Document ID: chunk:federal_register_of_legislation:C2025C00167:section:186ha
Version: federal_register_of_legislation:C2025C00167
Segment Type: section
Provision Reference: s 186HA
Character Range: 636191–637117

186HA  Registered debt agreement administrator to maintain insurance
 (1) A person who is a registered debt agreement administrator must maintain:
 (a) adequate and appropriate professional indemnity insurance; and
 (b) adequate and appropriate fidelity insurance;
against the liabilities that the person may incur working as a registered debt agreement administrator.
 (2) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (1); and
 (b) the person intentionally or recklessly fails to comply with the requirement.
Penalty: 1,000 penalty units.
 (3) A person commits an offence of strict liability if:
 (a) the person is subject to a requirement under subsection (1); and
 (b) the person fails to comply with the requirement.
Penalty for contravention of this subsection: 60 penalty units.

Subdivision C—Surrender and cancellation of registration as a debt agreement administrator