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INSURANCE CONTRACTS ACT 1984 - SECT 11C

Supervisory powers--ASIC may obtain insurance documents

  (1)   ASIC may, for any purpose connected with the general administration of the relevant legislation, by notice in writing given to an insurer, require the insurer to give to ASIC, within 30 days of receipt of the notice, or such longer period as is specified in the notice, copies of:

  (a)   documents specified in the notice relating to insurance cover provided, or proposed to be provided, by the insurer; or

  (b)   documents relating to insurance cover of a kind specified in the notice provided, or proposed to be provided, by the insurer.

  (2)   An insurer must not fail, without reasonable excuse, to comply with the requirements of a notice under subsection   (1).

Penalty:   150 penalty units.

Note:   For the liability of a director, employee or agent of an insurer, see section   11DA.

  (2A)   An offence against subsection   (2) is a strict liability offence.

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

  (3)   Subsection   (1) does not require an insurer to give to ASIC any document dealing with the insurance cover provided to a particular person unless:

  (a)   that person, or another person having an entitlement to claim under that insurance cover, has given a written authorisation to ASIC permitting ASIC to require the giving of that document; and

  (b)   ASIC has given a copy of the authorisation to the insurer with the notice.

Note:   A defendant bears an evidential burden in relation to the matters in subsection   (3), see subsection   13.3(3) of the Criminal Code .

  (4)   It is a reasonable excuse for an insurer to refuse or fail to comply with the requirements of a notice under subsection   (1) if to do so would tend to incriminate the insurer.

Note:   A defendant bears an evidential burden in relation to the matters in subsection   (4) (see subsection   13.3(3) of the Criminal Code .



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