LEGAL PROFESSION ACT 1987 - SECT 122A Failure to obtain fidelity insurance for regulated mortgage

This legislation has been repealed.

LEGAL PROFESSION ACT 1987 - SECT 122A

122A Failure to obtain fidelity insurance for regulated mortgage

(1) The Law Society Council must not issue a practising certificate to an applicant who is or will be required to comply with section 120 unless it is satisfied that:

(a) there is, or will be, in force with respect to the applicant an approved policy of fidelity insurance within the meaning of section 120, and

(b) the policy is, or will be, in force with respect to the applicant during the currency of the applicant's practising certificate.

(2) The Law Society Council must suspend the practising certificate of a solicitor who is required to comply with section 120 unless it is satisfied that:

(a) there is in force with respect to the solicitor an approved policy of fidelity insurance within the meaning of section 120, and

(b) the policy is in force with respect to the solicitor during the currency of the solicitor's practising certificate.

(3) The Law Society Council must suspend the entitlement under Part 3B to practise in this State of a solicitor who is required to comply with section 120 unless it is satisfied that:

(a) there is, or will be, in force with respect to the solicitor an approved policy of fidelity insurance within the meaning of section 120, and

(b) the policy is not to expire before the expiration of the entitlement under Part 3B to practise in this State of the solicitor to whom the policy relates.