Superannuation Industry (Supervision) Legislation Amendment Act 1995 (144 of 1995)

Schedule 1   AMENDMENT OF THE INSURANCE ACT 1973

1   After section 129B

Insert:

Bodies corporate must comply with determinations of the Superannuation Complaints Tribunal

"129C.(1) A body corporate authorised to carry on insurance business under this Act must comply with any determinations made in respect of it by the Superannuation Complaints Tribunal as a result of it being joined under section 18 of the Superannuation (Resolution of Complaints) Act 1993 as a party to a complaint under section 14 of that Act against a trustee in respect of a decision relating to a death benefit or a disability benefit.

"(2) In this section:

Superannuation Complaints Tribunal means the Superannuation Complaints Tribunal established under section 6 of the Superannuation (Resolution of Complaints) Act 1993.

Injunctions

"129D.(1) If a body corporate authorised to carry on insurance business under this Act has engaged, is engaging, or proposes to engage, in any conduct in contravention of section 129C, the Federal Court of Australia may grant an injunction:

(a) restraining the body corporate from engaging in the conduct; or

(b) if the Court thinks it desirable to do so, requiring the body corporate to do a particular act.

"(2) If a body corporate authorised to carry on insurance business under this Act has refused or failed, or is proposing to refuse or fail, to do an act that the body corporate is required under section 129C to do, the Federal Court of Australia may grant an injunction requiring the body corporate to do the act.

"(3) An injunction under subsection (1) or (2) may only be granted on the application of the Commissioner.

"(4) The Court may grant an interim injunction pending the determination of an application.

"(5) The Court may vary or discharge an injunction granted under subsection (1) or (2).

"(6) The Commissioner cannot be required, as a condition of the grant of the interim injunction, to give an undertaking as to damages.

"(7) The power of the Court to grant an injunction restraining a body corporate from engaging in conduct may be exercised:

(a) whether or not it appears to the Court that the body corporate intends to engage again, or to continue to engage, in conduct of that kind; and

(b) whether or not the body corporate has previously engaged in conduct of that kind.

"(8) The power of the Court to grant an injunction requiring a body corporate to do an act may be exercised whether or not it appears to the Court that the body corporate intends to refuse or fail again, or to continue to refuse or fail, to do that act.

"(9) The powers conferred on the Court by this section are in addition to, and not in derogation of, any other powers of the Court.".