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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;
(c) another Australian lawyer, other than an Australian lawyer to whom this section applies under paragraph (a) or (b) .
(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.