125Offence by insurers

125 Offence by insurers (1) A person who is not an approved insurer shall not: (a) advertise or hold himself or herself out to be: (i) an approved insurer; or (ii) a person who undertakes workers compensation insurance business in the Territory; or (b) undertake or offer to undertake workers compensation insurance business in the Territory. Maximum penalty: 430 penalty units. Default maximum penalty: 17 penalty units. (2) All moneys received in respect of the conduct of workers compensation insurance business in the Territory by a person found guilty of an offence against subsection (1) are forfeited to the (3) Nothing in this section affects the liability of a person by or under a contract of insurance or indemnity entered into by him or her.