Bankruptcy Amendment (Debt Agreement Reform) Act 2018 (118 of 2018)

Schedule 3 Registered debt agreement administrators

Insert:

Subdivision BA - Insurance

186HA Registered debt agreement administrator to maintain insurance

(1) A person who is a registered debt agreement administrator must maintain:

(a) adequate and appropriate professional indemnity insurance; and

(b) adequate and appropriate fidelity insurance;

against the liabilities that the person may incur working as a registered debt agreement administrator.

(2) A person commits an offence if:

(a) the person is subject to a requirement under subsection (1); and

(b) the person intentionally or recklessly fails to comply with the requirement.

Penalty: 1,000 penalty units.

(3) A person commits an offence of strict liability if:

(a) the person is subject to a requirement under subsection (1); and

(b) the person fails to comply with the requirement.

Penalty for contravention of this subsection: 60 penalty units.