166Imposition of civil penalty on or censure of licensed insurer

#### 166 Imposition of civil penalty on or censure of licensed insurer 166 Imposition of civil penalty on or censure of licensed insurer > > (1) If the Authority is satisfied that a licensed insurer has contravened its licence or this Act or the regulations or the Insurance Industry Deed, the Authority may, instead of suspending the insurer’s licence— > > > > > (a) impose a civil penalty on the insurer not exceeding $50,000, or > > > > > (b) issue a letter of censure to the insurer. > > > (2) Before imposing a civil penalty, the Authority is required to refer the matter to a special committee for advice and to consider any advice provided by the committee. > > > (3) Any such special committee— > > > > > (a) is to comprise the Chairperson of the Board of the Authority, a nominee of the Insurance Council of Australia Limited and another member nominated jointly by the Authority and that Council, and > > > > > (b) is required to give the licensed insurer concerned an opportunity to make written submissions with respect to the alleged contravention, but is not required to conduct a hearing into the matter. > > > > If that Council fails to make a nomination for the purposes of constituting any such special committee within the time required by the Authority, the Minister may make that nomination on its behalf. > > > (4) A civil penalty that has been imposed under this section may be recovered by the Authority in a court of competent jurisdiction as a debt due to the Authority. > > > (5) A civil penalty that is paid or recovered is payable into the Motor Accidents Operational Fund. > > **s 166:** Am 2012 No 54, Sch 3.1 \[5\]; 2015 No 19, Sch 7 \[7\] \[13\].