Bankruptcy Act 1966
View history note
Hide history noteA 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.
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