Document ID: chunk:federal_register_of_legislation:C2023A00076:clause:2_28a
Version: federal_register_of_legislation:C2023A00076
Segment Type: clause
Provision Reference: sch 2 cl 28A
Character Range: 292851–293894

28A  Commencement and cessation of insurance business
 (1) A person commits an offence if:
 (a) the person is a general insurer; and
 (b) the person becomes aware that the person has started to carry on insurance business in Australia; and
 (c) the person does not tell APRA of the date on which the person started to carry on insurance business in Australia:
 (i) in writing; and
 (ii) within 7 days after the date on which the person becomes aware that the person had started to carry on insurance business in Australia.
Penalty: 50 penalty units.
 (2) A person commits an offence if:
 (a) the person is a general insurer; and
 (b) the person becomes aware that the person has ceased to carry on insurance business in Australia; and
 (c) the person does not tell APRA of the date on which the person ceased to carry on insurance business in Australia:
 (i) in writing; and
 (ii) within 7 days after the date on which the person becomes aware that the person has ceased to carry on insurance business in Australia.
Penalty: 50 penalty units.