New South Wales Consolidated Acts New South Wales Consolidated Acts(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.