6Professional indemnity insurance—the Act, s 15

6 Professional indemnity insurance—the Act, s 15

6 Professional indemnity insurance—the Act, s 15

(1) A licensee must, when carrying out conveyancing work, be insured under a policy of professional indemnity as required under subsection (2).

(2) The licensee is insured as required under this section if—

(a) the licensee is insured under an approved professional indemnity insurance policy in force with respect to the licensee or the licensee’s employer, or

(b) the licensee carries out conveyancing work only in the licensee’s capacity as an employee of a complying law practice.

(3) In this section—

approved professional indemnity insurance policy means a policy, or a policy of a kind, that is approved by the Secretary for the time being by order published on the NSW legislation website.

complying law practice has the same meaning as a law practice in the Legal Profession Uniform Law (NSW) that complies with the relevant requirements of the Law, Part 4.4.