(1)  The Law Society may, with the Board's approval, make rules with respect to the provision of indemnity against loss arising from claims in respect of any kind of civil liability incurred by –

(a) a law practice in connection with the practice of any of its members; or

(b) a person who was formerly a member of a law practice in connection with the practice of any of its members; or

(c) a barrister; or

(d) an Australian-registered foreign lawyer.

(2)  Without limiting subsection (1) , the indemnity rules may –

(a) specify the liability required to be covered; and

(b) specify the amount of that liability; and

(c) specify the circumstances in which  –

(i) a law practice; and

(ii) a class of law practices; and

(iii) a barrister; and

(iv) an Australian-registered foreign lawyer –

are exempt from some or all of the indemnity rules; and

(d) specify the circumstances in which –

(i) a law practice; and

(ii) a class of law practices; and

(iii) a barrister; and

(iv) an Australian-registered foreign lawyer –

are not required to obtain or maintain or both obtain and maintain professional indemnity insurance; and

(e) specify any other matter that the Law Society and Board consider relevant to obtaining and maintaining professional indemnity insurance; and

(f) contain incidental, procedural or supplementary provisions.