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Contents (1987 - 70)
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Workers Compensation Act 1987 No 70
Current version for 25 March 2020 to date (accessed 5 April 2020 at 07:41)
Part 7 Division 3 Section 190
190   Notification to Authority of certain defaults in relation to insurers
(cf former s 28 (1) (b))
(1)  In this section—
insurer means a licensed insurer, a former licensed insurer, a self-insurer or a scheme agent.
(2)  An insurer (being a corporation) shall notify the Authority in writing of any of the following events or things within 21 days after the event or thing happens (whether within or outside the State)—
(a)  any default by the licensee or a related corporation in the payment of principal or interest under any debenture issued by the licensee or corporation,
(b)  the appointment of a liquidator, receiver or manager of the property of the licensee or a related corporation,
(c)  that the licensee or a related corporation has resolved by special resolution that it be wound up voluntarily or by a court,
(d)  that a person claiming to be a creditor by assignment or otherwise of the licensee or a related corporation for a sum exceeding $1,000 then due has served on the licensee or corporation by leaving at its registered office a demand requiring the licensee or corporation to pay the sum so claimed to be due, and the licensee or corporation has for 3 weeks thereafter failed to pay the sum or to secure or compound for it to the satisfaction of the person claiming to be a creditor,
(e)  the return unsatisfied in whole or part of execution or other process issued on a judgment, decree or order of any court in favour of a creditor of the licensee or a related corporation,
(f)  the receipt by the licensee or a related corporation or the giving, or causing to be given, by the licensee or corporation, of any bidder’s statement or target’s statement within the meaning of the Corporations Act 2001 of the Commonwealth,
(g)  the making of an order by any court for the winding-up of the licensee or a related corporation,
(h)  the receipt by the licensee or a related corporation of any notice of an application for an order by any court for the winding-up of the licensee or corporation.
Maximum penalty—100 penalty units.