BANKRUPTCY ACT 1966 - SECT 186HA Registered debt agreement administrator to maintain insurance

BANKRUPTCY ACT 1966 - SECT 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.

  (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.