Full legislation
s.41W
Requirement to transfer records on revocation or suspension
(1)
If the authorization of an authorized insurer is revoked or suspended under
this Division, the Authority may, by notice in writing, require the insurer to
transfer to a policy holder of the insurer a copy of the records relating to the
policy holder’s assets or affairs, held at any time for the policy holder as
specified in the notice.
(2)
A
person who, without reasonable excuse, fails to
comply
with a requirement imposed on the person under subsection (1) commits an offence and
is liable to a fine of $200,000 and to imprisonment for 2 years.