Financial Sector Legislation Amendment (Prudential Refinements and Other Measures) Act 2010 (82 of 2010)

Schedule 2   Amendment of the Insurance Act 1973

Part 1   Amendments

52   Section 62ZD

Repeal the section, substitute:

62ZD Request by APRA for information

(1) APRA may require a judicial manager, by written notice given to the judicial manager, to give APRA information about one or more of the following matters:

(a) the conduct of the judicial management;

(b) the financial position of the general insurer under judicial management;

(c) a matter that APRA considers will enable APRA to perform APRA's functions under Part VC.

(2) The notice must specify a reasonable period within which the information must be given to APRA.

(3) A judicial manager commits an offence if:

(a) APRA requires the judicial manager to give APRA information under subsection (1); and

(b) the judicial manager refuses or fails to give the information.

Penalty: Imprisonment for 6 months or 100 penalty units, or both.

(4) A judicial manager commits an offence if:

(a) APRA requires the judicial manager to give APRA information under subsection (1); and

(b) the judicial manager refuses or fails to give the information.

Penalty: 60 penalty units.

(5) An offence against subsection (4) is an offence of strict liability.

Note: For strict liability, see section 6.1 of theCriminal Code.