New South Wales Consolidated Acts

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Applications for licences

158 Applications for licences

(cf s 101 MAA)

(1) An application for a licence under this Part may be made to the Authority by any corporation authorised under the Insurance Act 1973 of the Commonwealth to carry on insurance business.
(2) A corporation is not competent to make an application unless it is a party to the Insurance Industry Deed.
(3) An application is to be in such form and accompanied by such documents--
(a) as may be prescribed by the regulations, and
(b) subject to any such regulations, as may be determined by the Authority.
(4) Without affecting the generality of subsection (3), an applicant for a licence may be required to furnish the following particulars and documents--
(a) particulars of the shareholders, directors and other managers of the applicant,
(b) previous returns and accounts under the Corporations Law , the Corporations Act 2001 of the Commonwealth and the Insurance Act 1973 of the Commonwealth,
(c) particulars of re-insurance arrangements to which the applicant is a party,
(d) a draft business plan under section 173.
(5) A person who, in or in connection with an application for a licence, makes a statement knowing that it is false or misleading in a material particular is guilty of an offence.
: Maximum penalty--50 penalty units or imprisonment for 12 months, or both.

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