Section 199B — Corporations Act 2001: Insurance premiums for certain liabilities of director, secretary, other officer or auditor

(1) A company or a related body corporate must not pay, or agree to pay, a premium for a contract insuring a person who is or has been an officer or auditor of the company against a liability (other than one for legal costs) arising out of: (a) conduct involving a wilful breach of duty in relation to the company; or (b) a contravention of section 182 or 183. This section applies to a premium whether it is paid directly or through an interposed entity. Note: This section has an extended operation in relation to officers and auditors of the corporate director of a CCIV: see section 1225E. (2) An offence based on subsection (1) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code.