LEGAL PROFESSION ACT 1987 - SECT 47K Provisions relating to indemnity insurance

This legislation has been repealed.

LEGAL PROFESSION ACT 1987 - SECT 47K

47K Provisions relating to indemnity insurance

(1) An incorporated legal practice is required to comply with the obligations of an insurable solicitor under Division 2 with respect to insurance policies and payments to or on account of the Solicitors' Mutual Indemnity Fund. The Law Society Council may suspend the practising certificate of a solicitor director of the practice if any such obligation is not complied with.

(2) The insurance premiums or other amounts payable under Division 2 by an incorporated legal practice may be determined by reference to the total number of solicitors employed by the practice and other relevant matters.

(3) The amounts payable from the Solicitors' Mutual Indemnity Fund include amounts for such liability of an incorporated legal practice, and of the solicitors who are officers and employees of the practice, in connection with the provision of legal services as the Law Society Council determines with the approval of the Attorney General.

(4) The Law Society Council may exempt an incorporated legal practice from this section on such grounds as the Council considers sufficient.