Liability that cannot be limited by a scheme
26 Liability that cannot be limited by a scheme
A scheme can only affect the liability for damages arising from a single cause of action to the extent to which the liability results in damages exceeding such amount (but not less than $500,000) as is determined for the purposes of the scheme by the Council and specified in the scheme.
In making a determination, the Council must have regard to:
the number and amounts of claims made against persons within the occupational association concerned, and
the need to adequately protect consumers.
A Council determination:
takes effect when an amendment providing for its specification in the scheme takes effect, and
applies only to a cause of action that arises after the determination takes effect.
This Act’s bill:Explanatory memorandumSecond reading speech
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