(1) If the Authority is satisfied that a person who is or was a licensed insurer or self-insurer has contravened its licence or this Act or the regulations, the Authority may--(a) impose a civil penalty on the person not exceeding $50,000, or(b) issue a letter of censure to the person.
(2) Before imposing a civil penalty, the Authority is required to give the person concerned an opportunity to make written submissions with respect to the alleged contravention, but is not required to conduct a hearing into the matter.
(3) A civil penalty that has been imposed under this section may be recovered by the Authority in a court of competent jurisdiction as a debt due to the Crown.
(5) The Authority may cause a letter of censure issued by it under this section to be published.
(6) A civil penalty that is paid or recovered is payable into the Workers Compensation Operational Fund.