Professional Standards Act 2004

For the purposes of a scheme, an insurance policy must be a policy, or a policy of a kind, that complies with standards determined by the occupational association whose members may be insured under such a policy, or a policy of such a kind.

While a scheme remains in force relating to its members, if an occupational association proposes to alter the standards previously determined by it in relation to an insurance policy or a kind of insurance policy, it must submit the proposal to the Council for approval.

The Council may approve, or refuse to approve, a proposal submitted to it under subsection (2).

If the Council refuses to approve the proposal, the standards remain as previously determined by the occupational association.