".. Where a willful act is shown, then the Director is solely...

".. Where a willful act is shown, then the Director is solely responsible to compensate the plaintiff for losses.."

This is correct. However, a 'willful act' requires unequivocal proof and it is a somewhat difficult to enforce as regards Civil Penalties.

"..Provisions in indemnity deeds and insurance policies which insure or indemnify in respect of fines and other penalties for criminal offences are potentially illegal, void or unenforceable, on public policy grounds. It is not yet clear, however, just how far this principle applies to civil penalty provisions, and many D&O liability insurance policies purport to provide some cover in respect of them to the extent permitted by law". Compensation Orders, by contrast, are fully insurable in the same way as a liability to pay damages..."

http://www.claytonutz.com/publications/news/201101/24/directors_indemnities_and_the_australian_consumer_law_are_you_covered.page

research further (requires membership) on
http://www.companydirectors.com.au/Director-Resource-Centre/Governance-and-Director-Issues/Directors-and-officers-insurance/Deeds-of-Indemnity