Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 43A

             (1)  A person commits an offence if:

                     (a)  the person is disqualified under section 44; and

                     (b)  the person is or acts as an auditor or actuary of a general insurer; and

                     (c)  the person is disqualified from being or acting as that auditor or actuary (as the case requires).

Penalty:  Imprisonment for 2 years.

             (2)  A person commits an offence if:

                     (a)  the person is disqualified under section 44; and

                     (b)  the person is or acts as an auditor or actuary of a general insurer; and

                     (c)  the person is disqualified from being or acting as that auditor or actuary (as the case requires).

Penalty:  60 penalty units.

             (3)  Subsection (2) is an offence of strict liability.

Note:          For strict liability , see section 6.1 of the Criminal Code .

             (4)  A body corporate commits an offence if:

                     (a)  a person is disqualified under section 44; and

                     (b)  the person is or acts as an actuary or auditor of the body corporate; and

                     (c)  the person is disqualified from being or acting as that actuary or auditor (as the case requires); and

                     (d)  the body corporate allows the person to be or act as an actuary or auditor (as the case requires).

Penalty:  250 penalty units.

             (5)  A body corporate commits an offence if:

                     (a)  a person is disqualified under section 44; and

                     (b)  the person is or acts as an actuary or auditor of the body corporate; and

                     (c)  the person is disqualified from being or acting as that actuary or auditor (as the case requires); and

                     (d)  the body corporate allows the person to be or act as an actuary or auditor (as the case requires).

Penalty:  60 penalty units.

             (6)  Subsection (5) is an offence of strict liability.

Note:          For strict liability , see section 6.1 of the Criminal Code .

             (7)  A failure to comply with this section does not affect the validity of an appointment or transaction.

Note 1:       Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:       If a body corporate is convicted of an offence against this section, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty above.