Corporations Act 2001
A scheme's responsible entity or a related body corporate must not pay, or agree to pay, a premium in respect of a contract insuring a person who is or has been a member of the scheme's compliance committee against a liability:
(a) incurred by the person as a member; and
(b) arising out of conduct involving a wilful breach of a duty referred to in section 601JD. 601JG(2) [ Contract void]
If subsection (1) is contravened, the contract is void in so far as it insures the person against the liability.601JG(3) [ Costs and expenses in defending proceedings]
Subsections (1) and (2) do not apply to a liability for costs and expenses incurred by a person in defending proceedings, whether civil or criminal and whatever their outcome.601JG(4) [ ``pay'']
In this section:
pay includes pay indirectly through one or more interposed entities.