Document ID: chunk:federal_register_of_legislation:C2005C00502:clause:1_47
Version: federal_register_of_legislation:C2005C00502
Segment Type: clause
Provision Reference: sch 1 cl 47
Character Range: 56807–58322

47  Exemption from requirement to appoint actuary

 (1) APRA may determine in writing that one or more general insurers is exempt from the requirement under paragraph 39(1)(b) to appoint an actuary.

 (1A) An exemption under subsection (1) may be subject to one or more conditions specified by APRA in the determination.

 (2) APRA must give a copy of a determination under subsection (1) to each general insurer to whom it applies.

 (2A) APRA must obtain the Treasurer's written agreement before making a determination under subsection (1).

 (3) The prudential standards may specify that a class of general insurers is exempt from the requirement in paragraph 39(1)(b) to appoint an actuary.

 (4) An exemption under subsection (3) may be subject to one or more conditions specified in the prudential standards.

 (5) A general insurer commits an offence if:
 (a) the insurer does, or fails to do, an act; and
 (b) doing or failing to do the act results in a contravention of a condition of the insurer's exemption under subsection (1) or (3).

Maximum penalty: 60 penalty units.

 (6) An offence against subsection (5) is an offence of strict liability.

Note 1: For strict liability, see section 6.1 of the Criminal Code.

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

Note 3: 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.