Document ID: chunk:federal_register_of_legislation:C2010C00544:clause:1_209
Version: federal_register_of_legislation:C2010C00544
Segment Type: clause
Provision Reference: sch 1 cl 209
Character Range: 106955–107973

209  After subsection 88(2)
Insert:

 (2A) Subsection (2) does not apply to the auditor of a life company in relation to a contravention if:
 (a) a director or senior manager of the life company informs the auditor that the life company has informed APRA in writing of the contravention; and
 (b) the auditor 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 auditor 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.