Clause 15

by deleting the word “registered” in subsections (1), (4) and (5) and substituting in each case the word “licensed”;

by inserting, immediately after the word “prescribe” in subsection (2), the words “or specify in directions”;

by inserting, immediately after the words “under this Act” in subsection (3), the words “, or directions made under subsection (1) or (2),”;

by deleting the words “in any case in which the value or amount is required by this section to be determined in accordance with valuation regulations” in subsection (3)(a);

by deleting the words “subsection (1) or (4)” in subsection (5) and substituting the words “subsection (1) or any direction of the Authority under subsection (4)”; and

by inserting, immediately after subsection (5), the following subsection:“(6) Any licensed insurer which contravenes subsection (1) or fails to comply with a direction of the Authority under subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction.”.