{"id":"nsw:sl-2017-0336","name":"Conveyancers Licensing (Approved Professional Indemnity Insurance Policy) Order 2017","slug":"conveyancers-licensing-approved-professional-indemnity-insurance-policy-order-2017","collection":"regulation","jurisdiction":"nsw","status":"in_force","isInForce":true,"actNumber":"336 of 2017","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":177434,"registerId":"nsw-nsw:sl-2017-0336-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Name of Order","content":"#### 1 Name of Order\n\n1 Name of Order\n\n> This Order is the [Conveyancers Licensing (Approved Professional Indemnity Insurance Policy) Order 2017](/view/html/inforce/current/sl-2017-0336).","sortOrder":0},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"#### 2 Commencement\n\n2 Commencement\n\n> This Order commences on the day on which it is published on the NSW legislation website.","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Approved professional indemnity insurance policy","content":"#### 3 Approved professional indemnity insurance policy\n\n3 Approved professional indemnity insurance policy\n\n> For the period from 1 July 2025 to 30 June 2026, the master policy of professional indemnity insurance (Policy Number LPS022960493) of AAI Limited (trading as Vero Insurance) is approved for the [Conveyancers Licensing Regulation 2021](/view/html/inforce/current/sl-2021-0550), section 6(2)(a).\n> \n> **cl 3:** Subst 2018 (314), cl 3; 2019 (252), cl 3; 2020 (276), cl 3; 2021 (333), cl 3; 2022 (330), sec 3. Am 2023 (346), sec 3; 2024 (246), Sch 1; 2025 (298), Sch 1.","sortOrder":2}],"analysis":{"issue_detection":{"absurdities":[],"contradictions":[]},"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"The Order continues the established practice of approving a specific master professional indemnity policy for a defined annual period under the Conveyancers Licensing Regulation 2021, s 6(2)(a). It does not broaden or narrow the Regulation’s substantive requirements; it simply designates Policy LPS022960493 (AAI Limited trading as Vero Insurance) as the approved master policy for 1 July 2025 to 30 June 2026 (cl 3)."},"complexity_factors":["Very narrow subject matter: single named insurance policy approval (cl 3).","Temporal specificity: approval limited to a defined 12‑month period (cl 3).","Cross‑reference to another instrument: depends on Conveyancers Licensing Regulation 2021, s 6(2)(a) for legal effect (cl 3).","No procedural or substantive change to insurance terms — purely declaratory, so few operational details.","Commencement tied to publication rather than a fixed calendar date (cl 2).","Amendment history present in marginal notes but does not add substantive complexity to the current instrument."],"plain_english_summary":"What this Order does (mechanically)\n\n- The Order names a specific professional indemnity master insurance policy as \"approved\" for the purpose of the Conveyancers Licensing Regulation 2021, section 6(2)(a). The approved policy is Policy Number LPS022960493 issued to AAI Limited (trading as Vero Insurance). This approval applies for the period 1 July 2025 to 30 June 2026 (cl 3). The Order takes effect on the day it is published on the NSW legislation website (cl 2).\n\nWho is affected and how\n\n- The Order affects people and entities that rely on the Conveyancers Licensing Regulation 2021, section 6(2)(a), to demonstrate they hold an accepted professional indemnity arrangement. By naming a specific master policy as approved, the Order identifies that policy as satisfying the approval element referenced in s 6(2)(a) for the stated period (cl 3). The Order does not itself set premium rates, claim handling rules, or the substantive terms of cover; it records that a particular master policy has been approved under the Regulation (cl 3).\n\nOfficial rationale (as stated by the instrument)\n\n- The instrument’s operative content is its approval of the specified master policy for the stated 12‑month period under the Conveyancers Licensing Regulation 2021, s 6(2)(a) (cl 3). No further policy justification is contained in the text of the Order.\n\nCosts, incentives, trade-offs and implementation mechanics (source‑grounded)\n\n- Who decides: The Order (an executive instrument) designates which master policy is treated as approved under the Regulation for the named period (cl 3). That designation is made by publication of this Order and becomes effective on publication (cl 2).\n- Who pays: The Order does not address premium payers or payment mechanics. It does not amend cover terms or payment obligations; it only records approval of an existing master policy (cl 3).\n- Compliance burden: Entities and persons relying on s 6(2)(a) will use this approval to show that the listed master policy is accepted for the stated period. The Order’s narrow action may reduce uncertainty about which policy satisfies the relevant regulatory approval for that time window (cl 3).\n- Effect on private choice and market participants: The Order identifies a single named master policy as approved for the period. The Order does not itself prohibit other policies, nor does it specify how other policies might be assessed; it simply records that Policy LPS022960493 (AAI Limited) is approved under the cited regulation for the stated dates (cl 3).