(1) In this section
—
indemnify means indemnify wholly or partly;
insurance policy includes any contract of
insurance.
(2) An insurance
policy is of no effect to the extent that, apart from this subsection, it
would indemnify a person for the person’s liability to pay a fine for an
offence against this Act.
(3) A person ( A )
must not —
(a)
enter into, or offer to enter into, an insurance policy that purports to
indemnify a person for the person’s liability to pay a fine for an
offence against this Act; or
(b)
indemnify, or offer to indemnify, another person for the other person’s
liability to pay a fine for an offence against this Act; or
(c) be
indemnified, or agree to be indemnified, by another person for A’s
liability to pay a fine for an offence against this Act; or
(d) pay
to another person, or receive from another person, an indemnity for a fine for
an offence against this Act.
Penalty for this subsection:
(a) for
an individual, a fine of $51 000;
(b) for
a body corporate, a fine of $255 000.