Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.5 - COMPENSATION REGIMES FOR FINANCIAL MARKETS  

Division 4 - NGF Compensation regime  

Subdivision B - Claims for and payment of compensation  

SECTION 888J   THE SEGC MAY ENTER INTO CONTRACTS OF INSURANCE OR INDEMNITY  

888J(1)   [ Power to enter into contracts of indemnity and insurance]  

The SEGC may enter into a contract with a person (the insurer ) carrying on a fidelity insurance business under which the SEGC will be insured or indemnified against liability in respect of claims to the extent and in the manner provided by the contract.

888J(2)   [ Scope of indemnity or insurance]  

The contract may relate to all claims or only to certain claims as specified in the contract. The contract may, for example, exclude claims relating to the conduct of a particular financial services licensee.

888J(3)   [ Qualified privilege]  

The following persons each have qualified privilege in respect of the publication of a statement that the contract does not apply with respect to claims relating to the conduct of a particular financial services licensee:


(a) the SEGC and the members of its board;


(b) any body corporate that is a member of the SEGC;


(c) any subsidiary of such a member;


(d) any employee of a body covered by paragraph (a), (b) or (c).

888J(4)   [ Claimant's rights against insurer]  

A person who has made a claim does not have a right of action against the insurer in respect of the contract or a right or claim in respect of money paid by the insurer in accordance with the contract.


 

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