New South Wales Consolidated Acts

MOTOR ACCIDENT INJURIES ACT 2017 - SECT 9.26

9.26 Notification to Authority of certain defaults in relation to insurers

(cf s 181 MACA)

(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 9.9 (3) (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.