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

Jimmy-T · 2025-05-07T08:05:08+10:00

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?

This topic has 1 reply, 1 voice, and was last updated 2 weeks, 2 days ago by .

Creator

Topic
07/05/2025 at 8:00 am #79264
Mailbox
Flatchatter
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?
Creator

Topic

Viewing 1 replies (of 1 total)

Author

Replies
07/05/2025 at 8:05 am #79266
Jimmy-T
Keymaster
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?

The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.
Author

Replies

Viewing 1 replies (of 1 total)

You must be logged in to reply to this topic.

MenuMenu

The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.