THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.10 - THE NATIONAL GUARANTEE FUND

Division 9 - General provisions relating to claims

SECTION 982   SEGC MAY ENTER INTO CONTRACTS OF INSURANCE OR INDEMNITY  

982(1)  [SEGC may insure]  

SEGC may enter into a contract with a person carrying on fidelity insurance business under which SEGC will be insured or indemnified, to the extent and in the manner provided by the contract, against liability in respect of claims.

982(2)  [Dealers in respect of whom SEGC insured]  

A contract entered into under subsection (1) may relate to dealers generally, particular classes of dealers specified in the contract, particular dealers so specified, or dealers generally with the exclusion of particular classes of dealers, or particular dealers, so specified.

982(3)  [Qualified privilege]  

SEGC, a participating exchange, a member of the Board and any employee of SEGC or of a participating exchange each have qualified privilege in respect of the publication of a statement that a contract entered into under subsection (1) does or does not apply with respect to a dealer.

982(4)  [Claimant has no right against insurer]  

Where SEGC has entered into a contract of insurance or indemnity with an insurer under this section, a person who has made a claim does not have a right of action against the insurer in respect of the contract or a right or claim in respect of money paid by the insurer in accordance with the contract.

982(5)  [``dealer'']  

In this section:

``dealer'' means a member, or a member organisation, of a participating exchange.