158Applications for licences

#### 158 Applications for licences 158 Applications for licences (cf s 101 MAA) > > (1) An application for a licence under this Part may be made to the Authority by any corporation authorised under the [Insurance Act 1973](http://www.legislation.gov.au/) of the Commonwealth to carry on insurance business. > > > (2) A corporation is not competent to make an application unless it is a party to the Insurance Industry Deed. > > > (3) An application is to be in such form and accompanied by such documents— > > > > > (a) as may be prescribed by the regulations, and > > > > > (b) subject to any such regulations, as may be determined by the Authority. > > > (4) Without affecting the generality of subsection (3), an applicant for a licence may be required to furnish the following particulars and documents— > > > > > (a) particulars of the shareholders, directors and other managers of the applicant, > > > > > (b) previous returns and accounts under the [Corporations Law](/view/html/inforce/current/sl-1999-0703), the [Corporations Act 2001](http://www.legislation.gov.au/) of the Commonwealth and the [Insurance Act 1973](http://www.legislation.gov.au/) of the Commonwealth, > > > > > (c) particulars of re-insurance arrangements to which the applicant is a party, > > > > > (d) a draft business plan under section 173. > > > (5) A person who, in or in connection with an application for a licence, makes a statement knowing that it is false or misleading in a material particular is guilty of an offence. > > > > Maximum penalty—50 penalty units or imprisonment for 12 months, or both. > > **s 158:** Am 2001 No 34, Sch 4.37 \[1\].