NSW ESL
Two additional draft guidelines have been released for consultation (on 16 November 2017):
- Guidelines on the use of enforceable undertakings
- Guidelines on over-collection of ESL (including refund undertakings)
Comments on the draft guidelines are to be sent to the Insurance Monitor at: [email protected] by 4pm of 1 December 2017
The Guidelines provide advice on how to avoid contravening the Act. Substantial penalties exist for contravention of the Act, including penalties of up to $10 million for a body corporate and $500,000 for an individual.
Each of these Guidelines, when finalised, will be issued under section 21 of the Act.
The Monitor proposes to issues both of these Guidelines in early December 2017.
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