INSURANCE CONTRACTS ACT 1984 - SECT 75D Pecuniary penalty applicable
INSURANCE CONTRACTS ACT 1984 - SECT 75D
Pecuniary penalty applicablePecuniary penalty applicable to the contravention of a civil penalty provision--by an individual
(1) The pecuniary penalty applicable to the contravention of a civil penalty provision by an individual is the greater of:
(a) the penalty specified for the civil penalty provision; and
(b) if the court can determine the benefit derived and detriment avoided because of the contravention--that amount multiplied by 3.
Pecuniary penalty applicable to the contravention of a civil penalty provision--by a body corporate
(2) The pecuniary penalty applicable to the contravention of a civil penalty provision by a body corporate is the greatest of:
(a) the penalty specified for the civil penalty provision, multiplied by 10; and
(b) if the court can determine the benefit derived and detriment avoided because of the contravention--that amount multiplied by 3; and
(i) 10% of the annual turnover of the body corporate for the 12 - month period ending at the end of the month in which the body corporate contravened, or began to contravene, the civil penalty provision; or
(ii) if the amount worked out under subparagraph (i) is greater than an amount equal to 2.5 million penalty units--2.5 million penalty units.
(3) This section applies in relation to a contravention of a
civil penalty provision by an individual or a body corporate unless there is a
contrary intention under this Act in relation to the penalty applicable to the
contravention. In that case, the penalty applicable is the penalty specified
for the civil penalty provision.