Document ID: chunk:federal_register_of_legislation:C2010C00544:clause:1_216
Version: federal_register_of_legislation:C2010C00544
Segment Type: clause
Provision Reference: sch 1 cl 216
Character Range: 111614–112652

216  After subsection 98(2)
Insert:

 (2A) Subsection (2) does not apply to the appointed actuary of a life company in relation to a contravention if:
 (a) a director or senior manager of the life company informs the actuary that the life company has informed APRA in writing of the contravention; and
 (b) the actuary has no reason to disbelieve the director or senior manager.

 (2B) A person commits an offence if:
 (a) the person is a director or senior manager of a life company; and
 (b) the person knows that:
 (i) there are reasonable grounds for believing that the life company or a director of the life company may have contravened this Act or any other Act; and
 (ii) the contravention is of such a nature that it may affect significantly the interests of the owners of policies issued by the company; and
 (c) the person informs the appointed actuary of the life company that the life company has informed APRA in writing of the contravention; and
 (d) the life company has not done so.

Penalty: Imprisonment for 12 months.