40DMandatory notification

40D Mandatory notification

40D Mandatory notification

(1) The regulations may make provision for or with respect to requiring a scheme participant to notify the Authority of any contravention of this Act of which the scheme participant becomes aware. Any such requirement is a mandatory notification requirement.

(2) Each of the following is a scheme participant—

(a) an insurer,

(b) any specified person, or person of a specified class, on whom functions are conferred by this Act.

(3) A mandatory notification requirement may apply in relation to all or any specified class of insurers.

(4) Without limiting subsection (1), the regulations may—

(a) provide for the form and manner in which notification is to be given, and

(b) provide for when the notification is to be given, and

(c) provide for the information required to be notified, and

(d) provide for any further requirements relating to the notification (such as a requirement to provide further information or answer questions).

ch 2, pt 7 (ss 40A–40D): Ins 2018 No 62, Sch 4 [2].