Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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 .