New South Wales Consolidated Acts

STATE EMERGENCY SERVICE ACT 1989 - SECT 24Q

24Q Returns by insurance companies

(1) An insurance company must during September in each financial year, or at such other time during the financial year as the Director-General may notify in the Gazette, submit to the Director-General:

(a) a return in the approved form showing the total amount of premiums received by or due to the company for the previous financial year in respect of the insurance against loss of or damage to any property in the State under the classes of policies specified in Schedule 2, and

(b) a certificate in the approved form from an auditor.

(2) An insurance company that ceases to receive, and to be entitled to receive, any premiums in respect of which it would have been required by this section to submit a return must, within 30 days, notify the Director-General accordingly in writing.

(3) If a notification under subsection (2) is received by the Director-General:

(a) before 31 March in a financial year-the company is not discharged from its liability to pay any unpaid instalments of its advance payment under section 24M for that year, or

(b) on or after 31 March in a financial year-the company is not discharged from its liability to pay any unpaid instalments of its advance payment for that year or its advance payment for the next financial year.

(4) An insurance company is guilty of an offence if it:

(a) fails to lodge a return or notify the Director-General as required by this section, or

(b) lodges a return under this section that is false or misleading in a material particular.

Maximum penalty (subsection (4)):

(a) under paragraph (a)-1 penalty unit for each day the default continues, or

(b) under paragraph (b)-20 penalty units.