New South Wales Consolidated Acts
[Search this Act]
MOTOR ACCIDENTS COMPENSATION ACT 1999 - SECT 166
Imposition of civil penalty on or censure of licensed insurer
166 Imposition of civil penalty on or censure of licensed insurer
(1) If the Authority is satisfied that a licensed insurer has contravened its
licence or this Act or the regulations or the Insurance Industry Deed, the
Authority may, instead of suspending the insurer's licence--
(a) impose a
civil penalty on the insurer not exceeding $50,000, or
(b) issue a letter of
censure to the insurer.
(2) Before imposing a civil penalty, the Authority is
required to refer the matter to a special committee for advice and to consider
any advice provided by the committee.
(3) Any such special committee--
to comprise the Chairperson of the Board of the Authority, a nominee of the
Insurance Council of Australia Limited and another member nominated jointly by
the Authority and that Council, and
(b) is required to give the
licensed insurer concerned an opportunity to make written submissions with
respect to the alleged contravention, but is not required to conduct a hearing
into the matter. If that Council fails to make a nomination for the purposes
of constituting any such special committee within the time required by the
Authority, the Minister may make that nomination on its behalf.
(4) A civil
penalty that has been imposed under this section may be recovered by the
Authority in a court of competent jurisdiction as a debt due to the Authority.
(5) A civil penalty that is paid or recovered is payable into the
Motor Accidents Operational Fund.
AustLII: Copyright Policy