190Notification to Authority of certain defaults in relation to insurers

#### 190 Notification to Authority of certain defaults in relation to insurers 190 Notification to Authority of certain defaults in relation to insurers (cf former s 28 (1) (b)) > > (1) In this section— > > > > insurer means a licensed insurer, a former licensed insurer, a self-insurer or a scheme agent. > > > (2) An insurer (being a corporation) shall notify the Authority in writing of any of the following events or things within 21 days after the event or thing happens (whether within or outside the State)— > > > > > (a) any default by the licensee or a related corporation in the payment of principal or interest under any debenture issued by the licensee or corporation, > > > > > (b) the appointment of a liquidator, receiver or manager of the property of the licensee or a related corporation, > > > > > (c) that the licensee or a related corporation has resolved by special resolution that it be wound up voluntarily or by a court, > > > > > (d) that a person claiming to be a creditor by assignment or otherwise of the licensee or a related corporation for a sum exceeding $1,000 then due has served on the licensee or corporation by leaving at its registered office a demand requiring the licensee or corporation to pay the sum so claimed to be due, and the licensee or corporation has for 3 weeks thereafter failed to pay the sum or to secure or compound for it to the satisfaction of the person claiming to be a creditor, > > > > > (e) the return unsatisfied in whole or part of execution or other process issued on a judgment, decree or order of any court in favour of a creditor of the licensee or a related corporation, > > > > > (f) the receipt by the licensee or a related corporation or the giving, or causing to be given, by the licensee or corporation, of any bidder’s statement or target’s statement within the meaning of the [Corporations Act 2001](http://www.legislation.gov.au/) of the Commonwealth, > > > > > (g) the making of an order by any court for the winding-up of the licensee or a related corporation, > > > > > (h) the receipt by the licensee or a related corporation of any notice of an application for an order by any court for the winding-up of the licensee or corporation. > > > > Maximum penalty—100 penalty units. > > **s 190:** Am 1993 No 47, Sch 1; 1994 No 6, Sch 2 (14); 2001 No 34, Sch 4.74 \[5\]; 2003 No 81, Sch 2 \[40\].