201ACivil liability of executive officers

201A Civil liability of executive officers (1) This section applies if the regulator is entitled to recover an amount from a corporation under section 149 (Failure to maintain compulsory insurance policy—regulator entitled to recovery amount) or section 162A (Avoiding payment of premium—regulator entitled to recovery amount). (2) An amount is not recoverable from a corporation if the regulator is satisfied that the amount is unlikely to be recovered by reasonable recovery efforts because the corporation is being wound up or is unable to pay its debts or otherwise. (3) The regulator may recover the amount from an executive officer if the officer was a culpable executive officer at the relevant time. (4) An executive officer is culpable at the relevant time if the officer was an executive officer of the corporation at any time during which the corporation committed the offence to which the entitlement to recover relates. (5) However, an executive officer is culpable only if— (a) the officer knew, or ought reasonably to have known, that the offence was committed; or (b) the officer was in a position to influence the corporation’s conduct in relation to the offence; or (c) the officer, being in a position to influence the conduct of the corporation, failed to exercise appropriate diligence to prevent the corporation committing the offence. (6) If more than 1 executive officer of a corporation is culpable, the culpable executive officers are jointly and severally liable for any amount the regulator may recover under this section. (7) If an amount is recovered from an executive officer under this section, the executive officer may recover the amount from the officer’s corporation. (8) This section does not apply to an amount the regulator is entitled to recover from a corporation in relation to an offence that the corporation committed before the commencement of this section.