Commonwealth Consolidated Acts

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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.

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