55Compliance by insurers

#### 55 Compliance by insurers 55 Compliance by insurers > > (1) It is a condition of an insurer’s licence that the insurer must comply with the requirements of this Chapter. > > > (2) If the Authority is satisfied that an insurer has persistently or repeatedly failed to comply with the requirements of this Chapter without reasonable excuse, the Authority can do any of the following— > > > > > (a) cancel or suspend the insurer’s licence, > > > > > (b) impose a pecuniary penalty of up to an amount that is equivalent to 100 penalty units, > > > > > (c) amend the terms or conditions of the insurer’s licence (for example by the inclusion of a condition providing for increased supervision of the insurer by the Authority), > > > > > (d) issue a letter of censure to the insurer. > > > (3) Before the Authority takes action under this section, the Authority must give the insurer concerned an opportunity to make submissions to the Authority regarding the proposed action. The Authority is to consider any submissions so made. > > > (4) If the Authority then decides to take the proposed action or other action authorised by this section, the Authority is to give the insurer written notice of the action. Any action taken by the Authority under this section takes effect when notice of it is given to the insurer or on such later date as the notice may provide. > > > (5) The Authority may, at any time, terminate or reduce a period of suspension of an insurer’s licence. > > > (6) A pecuniary penalty imposed on an insurer under this section may be recovered by the Authority in a court of competent jurisdiction as a debt due to the Crown. > > > (7) The Authority is to monitor compliance by insurers with the requirements of this Chapter.