Document ID: chunk:federal_register_of_legislation:C2005C00502:clause:1_10
Version: federal_register_of_legislation:C2005C00502
Segment Type: clause
Provision Reference: sch 1 cl 10
Character Range: 9137–10614

10  Bodies corporate and Lloyd's underwriters carrying on insurance business

 (1) A body corporate (other than a Lloyd's underwriter) commits an offence if:
 (a) the body corporate carries on insurance business in Australia; and
 (b) the body corporate is not a general insurer; and
 (c) there is no determination in force under subsection 7(1) that this subsection does not apply to the body corporate (the effect of which is to exempt the body corporate from being authorised under the Act to carry on insurance business).

Maximum penalty: 60 penalty units.

 (2) A Lloyd's underwriter commits an offence if:
 (a) the underwriter carries on any insurance business in Australia; and
 (b) the underwriter does so at any time after section 93 has ceased to have effect; and
 (c) there is no determination in force under subsection 7(1) that this subsection does not apply to the underwriter (the effect of which is to exempt the underwriter from being authorised under the Act to carry on insurance business).

Maximum penalty: 60 penalty units.

 (3) An offence against this section is an offence of strict liability.

Note 1: For strict liability, see section 6.1 of the Criminal Code.

Note 2: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 3: If a body corporate is convicted of an offence against this section, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty above.