28ACommencement and cessation of insurance business

#### 28A Commencement and cessation of insurance business (1) A person commits an offence if: (a) the person is a general insurer; and (b) the person becomes aware that the person has started to carry on insurance business in Australia; and (c) the person does not tell APRA of the date on which the person started to carry on insurance business in Australia: (i) in writing; and (ii) within 7 days after the date on which the person becomes aware that the person had started to carry on insurance business in Australia. Penalty: 50 penalty units. (2) A person commits an offence if: (a) the person is a general insurer; and (b) the person becomes aware that the person has ceased to carry on insurance business in Australia; and (c) the person does not tell APRA of the date on which the person ceased to carry on insurance business in Australia: (i) in writing; and (ii) within 7 days after the date on which the person becomes aware that the person has ceased to carry on insurance business in Australia. Penalty: 50 penalty units.