Queensland Consolidated Acts Queensland Consolidated Acts(1) A licensed insurer must immediately inform the commission if--
(a) the insurer or a related body corporate fails to make a payment of principal or interest required under any debenture or security issued by the insurer or the related body corporate; or
(b) a liquidator, receiver or receiver and manager of property of the insurer or a related body corporate is appointed; or
(c) the insurer or a related body corporate resolves to be wound up; or
(d) another event happens of a nature prescribed by regulation.
(2) The commission may require a licensed insurer--
(a) to disclose to the commission, within the time allowed by the commission, specified information about the business or the financial position of the insurer or a related body corporate; or
(b) to give to the commission, within the time allowed by the commission, copies of specified documents.
(3) A requirement under subsection (2) must be made in writing and must state the time within which the requirement must be complied with.
(4) If a requirement under subsection (2) is not complied with, the insurer commits an offence.
Maximum penalty--300 penalty units.
(5) In this section--
licensed insurer includes a body corporate formerly licensed under this Act.