When can responsible entity pay insurance premiums for compliance committee members?
(1) 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. (2) If subsection (1) is contravened, the contract is void in so far as it insures the person against the liability. (3) 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. (4) In this section: pay includes pay indirectly through one or more interposed entities.
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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