Australian Capital Territory Repealed Acts Australian Capital Territory Repealed ActsThis legislation has been repealed.
(1) The law society may—
(a) negotiate with insurers or other persons in relation to the provision of professional indemnity insurance to any solicitor or former solicitor with respect to civil liability that may arise in connection with—
(i) the practice or any former practice carried on by the solicitor or former solicitor; or
(ii) the administration of any trust or deceased estate of which the solicitor or former solicitor is, or formerly was, a trustee or executor; and
(b) make agreements or arrangements relating to the provisions of any such insurance, including arrangements for the establishment and maintenance of an account into which any money received by the law society as a premium for any such insurance is to be paid.
(2) The law society may make an agreement or arrangement with an insurer for the provision of professional indemnity insurance to solicitors only where the agreement or arrangement provides for each person who—
(a) would, subject to compliance with section 27 (3), be entitled to have an unrestricted practising certificate issued to him or her; and
(b) applies under the agreement or arrangement to be granted professional indemnity insurance that is—
(i) of a kind available under the agreement or arrangement; and
(ii) in respect of a period for which insurance is available under the agreement or arrangement;
to be granted the professional indemnity insurance applied for.
(3) Any money paid into an account established under subsection (1) (b) for holding money received by the law society as a premium for professional indemnity insurance may, pending its application under an agreement or arrangement made under that paragraph, be invested by the law society in any investment authorised by the Trustee Act 1925 .