\n- Implementation risk and administrative discretion: The instrument is time‑limited and specific (1 July 2025–30 June 2026) and will require a fresh designation or another instrument to approve a policy for subsequent periods. The Order contains no operational detail on monitoring, dispute resolution, or conditions attaching to the approval; it is a formal designation (cl 3).\n\nKey legal references from the Order\n\n- Commencement: the day of publication on the NSW legislation website (cl 2).\n- Approval: Policy Number LPS022960493 of AAI Limited (trading as Vero Insurance) approved under Conveyancers Licensing Regulation 2021, s 6(2)(a) for 1 July 2025–30 June 2026 (cl 3)."},"kimi_summary":{"content_quality":"ok","complexity_score":1,"scope_assessment":{"changed":false,"description":"This legislation maintains its original narrow purpose: annually approving a specific professional indemnity insurance policy for conveyancers. While the specific policy number and dates change yearly (as shown in the amendment history), the scope remains limited to this single administrative function."},"complexity_factors":["Single operative clause (clause 3) of one sentence","No defined terms section","No cross-references to other legislation beyond a single citation to the parent regulation","No conditional logic or exceptions","Total length: 3 short clauses","Straightforward administrative approval with fixed date range"],"plain_english_summary":"This is a short technical order that approves a specific professional indemnity insurance policy for conveyancers (property lawyers/transfer specialists) in New South Wales.\n\n**What it does:**\n- Approves a master insurance policy (Policy Number LPS022960493) issued by AAI Limited (trading as Vero Insurance) for the financial year 1 July 2025 to 30 June 2026\n- This approval is made under the Conveyancers Licensing Regulation 2021\n\n**Who it affects:**\n- Licensed conveyancers in NSW who must hold professional indemnity insurance as a condition of their licence\n- AAI Limited/Vero Insurance (the approved insurer)\n\n**Why it matters:**\nConveyancers must have approved professional indemnity insurance to legally operate in NSW. This order ensures they have a valid, government-approved insurance option for the 2025-2026 financial year. Without this approval, conveyancers could not use this particular Vero policy to satisfy their licensing requirements.\n\n**Note on the document:** The amendment history shows this clause is updated annually (substituted each year from 2018 through 2025), indicating this is a routine yearly renewal instrument."},"summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The order appears to have maintained its original narrow purpose — specifying approved professional indemnity insurance for conveyancers — across all versions from 2017 to the current 2025 iteration. Annual updates reflect administrative refresh rather than any expansion or contraction of scope."},"complexity_factors":["The order itself is narrow and technical in scope, focused solely on approving a specific insurance policy type","Full substantive content of the order (policy terms, minimum cover amounts) is not visible in the provided text, adding some opacity","Annual updates since 2017 mean the operative requirements may shift each year, requiring ongoing compliance monitoring","Sits within a broader regulatory framework (Conveyancers Licensing Act) that must be understood for full context"],"plain_english_summary":"## What is this law about?\n\nThis is a NSW government order that sets out what kind of **professional indemnity insurance** (insurance that protects clients if a professional makes a mistake that costs them money) a licensed conveyancer (a person who handles the legal paperwork for property sales and purchases) must hold.\n\n## Who does it affect?\n\n- **Licensed conveyancers in NSW** — they must hold an approved insurance policy that meets the standards set out in this order, or they risk losing their licence.\n- **Property buyers and sellers** — you benefit indirectly, because this ensures the conveyancer handling your property transaction is insured if something goes wrong.\n\n## Why does it matter?\n\nIf your conveyancer makes an error — say, missing a critical deadline or failing to spot a problem with the property title — professional indemnity insurance means there is a financial safety net to compensate you. This order ensures that safety net meets a minimum approved standard.\n\n## Key points\n- The order is updated **annually on 1 July**, suggesting the approved insurance details (such as minimum cover amounts) are reviewed and potentially adjusted each year.\n- It has been in operation since **2017** and remains current.\n- It applies only in **New South Wales**."}},"importantCases":[],"_links":{"self":"/api/acts/conveyancers-licensing-approved-professional-indemnity-insurance-policy-order-2017","history":"/api/acts/conveyancers-licensing-approved-professional-indemnity-insurance-policy-order-2017/history","analysis":"/api/acts/conveyancers-licensing-approved-professional-indemnity-insurance-policy-order-2017/analysis","conflicts":"/api/acts/conveyancers-licensing-approved-professional-indemnity-insurance-policy-order-2017/conflicts","importantCases":"/api/acts/conveyancers-licensing-approved-professional-indemnity-insurance-policy-order-2017/important-cases","documents":"/api/acts/conveyancers-licensing-approved-professional-indemnity-insurance-policy-order-2017/documents"}}