Document ID: chunk:federal_register_of_legislation:F2015L00886:body:0:p2
Version: federal_register_of_legislation:F2015L00886
Segment Type: other
Provision Reference: 
Character Range: 2531–5314

act; and
    (b) doing the act or failing to do the act results in a breach of a condition to which a determination in force under subsection 7(1) is subject; and
(c) the determination applies to the person.

Note 7  Under subsection 7A(2) of the Act, an offence against section 7A is an offence of strict liability. A penalty of 60 penalty units applies or by virtue of subsection 4B(3) of the Crimes Act 1914, in the case of a body corporate, a penalty not exceeding 300 penalty units.

Note 8  Section 128A of the Act applies to an offence under section 7A. Under subsection 128A(2), if APRA considers that a person has done an act or failed to do an act in circumstances that give rise to the commission of an offence to which section 128A applies, APRA may give the person a written notice that APRA considers the person may have committed the offence. Under subsection 128A(3), a person:

    (a) who does an act or fails to do an act in circumstances that give rise to the commission of an offence to which section 128A applies; and
(b) receives a notice under subsection 128A(2) in respect of the offence;

also commits the offence in respect of each day, after the person receives the notice, on which the circumstances that gave rise to the commission of the offence continue (including the day of conviction for the offence or any later day).

Schedule – Conditions imposed on this determination

    1. The general insurer must at all times hold assets in Australia of a value that is equal to or greater than the total amount of its liabilities in Australia (other than its pre-authorisation liabilities).

   2.        For the purposes of condition 1, only the value of the following assets are counted towards the value of the general insurer's assets in Australia:

       (a)          assets which comprise assets in Australia (excluding goodwill and any assets or other amount excluded by the prudential standards for the purposes of section 28 of the Act);

       (b)          reinsurance recoverables due from Lloyd's underwriters under contracts of reinsurance that do not comply with paragraph 116A(1)(c) of the Act, where the liabilities under these contracts are required to be covered by the Lloyd's underwriters under a designated security trust fund; and

       (c)          reinsurance recoverables due from non-APRA-authorised reinsurers under contracts of reinsurance that do not comply with paragraph 116A(1)(c) of the Act and are supported by recognised collateral, guarantees or letters of credit that comply with the requirements in Attachment B of Prudential Standard GPS 114 Capital Adequacy: Asset Risk Charge.

Interpretation

In this Schedule:

designated security trust fund has the meaning given in section 69 of the Act.