Document ID: chunk:federal_register_of_legislation:C2010C00544:clause:1_132a:p2
Version: federal_register_of_legislation:C2010C00544
Segment Type: clause
Provision Reference: sch 1 cl 132A (pt 2/2)
Character Range: 116025–118020

which the breach indicates that the life company's arrangements to ensure compliance with this Act or with the prudential standards might be inadequate;
 (d) the actual or potential financial loss arising or that will arise from the breach:
 (i) to the owners of policies issued by the life company; or
 (ii) to the life company;
 (e) any matters prescribed by the regulations for the purposes of this paragraph.

Offence in relation to matters requiring notice as soon as practicable

 (6) A life company commits an offence if the life company contravenes subsection (4).

Penalty: 200 penalty units.

Defence if auditor or actuary notifies breach

 (7) Subsection (6) does not apply to a life company in relation to a breach or matter referred to in subsection (4) if:
 (a) the auditor or appointed actuary of the life company gives APRA a written report about the breach or matter; and
 (b) the report is given before, or within 10 business days after, the life company becomes aware of the breach or matter.

Note 1: Auditors and appointed actuaries must give APRA certain information under sections 88 and 98, and may give APRA information under sections 88A and 98A.

Note 2: The defendant bears an evidential burden in relation to the matters in subsection (7). See subsection 13.3(3) of the Criminal Code.

Ancillary offences

 (8) If an individual:
 (a) commits an offence under subsection (2) or (6) because of Part 2.4 of the Criminal Code; or
 (b) commits an offence under Part 2.4 of the Criminal Code in relation to an offence under subsection (2) or (6);
the individual is punishable on conviction by a fine not exceeding 40 penalty units.

Limits on information to be provided

 (9) A notice or report given under subsection (1) or (4) must not include information, books, accounts or documents with respect to the affairs of an individual insured person, unless the information, books, accounts or documents are in respect of prudential matters relating to the life company.