Approved professional indemnity insurance scheme
8 Approved professional indemnity insurance scheme
For the purposes of section 9(1) of the Act, the
Commissioner may approve a scheme to provide professional indemnity insurance, to an extent provided by the scheme, for the benefit of conveyancers.
The approved scheme—
must provide for insurance indemnity under a master policy negotiated with the insurer or insurers participating in the scheme;
and
must provide for all persons carrying on business as a conveyancer, or a class or classes of conveyancers, as specified in the scheme, to obtain coverage under the scheme; and
may provide for the determination and settlement of claims against conveyancers covered by the scheme; and
may impose on conveyancers covered by the scheme obligations to pay premiums, levies, fees or other charges (which may vary according to factors stipulated in the scheme); and
may impose, or provide for the imposition of, penalties, sanctions and remedies against conveyancers who fail to comply with their obligations under the scheme; and
may make any other provision reasonably necessary for, or incidental to, the administration or enforcement of the scheme.
The approved scheme (as amended from time to time with the approval of the Commissioner) is binding on—
the conveyancers covered by the scheme; and
the insurer or insurers and other persons to whom the scheme applies.
The Commissioner must publish a copy of the approved scheme (including any amendments to the scheme approved by the Commissioner) available on a website determined by the Commissioner.
In this regulation—
conveyancer includes a former conveyancer.
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