Rules of Practice 1994
75Indemnity cover schemes
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75 Indemnity cover schemes
(1) [Rule 75 Subrule (1) amended by S.R. 2020, No. 56, Applied:01 Oct 2020] [Rule 75 Subrule (1) amended by S.R. 2020, No. 56, Applied:01 Oct 2020] The Law Society may negotiate or enter into an agreement or arrangement with an insurer or any other person for the operation of a scheme providing for an approved indemnity cover for professional indemnity insurance for a firm.
(2) [Rule 75 Subrule (2) amended by S.R. 2020, No. 56, Applied:01 Oct 2020] The Law Society may determine how the cost of providing an approved indemnity cover is to be paid by a firm.
(3) An approved indemnity cover is to be for the period specified in any negotiation, agreement or arrangement.
(4) [Rule 75 Subrule (4) inserted by S.R. 2020, No. 56, Applied:01 Oct 2020] The Law Society may grant, in writing, an exemption to a firm from taking out and maintaining an approved indemnity cover in accordance with this Part.