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LIFE INSURANCE ACT 1995 - SECT 245A

Court power of disqualification

  (1)   On application by APRA, the Federal Court of Australia may, by order, disqualify a person from being or acting as someone referred to in subsection   (2), for a period that the Court considers appropriate, if the Court is satisfied that:

  (a)   the person is not a fit and proper person to be or act as such a person; and

  (b)   the disqualification is justified.

  (2)   For the purposes of subsection   (1), the Court may disqualify a person from being or acting as a director, principal executive officer, appointed actuary or auditor of:

  (a)   a particular company, or body corporate, registered under this Act; or

  (b)   a class of companies, or bodies corporate, registered under this Act; or

  (c)   any company, or body corporate, registered under this Act.

  (3)   In deciding whether it is satisfied as mentioned in paragraph   (1)(a), the Court may take into account:

  (a)   any matters specified in the regulations for the purposes of this paragraph; and

  (b)   any criteria for fitness and propriety specified in the prudential standards; and

  (c)   any other matters the Court considers relevant.

  (4)   In deciding whether the disqualification is justified as mentioned in paragraph   (1)(b), the Court may have regard to:

  (a)   if the application is for the person to be disqualified from being or acting as a director or principal executive officer--the person's conduct in relation to the management, business or property of any corporation; and

  (b)   if the application is for the person to be disqualified from being or acting as an appointed actuary or auditor--the person's conduct in relation to the functions or duties of an actuary or auditor under this Act; and

  (c)   in any case--any other matters the Court considers relevant.

  (5)   As soon as practicable after the Court disqualifies a person under this section, APRA must cause particulars of the disqualification:

  (a)   if the person is, or is acting as, a director, principal executive officer, appointed actuary or auditor of a company, or body corporate, registered under this Act--to be given to the company, or body corporate, concerned; and

  (b)   to be published in the Gazette .


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