Document ID: chunk:federal_register_of_legislation:C2005C00502:clause:1_49q
Version: federal_register_of_legislation:C2005C00502
Segment Type: clause
Provision Reference: sch 1 cl 49Q
Character Range: 75015–75771

49Q  Keeping of accounting records

 (1) The accounting records that a general insurer keeps for the purposes of this Act (including the prudential standards) must be kept:
 (a) in Australia; and
 (b) in writing in the English language or in a form in which they are readily accessible and readily convertible into writing in the English language.

 (2) A general insurer commits an offence if the insurer contravenes this section.

Maximum penalty: 200 penalty units.

Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2: 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.