Document ID: chunk:federal_register_of_legislation:C2025C00157:section:49a:p3
Version: federal_register_of_legislation:C2025C00157
Segment Type: section
Provision Reference: s 49A (pt 3/3)
Character Range: 138473–139497

subsection (6) if:
 (a) a director or senior manager of the insurer, NOHC or subsidiary informs the person that the insurer, NOHC or subsidiary has informed APRA in writing of the failure; and
 (b) the person has no reason to disbelieve the director or senior manager.
Note: The defendant bears an evidential burden in relation to the matters in subsection (10). See subsection 13.3(3) of the Criminal Code.

Offence in relation to subsections (5) and (10)
 (11) A person commits an offence if:
 (a) the person is a director or senior manager of a general insurer, an authorised NOHC or a subsidiary of a general insurer or authorised NOHC; and
 (b) the person knows that there are reasonable grounds for believing a thing referred to in subsection (2) or (6); and
 (c) the person informs an auditor or the actuary of the insurer, NOHC or subsidiary that the insurer, NOHC or subsidiary has informed APRA in writing of the thing; and
 (d) the insurer, NOHC or subsidiary has not done so.
Penalty: Imprisonment for 12 months.