312Approval of indemnity insurance policy

312 Approval of indemnity insurance policy (1) For this Act, a policy of indemnity insurance is approved if— (a) the policy is not to expire before the expiration of the practitioner’s practising certificate; and (b) the policy is approved— (i) in writing by the relevant council; or (ii) under a regulation or the legal profession rules; and (c) the conditions (if any) of the approval have been complied with. (2) If an indemnity fund has been approved under section 315 (Approval of indemnity fund) and the rules or conditions applying to the contributors to the fund require a contributor to hold a policy of professional indemnity insurance, the policy is taken to be approved for this Act.