The SRA Handbook is no longer in effect. It was replaced by the SRA Standards and Regulations on 25 November 2019.
Maintenance and termination of the fundBack to version 21
Version 7 of the Handbook was published on 01/04/2013. For more information, please click 'History' Above
Part 5: Maintenance and termination of the fund
Rule 21: Maintenance and termination of the fund
The fund shall continue to be held, managed and administered by Solicitors Indemnity Fund Limited for so long as and to the extent that the Society, in the light of the reports made to it by Solicitors Indemnity Fund Limited, may consider necessary or appropriate for the purpose of providing indemnity in respect of any claim(s) made or intimated during any indemnity period and/or during or subsequent to any indemnity period arising out of circumstances notified during any indemnity period as circumstances which might give rise to such claim(s).
As and when the Society no longer considers it necessary or appropriate that all or any part of the fund should be so held, managed and administered, the Society may require all or any part of the fund not so required to be released to the Society which shall apply the same if and to the extent the Society considers it reasonably practicable for the purpose of providing indemnity in any other way permitted by section 37(2) of the SA and otherwise for the overall benefit of the solicitors' profession in such manner as it may decide.