Document ID: chunk:federal_register_of_legislation:C2025C00135:section:245:p1
Version: federal_register_of_legislation:C2025C00135
Segment Type: section
Provision Reference: s 245 (pt 1/3)
Character Range: 473990–476618

245  Disqualified persons not to be directors, principal executive officers etc. of life companies
 (1) For the purposes of this Act, a person is a disqualified person if, at any time:
 (a) the person has been convicted of an offence against this Act, the repealed Life Insurance Act 1945 or the Financial Accountability Regime Act 2023; or
 (b) the person has been convicted of an offence against any other law of the Commonwealth or a law of a State, a Territory or a foreign country, being an offence in respect of:
 (i) conduct relating to insurance; or
 (ii) dishonest conduct; or
 (c) the person has:
 (i) become bankrupt; or
 (ii) applied to take the benefit of a law for the relief of bankrupt or insolvent debtors; or
 (iii) compounded with his or her creditors; or
 (d) the Federal Court of Australia has disqualified the person under section 245A.
 (2) A person commits an offence if:
 (a) the person is a disqualified person; and
 (b) the person is or acts as:
 (i) a director of a company, or body corporate, registered under this Act; or
 (ii) a principal executive officer of a company, or body corporate, registered under this Act; or
 (iii) an appointed actuary of a company registered under section 21; or
 (iv) an auditor of a company, or body corporate, registered under this Act; and
 (c) for a person who is a disqualified person only because he or she was disqualified under section 245A—the person is disqualified from being or acting as that director, principal executive officer, actuary or auditor (as the case requires).
Penalty: Imprisonment for 2 years.
 (3) A person commits an offence if:
 (a) the person is a disqualified person; and
 (b) the person is or acts as:
 (i) a director of a company, or body corporate, registered under this Act; or
 (ii) a principal executive officer of a company, or body corporate, registered under this Act; or
 (iii) an appointed actuary of a company registered under section 21; or
 (iv) an auditor of a company, or body corporate, registered under this Act; and
 (c) for a person who is a disqualified person only because he or she was disqualified under section 245A—the person is disqualified from being or acting as that director, principal executive officer, actuary or auditor (as the case requires).
Penalty: 60 penalty units.
 (4) Subsection (3) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.
 (5) A company or body corporate commits an offence if:
 (a) the company or body corporate is registered under this Act; and
 (b) a person is a disqualified person; and
 (c) the person is or acts as:
 (i) a