Defences
30.—(1)  Where a person is charged with an offence in respect of a contravention of section 26 or 27, it is a defence for the person to prove that —
(a)the person was not aware that the person had contravened section 26 or 27, as the case may be; and
(b)the person has, within 14 days after becoming aware that the person had contravened section 26 or 27 (as the case may be) notified the Authority of the contravention and, within such time as determined by the Authority, taken such actions in relation to the person’s control of the voting power or the person’s shareholding in the licensed insurer concerned as the Authority may direct.
[11/2013]
(2)  Where a person is charged with an offence in respect of a contravention of section 26, it is also a defence for the person to prove that, even though the person was aware of the contravention —
(a)the contravention occurred as a result of an increase in the shareholding as described in section 26(7)(d) of, or in the voting power controlled by, any of the person’s associates described in section 26(7)(c)(i);
(b)the person has no agreement or arrangement, whether oral or in writing and whether express or implied, with that associate with respect to the acquisition, holding or disposal of shares or other interests in, or under which they act together in exercising their voting power in relation to, the licensed insurer concerned; and
(c)the person has, within 14 days after the date of the contravention, notified the Authority of the contravention and, within such time as may be determined by the Authority, taken such action in relation to the person’s control of the voting power or the person’s shareholding in the licensed insurer concerned as the Authority may direct.
[11/2013]
(3)  Except as provided in subsections (1) and (2), it is not a defence for a person charged with an offence in respect of a contravention of section 26 or 27 to prove that the person did not intend to or did not knowingly contravene section 26 or 27, as the case may be.
[29C
[11/2013]