day of cessation or cancellation.
Maximum penalty: 50 penalty units.
(2) An offence under subsection (1) is a strict liability offence.
(3) An authorised insurer must not represent that an insurance policy issued or to be issued by the insurer is complying residential building work insurance if the insurer knows that it is not.
Maximum penalty: 250 penalty units.
(4) On or before 31 July in each year, an authorised insurer must give a written statement to the construction occupations registrar in relation to claims on residential building insurance policies dealt with by the insurer in the financial year ending on the previous 30 June, stating the following:
(a) the number of claims;
(b) the amount of each claim;
(c) the number of claims that were paid;
(d) the amount paid on each claim;
(e) if a claim was rejected—the reason for its rejection.
Maximum penalty: 100 penalty units.
(5) An offence against subsection (4) is a strict liability offence.