Bankruptcy Act 1966
Note: See section 4A .
PART 2 - REGISTERING AND DISCIPLINING PRACTITIONERS Division 25 - Insurance SECTION 25-1 REGISTERED TRUSTEES TO MAINTAIN INSURANCERegistered trustee must maintain insurance
25-1(1)
A registered trustee must maintain:
(a) adequate and appropriate professional indemnity insurance; and
(b) adequate and appropriate fidelity insurance;
against the liabilities that the trustee may incur working as a registered trustee.
25-1(2)
The Inspector-General may, by legislative instrument, determine what constitutes adequate and appropriate professional indemnity insurance, and adequate and appropriate fidelity insurance, in relation to either or both of the following:
(a) specified circumstances;
(b) one or more specified classes of registered trustees.
Offence
25-1(3)
A person commits an offence if:
(a) the person is subject to a requirement under subsection (1); and
(b) the person intentionally or recklessly fails to comply with the requirement.
Penalty: 1,000 penalty units.
25-1(4)
A person commits an offence of strict liability if:
(a) the person is subject to a requirement under subsection (1); and
(b) the person fails to comply with the requirement.
Penalty: 60 penalty units.
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