Document ID: chunk:federal_register_of_legislation:C2005C00497:clause:5_35a
Version: federal_register_of_legislation:C2005C00497
Segment Type: clause
Provision Reference: sch 5 cl 35A
Character Range: 55416–56609

35A  Notice of breach of prudential standard

 (1) A general insurer, an authorised NOHC or a subsidiary of a general insurer or of an authorised NOHC commits an offence if:
 (a) it becomes aware of:
 (i) a breach by it of a prudential standard; or
 (ii) any other matter or occurrence that materially affects its financial position; and
 (b) it fails to notify APRA, as soon as practicable, in writing of the breach or of the other matter or occurrence, as the case may be.

Penalty: 200 penalty units.

 (2) If an individual:
 (a) commits an offence against subsection (1) 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 against subsection (1);
he or she is punishable, on conviction, by a fine not exceeding 40 penalty units.

 (3) A notification given to APRA of a matter mentioned in paragraph (1)(a) 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 general insurer, the authorised NOHC or the subsidiary, as the case may be.