114Returns by licensed insurers and self-insurers

114 Returns by licensed insurers and self-insurers

(1)  [Section 114 Subsection (1) substituted by No. 99 of 2000, s. 66, Applied:01 Jul 2001] Every licensed insurer and self-insurer is to provide the Board with such returns, at such times and in such manner, as the Board determines.

(2)  A licensed insurer or self-insurer –

(a) who fails to furnish a return that the licensed insurer or self-insurer is required to furnish under this section;

(b) [Section 114 Subsection (2) amended by No. 99 of 2000, s. 66, Applied:01 Jul 2001] who fails to furnish such a return within such time and in such manner as the Board determines; or

(c) who, in such a return, makes a statement that is false or misleading in a material particular –

is guilty of an offence and is liable on summary conviction to a fine not exceeding 20 penalty units.

(3)  Every licensed insurer and self-insurer shall keep such records as may be prescribed in the regulations.

(4)  A licensed insurer or self-insurer who fails to comply with subsection (3) is guilty of an offence and is liable on summary conviction to a fine not exceeding 20 penalty units.

(5)  [Section 114 Subsection (5) inserted by No. 99 of 2000, s. 66, Applied:01 Jul 2001] For the purposes of this Division, the Crown in right of this State, is taken to be a self-insurer.