111Professional indemnity insurance—incorporated legal

111 Professional indemnity insurance—incorporated legal (1) An incorporated legal practice, and each insurable solicitor who is a legal practitioner director or an officer or employee of the practice, must comply with the obligations of an insurable solicitor under part 3.3 (Professional indemnity insurance) in relation to insurance policies and payments to or on account of an approved indemnity (2) A solicitor who is an interstate legal practitioner and a legal practitioner director or an officer or employee of an incorporated legal practice, and who would be an insurable solicitor if the solicitor were a local practitioner, must be covered by professional indemnity insurance that— (a) covers legal practice in the ACT; and (b) is for at least the relevant amount inclusive of any legal costs arising from claims under the insurance; and (c) has been approved under, or complies with, any requirement of a corresponding law for the interstate practising certificate held by the practitioner. (3) If subsection (1) or (2) is not complied with, the law society council may— (a) for a legal practitioner director who holds a local practising certificate—suspend the director’s practising certificate while the failure continues; or (b) for a legal practitioner director who is an interstate legal (i) suspend the director’s entitlement under part 2.4 (Legal practice by Australian legal practitioners) to practise in the ACT while the failure to comply continues; and (ii) ask the corresponding authority in the practitioner’s home jurisdiction to suspend the director’s interstate practising certificate until the law society council tells the corresponding authority that this section has been complied with. (4) The insurance premiums or other amounts payable under part 3.3 (Professional indemnity insurance) by an incorporated legal practice may be decided by reference to the total number of solicitors employed by the practice and any other relevant matter. (5) The law society council may, with the Attorney-General’s approval, decide that an amount is payable from an approved indemnity fund for the liability of an incorporated legal practice, and of the solicitors who are officers and employees of the practice, in relation to the provision of legal services. (6) The law society council may exempt an incorporated legal practice from this section on the grounds the council considers sufficient. approved indemnity fund means an indemnity fund approved by the law society council under section 315 (Approval of indemnity fund) in relation to an Australian legal practitioner who is a solicitor. insurable solicitor—see section 308. (a) if an amount is prescribed by regulation for section 72 (Professional indemnity insurance—interstate legal practitioners)—that amount; or