Full legislation
s.13AD
Restrictions on acting as directors of authorized insurers in contravention of section 13AC
(1)
A person appointed as a director of an authorized insurer in contravention of
section 13AC(1)
must not act or continue to act as such a
director.
(2)
A person appointed as a director of an authorized insurer must not continue to
act as such a director after the date specified in the notice served on the person
under
section 13AC(7)
.
(3)
A person who contravenes subsection (1) or (2) commits an offence and is
liable—
(a)
to a fine of $200,000 and, in the case of an individual, also to
imprisonment for 2 years; and
(b)
in the case of a continuing offence, to a further fine of $2,000 for each
day during which the offence continues.