Professional indemnity insurance
14 Professional indemnity insurance
An
Australian-registered foreign lawyer must, at all times while practising foreign law in this jurisdiction, comply with 1 of the following:
the foreign lawyer must have professional indemnity insurance that conforms with the requirements for professional indemnity insurance applicable for Australian legal practitioners in any jurisdiction;
if the foreign lawyer does not have professional indemnity insurance that complies with paragraph (a)—the foreign lawyer—
must have professional indemnity insurance that covers the practise of foreign law in this jurisdiction and that complies with the relevant requirements of a foreign law or foreign registration authority; and
if the insurance is for less than $1.5 million per claim (inclusive of defence costs)—must provide a disclosure statement to each client disclosing the level of cover;
if the foreign lawyer does not have professional indemnity insurance that complies with paragraph (a) or (b)—the foreign lawyer must provide a disclosure statement to each client stating that the lawyer does not have complying professional indemnity insurance.
Maximum penalty: $10 000.
A disclosure statement must be made in writing before, or as soon as practicable after, the foreign lawyer is retained in the matter.
A disclosure statement provided to a person before the foreign lawyer is retained in a matter is taken to be provided to the person as a client for the purposes of this clause.
A disclosure statement is not valid unless it is given in accordance with, and otherwise complies with, any applicable requirements of the regulations.
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