These rules are the Lawyers and Conveyancers Act (Lawyers: Indemnity) Rules 2008.

These rules come into force on 1 August 2008.

In these rules, unless the context otherwise requires,—

(1) The Law Society does not require lawyers or incorporated law firms to hold professional indemnity insurance.

(2) However, lawyers who are partners or directors of a practice must, in the interests of clients of the practice, give consideration to the practice holding appropriate professional indemnity insurance and in so doing must take into account—

• (a) the nature of the practice; and

• (b) the ability of the practice to meet any likely claims against the practice without professional indemnity insurance; and

• (c) such other factors as may be relevant in the circumstances.

(3) Each lawyer who is a partner or director of a practice must take appropriate steps to ensure that the practice complies with the disclosure requirements relating to the professional indemnity cover of the practice set out in rule 3.5(b) of the Lawyers and Conveyancers Act (Lawyers: Conduct and Client Care) Rules 2008.

(1) The Law Society must, within 2 years after these rules come into force, consider and determine whether to require lawyers and incorporated law firms, or any class of lawyers and incorporated law firms, to hold professional indemnity insurance.

(2) The Law Society may, from time to time, review and amend or revoke any decision that it has previously made under rule 5(1).

(3) Nothing in this rule limits the courses of action available to the Law Society, whether under section 99 of the Act or otherwise.