43Licensee ceases to hold insurance

43 Licensee ceases to hold insurance (1) If a licensee ceases to be covered by the professional indemnity insurance required under section 41— (a) the licensee must immediately notify the Authority and the Director of that fact; and (b) the licensee's licence is suspended for the period for which the licensee is not covered by that insurance. (2) A licensee who fails to notify the Authority and the Director in accordance with subsection (1)(a) when required to do so by that subsection is guilty of an offence and liable to a penalty not exceeding— (a) in the case of a natural person, 240 penalty units; (b) in the case of a company, 1200 penalty units.