Insurance Act 1973
28ACommencement and cessation of insurance business
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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.