Australian Capital Territory Current Acts

LEGAL PROFESSION ACT 2006 - SECT 313

    (1)     The law society may negotiate with insurers or anyone else for the provision of indemnity insurance to a person who is, or has been, an insurable solicitor in relation to civil liability that may arise in relation to—

        (a)     the practice or any former practice of the solicitor; or

        (b)     the administration of any trust or deceased estate of which the solicitor or former solicitor is, or was, a trustee or executor.

    (2)     The law society may make—

        (a)     agreements for the provision of insurance mentioned in subsection (1); and

        (b)     arrangements for establishing and keeping an account into which any amount received by the law society as a premium for the insurance is to be paid.

    (3)     The law society may make an agreement for the provision of indemnity insurance for insurable solicitors only if the agreement provides for professional indemnity insurance to be provided to each person who—

        (a)     would, subject to compliance with any requirement about indemnity insurance, be entitled to have an unrestricted practising certificate granted to the person; and

        (b)     applies under the agreement to be granted indemnity insurance that is—

              (i)     available under the agreement; and

              (ii)     in relation to a period for which insurance is available under the agreement.

    (4)     An amount paid into an account kept under subsection (2) may, before its application for the provision of insurance under this section, be invested by the law society in any way trust funds may be invested under the Trustee Act 1925

.

    (5)     In this section:

"agreement" includes arrangement .