Commonwealth Consolidated Acts

INSURANCE ACT 1973 - SECT 25

  (1)   A person is a disqualified person if, at any time:

  (a)   the person has been convicted of an offence against or arising out of:

  (i)   this Act; or

  (ii)   the Financial Sector (Collection of Data) Act 2001 ; or

  (iia)   the Financial Accountability Regime Act 2023 ; or

  (iii)   the Corporations Act 2001 , the Corporations Law that was previously in force, or any law of a foreign country that corresponds to that Act or to that Corporations Law; or

  (b)   the person has been convicted of an offence against or arising out of a law in force in Australia, or the law of a foreign country, if the offence concerns dishonest conduct or conduct relating to a financial sector company (within the meaning of the Financial Sector (Shareholdings) Act 1998 ); or

  (c)   in a case where the person is an individual:

  (i)   the individual has been or becomes bankrupt; or

  (ii)   the individual has applied to take the benefit of a law for the relief of bankrupt or insolvent debtors; or

  (iii)   the individual has compounded with his or her creditors; or

  (d)   in a case where the person is a corporate agent:

  (i)   the corporate agent knows, or has reasonable grounds to suspect, that a person who is, or is acting as, a director or senior manager of the corporate agent is a disqualified person; or

  (ii)   a receiver, or a receiver and manager, has been appointed in respect of property owned by the corporate agent; or

  (iii)   an administrator has been appointed in respect of the corporate agent; or

  (iv)   a provisional liquidator has been appointed in respect of the corporate agent; or

  (v)   the corporate agent has begun to be wound up; or

  (f)   the Federal Court of Australia has disqualified the person under section   25A.

Note:   The Federal Court of Australia may determine that a person is not a disqualified person (see section   26).

  (2)   A reference in subsection   (1) to a person who has been convicted of an offence includes a reference to a person in respect of whom an order has been made relating to the offence under:

  (a)   section   19B of the Crimes Act 1914 ; or

  (b)   a corresponding provision of a law of a State, a Territory or a foreign country.

  (3)   Nothing in this section affects the operation of Part   VIIC of the Crimes Act 1914 (which includes provisions that, in certain circumstances, relieve persons from the requirement to disclose spent convictions and require persons aware of such convictions to disregard them).