LEGAL PROFESSION ACT 2007 - SECT 353
Professional indemnity insurance
LEGAL PROFESSION ACT 2007 - SECT 353
Professional indemnity insurance
353 Professional indemnity insurance
(1) This section applies to each of the following persons who makes an
application for the grant or renewal of a local practising certificate—
(a)
an Australian lawyer who is a government legal officer and who, in the
lawyer’s application for the grant or renewal of the certificate, stated the
lawyer did not intend to engage in legal practice other than engaging in
government work;
(b) an Australian lawyer who is employed by a corporation,
that is not an incorporated legal practice, and who provides only in-house
legal services to the corporation or a related body corporate;
(2) A relevant regulatory authority must
not grant or renew a local practising certificate unless the authority—
(a)
for an application by an Australian lawyer mentioned in subsection (1) (a)
—imposes a condition on the certificate that the lawyer is not to engage in
legal practice other than as a government legal officer engaged in government
work; or
(b) for an application by an Australian lawyer mentioned in
subsection (1) (b) —imposes a condition on the certificate that the lawyer
is not to engage in legal practice other than for providing in-house legal
services; or
(c) for an application by an Australian lawyer mentioned in
subsection (1) (c) —is satisfied the lawyer will, during the currency of the
practising certificate, be covered by professional indemnity insurance that
complies with this Act.
(3) Professional indemnity insurance complies with
this Act in relation to a practising certificate if it complies with the
requirements prescribed under a regulation.
(4) A regulation may, for
example, require professional indemnity insurance in relation to a practising
certificate to be of a kind approved, or provided under a scheme approved, or
provided by an insurer approved, or arranged, by the relevant regulatory
authority for the practising certificate.
(5) An approval mentioned in
subsection (4) may relate to professional indemnity insurance approved under a
corresponding law.