Insurance
390 Insurance
(1) The Funds Management Committee may arrange with an insurer for the insurance of the Fidelity Fund.
(2) Without limiting subsection (1), the Committee may arrange for the insurance of the Fund against particular claims or particular classes of claims.
(3) The proceeds paid under a policy of insurance against particular claims or particular classes of claims must be paid into the Fund and a claimant is not entitled to have direct recourse to the proceeds or any part of them.
(4) No liability (including liability in defamation) is incurred by a protected person in relation to anything done or omitted to be done in good faith for arranging for the insurance of the Fund.
In this section:
protected person means:
the Committee or a member of the Committee; or
a person acting at the direction of the Committee.
This Act’s bill:Explanatory statementSecond reading speech
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