Document ID: chunk:federal_register_of_legislation:C2025C00173:section:95
Version: federal_register_of_legislation:C2025C00173
Segment Type: section
Provision Reference: s 95
Character Range: 121434–122568

95  Notice of contravention of prudential standards or of other matters that materially affect financial position
 (1) A private health insurer commits an offence if:
 (a) the insurer becomes aware of:
 (i) a contravention by it of a prudential standard, other than a contravention that is merely of a minor or technical nature; or
 (ii) any other matter or occurrence that materially affects its financial position; and
 (b) the insurer fails to notify APRA, as soon as practicable, in writing of the contravention or of the other matter or occurrence.
Penalty: 30 penalty units.
Note: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.
 (2) A notification given to APRA of a matter referred to in paragraph (1)(a) must not include personal information relating to a person insured under a complying health insurance product that is referable to a health benefits fund conducted by the insurer, unless the information relates to prudential matters relating to the insurer.

Division 3—Directions