Insurance Act 1973

If the trustee of a designated security trust fund has engaged, is engaging, or proposes to engage, in any conduct in contravention of this Part or the fund’s trust deed, the Federal Court may, on the application of APRA, grant an injunction:

restraining the trustee from engaging in the conduct; or

if the Court thinks it desirable to do so, requiring the trustee to do a particular act.

If the trustee of a designated security trust fund has refused or failed, or is proposing to refuse or fail, to do an act that the trustee is required by this Part or the fund’s trust deed to do, the Federal Court may, on the application of APRA, grant an injunction requiring the trustee to do the act.

The Court may grant an interim injunction pending the determination of an application.

The Court may discharge or vary an injunction granted under subsection (1) or (2).

APRA cannot be required, as a condition of the grant of an interim injunction, to give an undertaking as to damages.

The power of the Court to grant an injunction restraining a trustee from engaging in conduct may be exercised:

whether or not it appears to the Court that the trustee intends to engage again, or to continue to engage, in conduct of that kind; and

whether or not the trustee has previously engaged in conduct of that kind.

The power of the Court to grant an injunction requiring a trustee to do an act may be exercised whether or not it appears to the Court that the trustee intends to refuse or fail, or to continue to refuse or fail, to do that act or thing.

The powers conferred on the Court by this section are in addition to, and not instead of, any other powers of the Court.