INSURANCE CONTRACTS ACT 1984 - SECT 75D Pecuniary penalty applicable

INSURANCE CONTRACTS ACT 1984 - SECT 75D

Pecuniary penalty applicable to the contravention of a civil penalty provision--by an individual

  (1)   The pecuniary penalty applicable to the contravention of a civil penalty provision by an individual is the greater of:

  (a)   the penalty specified for the civil penalty provision; and

  (b)   if the court can determine the benefit derived and detriment avoided because of the contravention--that amount multiplied by 3.

Pecuniary penalty applicable to the contravention of a civil penalty provision--by a body corporate

  (2)   The pecuniary penalty applicable to the contravention of a civil penalty provision by a body corporate is the greatest of:

  (a)   the penalty specified for the civil penalty provision, multiplied by 10; and

  (b)   if the court can determine the benefit derived and detriment avoided because of the contravention--that amount multiplied by 3; and

  (c)   either:

  (i)   10% of the annual turnover of the body corporate for the 12 - month period ending at the end of the month in which the body corporate contravened, or began to contravene, the civil penalty provision; or

  (ii)   if the amount worked out under subparagraph   (i) is greater than an amount equal to 2.5 million penalty units--2.5 million penalty units.

Contrary intention

  (3)   This section applies in relation to a contravention of a civil penalty provision by an individual or a body corporate unless there is a contrary intention under this Act in relation to the penalty applicable to the contravention. In that case, the penalty applicable is the penalty specified for the civil penalty provision.