New South Wales Consolidated Acts

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DUTIES ACT 1997 - SECT 251

Cessation of business and cancellation of registration by the insurer

251 Cessation of business and cancellation of registration by the insurer

(1) A registered insurer who ceases to write insurance business in New South Wales must--
(a) give written notice of that fact to the Chief Commissioner, and
(b) lodge the return required to be lodged under this Part, and
(c) pay the duty payable in connection with the return on or before the twenty-first day of the month after which the notice is given.
: Maximum penalty--100 penalty units.
Note : An offence against subsection (1) committed by a corporation is an executive liability offence attracting executive liability for a director or other person involved in the management of the corporation--see section 121 of the Taxation Administration Act 1996 .
(2) The notice cancels the insurer's registration under this Part on the day on which it is received by the Chief Commissioner.



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