Superannuation Industry (Supervision) Regulations 1994

For paragraph 128F(b) of the Act, each of the following subregulations sets out a level of professional indemnity insurance.

The level that is set under a limitation of liability scheme provided by a professional organisation mentioned in Schedule 1AAA.

The level that:

is adequate to ensure that the amount of coverage in relation to a single claim or in aggregate is at least $500,000; and

is adequate because other terms of the policy will indemnify the auditor against civil liability that may arise from an act, error or omission in connection with audits of self managed superannuation funds.

The applicant need only have the level of professional indemnity insurance mentioned in subregulation 9A.05(2) or (3).