Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - SECT 23

  (1)   A company commits an offence if:

  (a)   the company does an act or fails to do an act; and

  (b)   doing the act or failing to do the act results in a contravention of a condition of the company's registration under section   21; and

  (c)   there is no determination in force under section   7A that this subsection does not apply to the company .

Penalty:   300 penalty units.

  (2)   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.

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

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