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

81   At the end of section 62ZZQ

Add:

Requirement made of judicial manager of general insurer - civil penalty

(8) A judicial manager of a general insurer must comply with a requirement made of the judicial manager under section 62ZZO or subsection 62ZZP(1).

Civil penalty: 200 penalty units.

Requirement made of judicial manager of general insurer - offence

(9) A judicial manager of a general insurer commits an offence if:

(a) the judicial manager does, or refuses or fails to do, an act; and

(b) the doing of the act, or the failure to do the act, results in a contravention of a requirement made under section 62ZZO or subsection 62ZZP(1).

Penalty: 100 penalty units.

(10) An offence against subsection (9) is an indictable offence.

Note: Section 4K (Continuing and multiple offences) of theCrimes Act 1914applies to an offence against subsection (9), so the judicial manager commits an offence for each day that the judicial manager does not comply with a requirement under subsection 62ZZP(1).