MOTOR ACCIDENT INSURANCE ACT 1994 - SECT 72 Information to be provided by insurers

MOTOR ACCIDENT INSURANCE ACT 1994 - SECT 72

72 Information to be provided by insurers

(1) A licensed insurer must immediately inform the commission if—

(a) the insurer or a related body corporate fails to make a payment of principal or interest required under any debenture or security issued by the insurer or the related body corporate; or

(b) a liquidator, receiver or receiver and manager of property of the insurer or a related body corporate is appointed; or

(c) the insurer or a related body corporate resolves to be wound up; or

(d) another event happens of a nature prescribed by regulation.

(2) The commission may require a licensed insurer—

(a) to disclose to the commission, within the time allowed by the commission, specified information about the business or the financial position of the insurer or a related body corporate; or

(b) to give to the commission, within the time allowed by the commission, copies of specified documents.

(3) A requirement under subsection (2) must be made in writing and must state the time within which the requirement must be complied with.

(4) If a requirement under subsection (2) is not complied with, the insurer commits an offence.

Penalty—

Maximum penalty—300 penalty units.

(5) In this section—


"licensed insurer" includes a body corporate formerly licensed under this Act.