49FOffence for contravening section 49E

49F Offence for contravening section 49E

(1) A general insurer commits an offence if: (a) APRA requires the insurer to appoint an actuary under section 49E; and (b) the insurer: (i) fails to do so within the time required by that section; or (ii) if the insurer is required under subsection 49E(4) to appoint a different actuary—fails to appoint that actuary within the time required by that subsection.

Penalty: 100 penalty units.

(2) A general insurer commits an offence if: (a) APRA requires the insurer to appoint an actuary under section 49E; and (b) the insurer: (i) fails to do so within the time required by that section; or (ii) if the insurer is required under subsection 49E(4) to appoint a different actuary—fails to appoint that actuary within the time required by that subsection. This is an offence of strict liability.

Penalty: 60 penalty units.

Note 1: For strict liability, see section 6.1 of the Criminal Code.

Note 2: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 3: If a body corporate is convicted of an offence against this section, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty above.