sec.72Information to be provided by insurers

### sec.72 Information to be provided by insurers A licensed insurer must immediately inform the commission if— the insurer or a related body corporate fails to make a payment of principal or interest required under any debenture or security issued by the insurer or the related body corporate; or a liquidator, receiver or receiver and manager of property of the insurer or a related body corporate is appointed; or the insurer or a related body corporate resolves to be wound up; or another event happens of a nature prescribed by regulation. The commission may require a licensed insurer— to disclose to the commission, within the time allowed by the commission, specified information about the business or the financial position of the insurer or a related body corporate; or to give to the commission, within the time allowed by the commission, copies of specified documents. A requirement under subsection (2) must be made in writing and must state the time within which the requirement must be complied with. If a requirement under subsection (2) is not complied with, the insurer commits an offence. Maximum penalty—300 penalty units. In this section— licensed insurer includes a body corporate formerly licensed under this Act. (sec.72-ssec.1) A licensed insurer must immediately inform the commission if— the insurer or a related body corporate fails to make a payment of principal or interest required under any debenture or security issued by the insurer or the related body corporate; or a liquidator, receiver or receiver and manager of property of the insurer or a related body corporate is appointed; or the insurer or a related body corporate resolves to be wound up; or another event happens of a nature prescribed by regulation. (sec.72-ssec.2) The commission may require a licensed insurer— to disclose to the commission, within the time allowed by the commission, specified information about the business or the financial position of the insurer or a related body corporate; or to give to the commission, within the time allowed by the commission, copies of specified documents. (sec.72-ssec.3) A requirement under subsection (2) must be made in writing and must state the time within which the requirement must be complied with. (sec.72-ssec.4) If a requirement under subsection (2) is not complied with, the insurer commits an offence. Maximum penalty—300 penalty units. (sec.72-ssec.5) In this section— licensed insurer includes a body corporate formerly licensed under this Act. - (a) the insurer or a related body corporate fails to make a payment of principal or interest required under any debenture or security issued by the insurer or the related body corporate; or - (b) a liquidator, receiver or receiver and manager of property of the insurer or a related body corporate is appointed; or - (c) the insurer or a related body corporate resolves to be wound up; or - (d) another event happens of a nature prescribed by regulation. - (a) to disclose to the commission, within the time allowed by the commission, specified information about the business or the financial position of the insurer or a related body corporate; or - (b) to give to the commission, within the time allowed by the commission, copies of specified documents.