Topic: Can SMs be fined $1.1m for failing to provide insurance quotes?

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07/05/2025 at 8:00 am #79264 Reply | Quote
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Breaches of s166 of SSMA 2015 could have a maximum 500 penalty units. Sch 5 of SSMR 2016 provides the penalty per unit is $2,200 for a corporation. That means the maximum penalty for breaches of s166 is $1.1 millions, is that right?
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07/05/2025 at 8:05 am #79266 Reply
Jimmy-T
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The maximum fine of $2,200 is for a breach of Section 71. The maximum fine for a breach of S166 is $110,000 (500 x $220).
Still a hefty deterrent for small firms or serial miscreants… except the Act says they have to provide three quotes or a written reason why they didn’t do so. How hard would that be?

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Reply To: Can SMs be fined $1.1m for failing to provide insurance quotes?

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