34AASIC may direct an insurance intermediary to provide information

##### 34A ASIC may direct an insurance intermediary to provide information (1) If, in ASIC’s opinion, an insurance intermediary: (a) has not met the ordinary obligations of an insurance intermediary as set out in decision‑making principles in force under section 41A; or (b) is not meeting those obligations; or (c) is not likely to be able to meet those obligations; ASIC may direct an insurance intermediary, or a director, employee or agent of the insurance intermediary, to do all or any of the following: (d) to provide ASIC with such information as ASIC requires; (e) to attend and give evidence before ASIC or an authorised officer; (f) to produce to ASIC any documents in the custody or under the control of the person; for the purpose of enabling ASIC to investigate all or any of the matters mentioned in paragraphs (a), (b) and (c). (2) ASIC may direct that: (a) the information or answers to questions be given either orally or in writing; and (b) the information or answers to questions be verified or given on oath or affirmation. (3) ASIC or an authorised officer may administer the oath or affirmation. (4) The oath to be taken or affirmation to be made by a person for the purposes of this section is an oath or affirmation that the information or answers the person will give will be true. (5) The regulations may prescribe scales of expenses to be allowed to persons who are required to attend under this section. (6) If: (a) information is provided to ASIC under paragraph (1)(d) in a document; or (b) evidence is given to ASIC under paragraph (1)(e) in a document; or (c) a document is produced to ASIC under paragraph (1)(f); ASIC may inspect, audit, examine, make copies of, or take extracts from any such document. (7) A person must not, without reasonable excuse, fail to comply with a requirement under subsection (1). Penalty: 30 penalty units. (8) It is a reasonable excuse for a person to refuse or fail to provide information, to answer a question or to produce a document on the ground that to do so would tend to incriminate the person. (10) If documents are produced to ASIC: (a) ASIC may retain possession of the documents for such period as is necessary and reasonable for the purposes of the investigation; and (b) during that period ASIC must permit a person who would be entitled to inspect a document if it were not in ASIC’s possession to inspect that document at any reasonable time.