Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

LIFE INSURANCE ACT 1995 - SECT 246B

Protection from liability--directions and secrecy

  (1)   An action, suit or proceeding (whether criminal or civil) does not lie against a person in relation to anything done, or omitted to be done, in good faith by the person if:

  (a)   the person does the thing, or omits to do the thing, for the purpose of any of the following:

  (i)   complying with a direction under this Act given by APRA to a body corporate;

  (ii)   complying with section   231A (secrecy) in relation to a direction under this Act given by APRA to a body corporate; and

  (b)   it is reasonable for the person to do the thing, or to omit to do the thing, in order to achieve that purpose; and

  (c)   the person is any of the following:

  (i)   an officer or senior manager of the body corporate, or of a member of a relevant group of bodies corporate of which the body corporate is also a member;

  (ii)   an employee or agent of the body corporate, or of a member of a relevant group of bodies corporate of which the body corporate is also a member;

  (iii)   the body corporate or a member of a relevant group of bodies corporate of which the body corporate is also a member.

  (2)   For the purposes of paragraph   (1)(b), treat it as reasonable for a person to do a thing, or to omit to do a thing, in order to achieve a purpose unless no reasonable person in that person's position would do the thing, or omit to do the thing, in order to achieve that purpose.

  (3)   In this section:

"employee" of a body corporate includes a person engaged to provide advice or services to the body corporate.

"officer" has the meaning given by section   9 of the Corporations Act 2001 .


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback