455Default penalty where failure to provide full and true disclosure

455 Default penalty where failure to provide full and true disclosure (a) the Authority gives a notice of adjustment of premium under section 473; and (b) the notice states an amount of premium that is different from any premium that was previously calculated for the employer for the premium period to which the notice relates; and (c) the Authority is satisfied that the premium was miscalculated because the employer or a person acting on behalf of the employer failed to provide full and true disclosure to the Authority in respect of matters relevant to the calculation of the premium— the employer, upon being given the notice adjustment of premium under this section and a notice of penalty, is liable to pay a default penalty of an amount equal to the difference between the premium stated in the notice of adjustment and the premium that was previously calculated as payable by the employer. (2) The amount of the default penalty imposed under subsection (1) is increased by 20 per cent if, after the Authority commences a review under section 461 or 472, the employer, or a person acting on behalf of the employer, took steps to prevent or hinder the Authority from properly calculating the premium payable by the employer. (3) A default penalty under this section is due and payable within 28 days after the date of the notice of adjustment of premium. (4) The Authority may remit the whole or any part of a default penalty imposed under this section.