sec.73Requirements for professional indemnity insurance— Act , s 353

### sec.73 Requirements for professional indemnity insurance— Act , s 353 This section prescribes requirements for professional indemnity insurance for section 353 (3) of the Act . Professional indemnity insurance must— be for at least $1.5m inclusive of defence costs; and if the insurance relates to a practising certificate granted by the bar association— comply with a requirement under an indemnity rule made by the bar association; or be provided by an insurer approved by the bar association; and if the insurance relates to a practising certificate granted by the law society—comply with a requirement under an indemnity rule made by the law society. (sec.73-ssec.1) This section prescribes requirements for professional indemnity insurance for section 353 (3) of the Act . (sec.73-ssec.2) Professional indemnity insurance must— be for at least $1.5m inclusive of defence costs; and if the insurance relates to a practising certificate granted by the bar association— comply with a requirement under an indemnity rule made by the bar association; or be provided by an insurer approved by the bar association; and if the insurance relates to a practising certificate granted by the law society—comply with a requirement under an indemnity rule made by the law society. - (a) be for at least $1.5m inclusive of defence costs; and - (b) if the insurance relates to a practising certificate granted by the bar association— (i) comply with a requirement under an indemnity rule made by the bar association; or (ii) be provided by an insurer approved by the bar association; and - (i) comply with a requirement under an indemnity rule made by the bar association; or - (ii) be provided by an insurer approved by the bar association; and - (c) if the insurance relates to a practising certificate granted by the law society—comply with a requirement under an indemnity rule made by the law society. - (i) comply with a requirement under an indemnity rule made by the bar association; or - (ii) be provided by an insurer approved by the bar association; and