Commonwealth Numbered Acts

Insurance Amendment Act 1983 No. 129 of 1983 - SECT 9

9. Section 21 of the Principal Act is repealed and the following section is
substituted: Certain persons not to carry on insurance business

''21. (1) Subject to this Act, a person other than a body corporate or a
Lloyd's underwriter who carries on insurance business is, in respect of each
day during which he so carries on insurance business (including the day of a
conviction under this sub-section or any subsequent day), guilty of an offence
punishable on conviction by a fine not exceeding $2,000.

''(2) Subject to this Act, a body corporate that carries on insurance business
without being authorized under this Act to do so is, in respect of each day
during which it so carries on insurance business (including the day of a
conviction under this sub-section or any subsequent day), guilty of an offence
punishable on conviction by a fine not exceeding $20,000.

''(3) A Lloyd's underwriter who carries on insurance business at any time
after Part VII has ceased to have effect is, in respect of each day during
which he so carries on insurance business (including the day of a conviction
under this sub-section or any subsequent day), guilty of an offence punishable
on conviction by a fine not exceeding $2,000.''.