Document ID: chunk:federal_register_of_legislation:C2012C00862:clause:3_76a
Version: federal_register_of_legislation:C2012C00862
Segment Type: clause
Provision Reference: sch 3 cl 76A
Character Range: 87188–88723

76A  Keeping records

Records must be kept in Australia etc.
 (1) A life company must keep any records that the company is required to keep under section 75 or 76, or under section 286 of the Corporations Act 2001:
 (a) in writing:
 (i) in the English language; or
 (ii) in a form in which the records are readily accessible and readily convertible into writing in the English language; and
 (b) either:
 (i) in Australia; or
 (ii) if APRA gives written approval and the company meets the conditions (if any) specified in the approval—in another country specified in the approval.
 (2) APRA's approval may be given subject to specified conditions.

Notification of address where records are kept
 (3) A life company must notify APRA, in the approved form, of the address where the company's records are kept:
 (a) if, immediately before the commencement of this section, the company is registered under this Act—within 28 days after that commencement; or
 (b) otherwise—within 28 days after the company is registered under this Act.
 (4) If:
 (a) a life company has notified APRA of the address where the company's records are kept; and
 (b) the company moves the financial records to a new address;
the company must notify APRA, in the approved form, of the new address where the records are kept.
 (5) The notification must be given within 28 days after the day on which the records are moved to the new address.

Offence
 (6) A life company commits an offence if the company contravenes subsection (1).
Penalty: 200 penalty units.