LEGAL PROFESSION ACT 2006 - SECT 376 Failure to obtain fidelity insurance for regulated mortgage

LEGAL PROFESSION ACT 2006 - SECT 376

    (1)     The law society council must not grant or renew a practising certificate for an applicant who is or will be required to comply with section 373 (Solicitor to have fidelity cover for regulated mortgages) unless it is satisfied that—

        (a)     an approved policy of fidelity insurance is, or will be, in force in relation to the applicant; and

        (b)     the policy is, or will be, in force in relation to the applicant while the applicant's practising certificate is in force.

    (2)     The law society council must suspend the practising certificate of a solicitor who is required to comply with section 373 unless it is satisfied that—

        (a)     an approved policy of fidelity insurance is in force in relation to the solicitor; and

        (b)     the policy will remain in force in relation to the solicitor while the solicitor's practising certificate is in force.

    (3)     The law society council must end the suspension of a solicitor's practising certificate under subsection (2) when it is satisfied of the matters mentioned in subsection (2) (a) and (b) in relation to the solicitor.

    (4)     The law society council must suspend the entitlement under part 2.4 (Legal practice by Australian legal practitioners) to practise in the ACT of a solicitor who is required to comply with section 373 unless it is satisfied that—

        (a)     an approved policy of fidelity insurance is, or will be, in force in relation to the solicitor; and

        (b)     the policy will not expire before the end of the solicitor's entitlement under part 2.4 to practise in the ACT.

    (5)     The law society council must end the suspension of a solicitor's entitlement to practise under subsection (4) when it is satisfied of the matters mentioned in subsection (4) (a) and (b) in relation to the solicitor.