New South Wales Consolidated Acts

MOTOR ACCIDENTS COMPENSATION ACT 1999 - SECT 181

181 Notification to Authority of certain defaults in relation to insurers

(cf s 117 MAA)

(1) A licensed insurer and a former licensed insurer must notify the Authority in writing of the occurrence of any of the events or things referred to in section 165 (paragraphs (a), (e), (j) and (m) excepted) within 21 days after the event or thing happens (whether within or outside the State).

(2) A licensed insurer must notify the Authority in writing of--

(a) a decrease or proposed decrease in the issued capital of the insurer within 21 days after the decrease or proposal to effect the decrease, and

(b) the receipt by the insurer of any bidder's statement or target's statement within the meaning of the Corporations Act 2001 of the Commonwealth.

: Maximum penalty--100 penalty units.