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Rules of Practice 1994 (S.R. 1994, No. 229)
|Requested: 29 Apr 2017|
|Consolidated as at: 17 Mar 2006|
PART 6 - Indemnity cover
75. Indemnity cover schemes
(1) The Society may negotiate or enter into an agreement or arrangement with an insurer or any other person for the operation of a scheme providing for an approved indemnity cover for professional indemnity insurance of a firm.
(2) The Society may determine how the cost of providing an approved indemnity cover is to be paid by a firm.
(3) An approved indemnity cover is to be for the period specified in any negotiation, agreement or arrangement.
76. Indemnity cover during negotiations
If the Society has negotiated or entered into an agreement or arrangement relating to a scheme under rule 75, a firm is to take out and maintain any approved indemnity cover provided in that scheme for the period specified in the negotiation, agreement or arrangement
(a) not later than one month after the date on which the negotiation is finalized or the agreement or arrangement is entered into, if a firm is carrying on business on that date; or
(b) not later than one month after the date on which the firm commences to carry on business, if a firm commences carrying on business after the date on which the negotiation is finalized or the agreement or arrangement is entered into.
77. Payment of indemnity cover
(1) A firm must pay any premium or other amount payable in respect of an approved indemnity cover within 30 days of receiving a demand from the Society for payment of that premium or amount.
(2) A demand for payment
(a) is to be in writing; and
(b) may be made up to and including 90 days in advance of any period in respect of which an indemnity cover is maintained.
(3) A certificate is evidence of the amount payable if it
(a) states the amount payable by a firm; and
(b) is signed by the Executive Director.
78. Provision of information
A legal practitioner or former legal practitioner is to provide the Society with the information required by a notice under section 125 of the Act within the time specified by the Society.