Commonwealth Consolidated Acts

INSURANCE CONTRACTS ACT 1984 - SECT 75B

Application for order

  (1)   ASIC may apply to a relevant court for an order that a person, who is alleged to have contravened a civil penalty provision, pay the Commonwealth a pecuniary penalty.

  (2)   ASIC must make the application within 6 years of the alleged contravention.

Court may order person to pay pecuniary penalty

  (3)   If a declaration has been made under section   75A that the person has contravened the provision, the court may order the person to pay to the Commonwealth a pecuniary penalty that the court considers is appropriate (but not more than the amount specified in section   75C).

  (4)   An order under subsection   (3) is a pecuniary penalty order .

Determining pecuniary penalty

  (5)   In determining the pecuniary penalty, the court must take into account all relevant matters, including:

  (a)   the nature and extent of the contravention; and

  (b)   the nature and extent of any loss or damage suffered because of the contravention; and

  (c)   the circumstances in which the contravention took place; and

  (d)   whether the person has previously been found by a court (including a court in a foreign country) to have engaged in any similar conduct.