Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 49F

  (1)   A general insurer commits an offence if:

  (a)   APRA requires the insurer to appoint an actuary under section   49E; and

  (b)   the insurer:

  (i)   fails to do so within the time required by that section; or

  (ii)   if the insurer is required under subsection   49E(4) to appoint a different actuary--fails to appoint that actuary within the time required by that subsection.

Penalty:   100 penalty units.

  (2)   A general insurer commits an offence if:

  (a)   APRA requires the insurer to appoint an actuary under section   49E; and

  (b)   the insurer:

  (i)   fails to do so within the time required by that section; or

  (ii)   if the insurer is required under subsection   49E(4) to appoint a different actuary--fails to appoint that actuary within the time required by that subsection.

This is an offence of strict liability.

Penalty:   60 penalty units.

Note 1:   For strict liability , see section   6.1 of the Criminal Code .

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

Note 3:   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.