Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 49L

             (1)  A general insurer must, in accordance with the prudential standards, lodge with APRA:

                     (a)  a section 49J certificate relating to the yearly statutory accounts for each financial year of the insurer; and

                    (aa)  the reports referred to in section 49J; and

                     (b)  the reports referred to in section 49K.

Penalty:  300 penalty units.

          (1A)  If an individual:

                     (a)  commits an offence against subsection (1) because of Part 2.4 of the Criminal Code ; or

                     (b)  commits an offence under Part 2.4 of the Criminal Code in relation to an offence against subsection (1);

he or she is punishable, on conviction, by a fine not exceeding 60 penalty units.

             (2)  An offence against this section is an offence of strict liability.

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.