Bankruptcy Act 1966

PART IX - DEBT AGREEMENTS  

Division 8 - Registration of debt agreement administrators etc.  

Subdivision BA - Insurance  

SECTION 186HA   REGISTERED DEBT AGREEMENT ADMINISTRATOR TO MAINTAIN INSURANCE  

186HA(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.

186HA(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.

186HA(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.