77Payment of indemnity cover

77 Payment of indemnity cover

(1)  [Rule 77 Subrule (1) amended by S.R. 2020, No. 56, Applied:01 Oct 2020] A firm must pay any premium or other amount payable in respect of an approved indemnity cover within 30 days of receiving a demand from the Law Society for payment of that premium or amount.

(2)  A demand for payment –

(a) is to be in writing; and

(b) may be made up to and including 90 days in advance of any period in respect of which an indemnity cover is maintained.

(3)  [Rule 77 Subrule (3) amended by S.R. 2020, No. 56, Applied:01 Oct 2020] A demand for payment is evidence of the amount payable if it –

(a) states the amount payable by a firm; and

(b) is signed by the Executive Director.