Commonwealth Consolidated Acts

INSURANCE CONTRACTS ACT 1984 - SECT 76A

             (1)  A director of a company, or an employee or agent (whether of a corporation or of an individual), who intentionally or recklessly permits or authorises a contravention of this Act by the company, corporation or individual, as the case may be, is guilty of an offence against this Act and, subject to subsection (2), is punishable by the penalty provided in respect of that contravention.

             (2)  If a director of a company, or an individual who is an employee or agent of a corporation, intentionally or recklessly permits or authorises a contravention by the company or corporation, the reference in subsection (1) to the penalty provided in respect of the contravention is a reference to:

                     (a)  the penalty that would apply to an individual in respect of the contravention; or

                     (b)  if there is no penalty provided for an individual--a penalty not exceeding one-fifth of the penalty applying to the company or corporation in respect of the contravention.

             (3)  If:

                     (a)  a company or corporation is the agent of an individual; and

                     (b)  a director of the company, or an employee or agent of the corporation, intentionally or recklessly permits or authorises a contravention of this Act by the company or corporation in its capacity as agent of the individual;

then, despite subsection (1), the offence committed by the company or corporation as agent is punishable by a penalty not exceeding 5 times the penalty applying to the individual.