Section 186HA — Bankruptcy Act 1966: Registered debt agreement administrator to maintain insurance

(1) A person who is a registered debt agreement administrator must maintain: (a) adequate and appropriate professional indemnity insurance; and (b) adequate and appropriate fidelity insurance; against the liabilities that the person may incur working as a registered debt agreement administrator. (2) A person commits an offence if: (a) the person is subject to a requirement under subsection (1); and (b) the person intentionally or recklessly fails to comply with the requirement. Penalty: 1,000 penalty units. (3) A person commits an offence of strict liability if: (a) the person is subject to a requirement under subsection (1); and (b) the person fails to comply with the requirement. Penalty for contravention of this subsection: 60 penalty units.