25ACourt power of disqualification

25A Court power of disqualification

(1) On application by APRA, the Federal Court of Australia may, by order, disqualify a person from being or acting as a person referred to in subsection (2), for a period that the Court considers appropriate, if the Court is satisfied that: (a) the person is not a fit and proper person to be or act as such a person; and (b) the disqualification is justified. (2) For the purposes of subsection (1), the Court may disqualify a person from being or acting as one or more of the following: (a) a director or senior manager of: (i) a particular general insurer; or (ii) a class of general insurers; or (iii) any general insurer; (other than a particular foreign general insurer, a class of foreign general insurers or any foreign general insurer); (b) a senior manager, or agent in Australia for the purpose of section 118, of: (i) a particular foreign general insurer; or (ii) a class of foreign general insurers; or (iii) any foreign general insurer; (c) a director or senior manager of: (i) a particular authorised NOHC; or (ii) a class of authorised NOHCs; or (iii) any authorised NOHC; (d) a director or senior manager of: (i) a particular corporate agent; or (ii) a class of corporate agents; or (iii) any corporate agent. (3) In deciding whether it is satisfied as mentioned in paragraph (1)(a), the Court may take into account: (a) any matters specified in the regulations for the purposes of this paragraph; and (b) any criteria for fitness and propriety set out in the prudential standards; and (c) any other matters the Court considers relevant. (4) In deciding whether the disqualification is justified as mentioned in paragraph (1)(b), the Court may have regard to: (a) the person’s conduct in relation to the management, business or property of any corporation; and (b) any other matters the Court considers relevant. (5) As soon as practicable after the Court disqualifies a person under this section, APRA must cause particulars of the disqualification: (a) to be given: (i) if the person is, or is acting as, a person referred to in subparagraph (2)(a)(i)—to the general insurer concerned; or (ii) if the person is, or is acting as, a person referred to in subparagraph (2)(b)(i)—to the foreign general insurer concerned; or (iii) if the person is, or is acting as, a person referred to in paragraph (2)(c)(i)—to the authorised NOHC concerned; or (iv) if the person is, or is acting as, a person referred to in paragraph (2)(d)(i)—to the corporate agent concerned, and to any foreign general insurer for which the agent is the corporate agent; and (b) to be published in the Gazette.