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LEGAL PROFESSION UNIFORM LAW (NSW) - SECT 210
Approved insurance policy
(1) For the purposes of this Part, a policy of professional indemnity
insurance is an
"approved insurance policy" for a participating jurisdiction if-- (a) it is
issued or provided by-- (i) an insurer or other provider approved under, or
selected in accordance with, applicable legislation of the jurisdiction; or
(ii) if there is no insurer or other provider approved under or selected in
accordance with that legislation or if there is no legislative arrangement for
the approval or selection of insurers or other providers in the jurisdiction--
(A) an insurer authorised by APRA under the Insurance Act 1973 of the
Commonwealth to carry on insurance business in Australia; or
(B) an insurer
or other provider approved by the Council; and
(b) it-- (i) complies with the
minimum standards specified in the Uniform Rules for the purposes of this
section; or
(ii) is approved by the Council.
(2) For the purposes of this
Part, a policy of professional indemnity insurance is an
"approved insurance policy" for a jurisdiction that is not a
participating jurisdiction if it is approved by the Council.
(3) If it
considers it is appropriate to do so in relation to this jurisdiction, the
Council may give an approval for the purposes of this section unconditionally
or subject to conditions specified in the approval, and may vary or revoke an
approval.
(4) For the purposes of this Law, an Australian legal practitioner
or law practice has professional indemnity insurance for this jurisdiction if
the practitioner or law practice holds or is covered by an
approved insurance policy for this jurisdiction.
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