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

Schedule 3   Amendment of the Life Insurance Act 1995

Part 1   Amendments

30   After section 98A

Insert:

98B Duty of appointed actuary to give information when required

(1) APRA may, by written notice given to a person who is, or was, the appointed actuary of a life company, require the person:

(a) to give APRA information about the life company; or

(b) to produce books, accounts or documents about the life company;

if APRA considers that the giving of the information, or the production of the books, accounts or documents, will assist APRA in performing APRA's functions under this Act or theFinancial Sector (Collection of Data) Act 2001.

(2) The person must comply with the notice and, in doing so, must not give APRA information that is false or misleading.

(3) A person commits an offence if the person contravenes subsection (2).

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

(4) A person commits an offence if the person contravenes subsection (2).

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.