251Cessation of business and cancellation of registration by the insurer

#### 251 Cessation of business and cancellation of registration by the insurer 251 Cessation of business and cancellation of registration by the insurer > > (1) A registered insurer who ceases to write insurance business in New South Wales must— > > > > > (a) give written notice of that fact to the Chief Commissioner, and > > > > > (b) lodge the return required to be lodged under this Part, and > > > > > (c) pay the duty payable in connection with the return on or before the twenty-first day of the month after which the notice is given. > > > > Maximum penalty—100 penalty units. > > > > Note. > > > > An offence against subsection (1) committed by a corporation is an executive liability offence attracting executive liability for a director or other person involved in the management of the corporation—see section 121 of the [Taxation Administration Act 1996](/view/html/inforce/current/act-1996-097). > > > (2) The notice cancels the insurer’s registration under this Part on the day on which it is received by the Chief Commissioner. > > **s 251:** Am 2012 No 97, Sch 1.9 \[4\].