210Approved insurance policy

210 Approved insurance policy

210 Approved insurance policy

(1) For the purposes of this Part, a policy of professional indemnity insurance is an approved insurance policy for a participating jurisdiction if—

(a) it is issued or provided by—

(i) an insurer or other provider approved under, or selected in accordance with, applicable legislation of the jurisdiction; or

(ii) if there is no insurer or other provider approved under or selected in accordance with that legislation or if there is no legislative arrangement for the approval or selection of insurers or other providers in the jurisdiction—

(A) an insurer authorised by APRA under the Insurance Act 1973 of the Commonwealth to carry on insurance business in Australia; or

(B) an insurer or other provider approved by the Council; and

(b) it—

(i) complies with the minimum standards specified in the Uniform Rules for the purposes of this section; or

(ii) is approved by the Council.

(2) For the purposes of this Part, a policy of professional indemnity insurance is an approved insurance policy for a jurisdiction that is not a participating jurisdiction if it is approved by the Council.

(3) If it considers it is appropriate to do so in relation to this jurisdiction, the Council may give an approval for the purposes of this section unconditionally or subject to conditions specified in the approval, and may vary or revoke an approval.

(4) For the purposes of this Law, an Australian legal practitioner or law practice has professional indemnity insurance for this jurisdiction if the practitioner or law practice holds or is covered by an approved insurance policy for this jurisdiction.