MOTOR ACCIDENT INSURANCE ACT 1994 - SECT 72A Declarations from licensed insurer

MOTOR ACCIDENT INSURANCE ACT 1994 - SECT 72A

72A Declarations from licensed insurer

(1) The commission may by notice in writing require the chief executive officer or another appropriate officer of a licensed insurer, or both, to give the commission within a reasonable period a declaration for the period to which the notice relates—

(a) that the licensed insurer has complied with section 96 (1) ; and

(b) that the licensed insurer has not established or treated the cost of any inducement to which section 96 (2) (c) or (3) (b) applies as a cost, expense or charge under or against the insurer’s CTP insurance policies or CTP business generally; and

(c) that the licensed insurer has complied with section 97 (5) .

(2) The commission may require the declaration to be given on an annual basis or in relation to a particular period, as stated by the commission in the notice.

(3) A person of whom the declaration is required must be a resident of Australia.

(4) A person of whom the declaration is required—

(a) must give the declaration as required, unless the person has a reasonable excuse; and

(b) must not make a false declaration.

Penalty—

Maximum penalty—300 penalty units.

(5) In this section—


"appropriate officer of the licensed insurer" means an officer of the licensed insurer who the commission considers is appropriate to provide the declaration.