sec.121Professional indemnity insurance

### sec.121 Professional indemnity insurance An incorporated legal practice must not engage in legal practice in this jurisdiction unless it has professional indemnity insurance that complies with the requirements prescribed under a regulation about professional indemnity insurance for an incorporated legal practice. Maximum penalty— for a person guilty under the Criminal Code , chapter 2 , of an offence—300 penalty units or 2 years imprisonment; or for a corporation—1,500 penalty units. An incorporated legal practice engaging in legal practice in this jurisdiction must comply with its obligations under the indemnity rules. Maximum penalty— for a person guilty under the Criminal Code , chapter 2 , of an offence—300 penalty units or 2 years imprisonment; or for a corporation—1,500 penalty units. Failure by a legal practitioner director of an incorporated legal practice to ensure that the incorporated legal practice complies with subsection (1) or (2) is capable of constituting professional misconduct. s 121 amd 2013 No. 51 s 95 (sec.121-ssec.1) An incorporated legal practice must not engage in legal practice in this jurisdiction unless it has professional indemnity insurance that complies with the requirements prescribed under a regulation about professional indemnity insurance for an incorporated legal practice. Maximum penalty— for a person guilty under the Criminal Code , chapter 2 , of an offence—300 penalty units or 2 years imprisonment; or for a corporation—1,500 penalty units. (sec.121-ssec.2) An incorporated legal practice engaging in legal practice in this jurisdiction must comply with its obligations under the indemnity rules. Maximum penalty— for a person guilty under the Criminal Code , chapter 2 , of an offence—300 penalty units or 2 years imprisonment; or for a corporation—1,500 penalty units. (sec.121-ssec.3) Failure by a legal practitioner director of an incorporated legal practice to ensure that the incorporated legal practice complies with subsection (1) or (2) is capable of constituting professional misconduct. - (a) for a person guilty under the Criminal Code , chapter 2 , of an offence—300 penalty units or 2 years imprisonment; or - (b) for a corporation—1,500 penalty units. - (a) for a person guilty under the Criminal Code , chapter 2 , of an offence—300 penalty units or 2 years imprisonment; or - (b) for a corporation—1,500 penalty units.