58Protection from liability

58 Protection from liability

(1) Subject to subsection (2), APRA, an APRA member, an APRA staff member, or an agent of APRA, an APRA member or an APRA staff member, is not subject to any liability to any person in respect of anything done, or omitted to be done, in the exercise or performance, or the purported exercise or performance, of powers, functions or duties conferred or imposed on APRA, an APRA member or an APRA staff member by or under:

(a) this Act or another law of the Commonwealth; or

(b) a law of a State or Territory referred to in paragraph 9(b); or

(c) subject to subsection (3), an agreement referred to in paragraph 9(c).

(2) Subsection (1) does not apply to an act or omission in bad faith.

(3) Subsection (1), as it applies in relation to powers, functions or duties conferred or imposed by an agreement referred to in paragraph 9(c), has effect subject to provisions of the agreement referred to in subsection 9A(3) (which allows the agreement to deal with liabilities as between the parties).

(4) Subsection (1) does not limit, and is not limited by, any of the following provisions:

(a) section 14C, 70A or 70AA of the Banking Act 1959;

(b) section 38A, 38B, 62ZOK, 127B or 127C of the Insurance Act 1973;

(c) section 156A, 156B, 179AK, 246A or 246B of the Life Insurance Act 1995;

(d) section 101 or 102 of the Financial Accountability Regime Act 2023.