Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 (76 of 2023)
Schedule 4 Insurance
Part 6 Other amendments
Insurance Act 1973
113 After section 28
Insert:
28A Commencement and cessation of insurance business
(1) A person commits an offence if:
(a) the person is a general insurer; and
(b) the person becomes aware that the person has started to carry on insurance business in Australia; and
(c) the person does not tell APRA of the date on which the person started to carry on insurance business in Australia:
(i) in writing; and
(ii) within 7 days after the date on which the person becomes aware that the person had started to carry on insurance business in Australia.
Penalty: 50 penalty units.
(2) A person commits an offence if:
(a) the person is a general insurer; and
(b) the person becomes aware that the person has ceased to carry on insurance business in Australia; and
(c) the person does not tell APRA of the date on which the person ceased to carry on insurance business in Australia:
(i) in writing; and
(ii) within 7 days after the date on which the person becomes aware that the person has ceased to carry on insurance business in Australia.
Penalty: 50 penalty units.