New South Wales Consolidated Acts New South Wales Consolidated Acts(cf s 177 MACA)
(1) The Authority may appoint an appropriately qualified person to audit or inspect, and report to the Authority on, the accounting and other records relating to the business or financial position of a licensed insurer, including accounting and other records relating to--(a) the manner in which its third-party funds and other funds are invested, or(b) compliance with this Act (including any guideline under this Act).
(2) A person so appointed is (if directed to do so by the Authority) to report to the Authority on whether the licensed insurer is carrying out its third-party insurance business effectively, economically and efficiently.
(3) A person so appointed is, for the purpose of exercising any functions under this section, entitled to inspect the accounting and other records of the licensed insurer.
(4) A licensed insurer must provide all reasonable assistance to enable the exercise of those functions.
(5) A person must not wilfully obstruct or delay a person exercising a function under this section.
(6) A person exercising functions under this section has qualified privilege in proceedings for defamation in respect of any statement that the person makes orally or in writing in the course of the exercise of those functions.
(7) A licensed insurer or another person who contravenes any requirement imposed on the insurer or other person by or under this section is guilty of an offence.: Maximum penalty--500 penalty units.
(8) The Authority may from time to time carry out an audit to determine the profitability of a licensed insurer and for that purpose may exercise the functions of a person appointed under subsection (1). The Authority is to report on any such audit to the Board of the Authority and to the Minister, on a confidential basis.
(9) In this section,
"accounting records" has the same meaning as in section 9.21.