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Part 3Levy
Returns, records, and information: Records

94Levy payers and insurance intermediaries must keep records for 7 years

  1. A person specified in subsection (2) must keep the records specified in subsection (3) for a period of at least 7 years after the end of the calendar year to which the records relate.

  2. The persons are—

  3. levy payers:
    1. every insurance intermediary who arranges a contract of insurance.

      1. The records are—

      2. a copy of every contract of insurance entered into or arranged by the person:
        1. a record of every payment of levy made by the person:
          1. any other information that the person is required to keep under regulations made under section 141.

            1. A person who knowingly, and without reasonable excuse, contravenes subsection (1) commits an offence and is liable on conviction,—

            2. in the case of an individual, to a term of imprisonment not exceeding 2 months or to a fine not exceeding $25,000, or both:
              1. in any other case, to a fine not exceeding $50,000.

                1. In this section, arrange has the same meaning as in section 2(1) of the Insurance Intermediaries Act 1994.