125Secretary may require information about insurance policies

125 Secretary may require information about insurance policies

125 Secretary may require information about insurance policies

(1) The Secretary may direct a person that issues insurance policies to registration holders in relation to registered work (registration holder policies) to give the Secretary information about the policies.

(2) The direction may require the following information about registration holder policies or particular classes of registration holder policies issued by the person to be given to the Secretary—

(a) the terms of the policies,

(b) the premiums payable,

(c) the number of policies issued,

(d) the registration holders to whom policies have been issued,

(e) the number and value of claims made under the policies,

(f) other information prescribed by the regulations.

(3) The direction must be given in writing.

(4) A direction may specify a time within which the information must be given.

(5) A person given a direction must comply with the direction.

Maximum penalty for subsection (5)—500 penalty units.