Details of participating insurer

You are reading current version in effect from 25 November 2019
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You are reading current version in effect from 25 November 2019

Glossary terms

authorised body

means:

  1. a body that has been authorised by the SRA to practise as a licensed body or a recognised body; or
  2. a sole practitioner's practice that has been authorised by the SRA as a recognised sole practice
claimant

means:

  1. a person making a claim to statutory trust monies; and
  2. in the SRA Indemnity Insurance Rules and the MTC, a person or entity which has made or may make a claim including a claim for contribution or indemnity
claim

means a demand for, or an assertion of a right to, civil compensation or civil damages or an intimation of an intention to seek such compensation or damages. For these purposes, an obligation on an insured firm and/or any insured to remedy a breach of the SRA Accounts Rules, or any rules which replace them in whole or in part, shall be treated as a claim, and the obligation to remedy such breach shall be treated as a civil liability for the purposes of clause 1 of the MTC, whether or not any person makes a demand for, or an assertion of a right to, civil compensation or civil damages or an intimation of an intention to seek such compensation or damages as a result of such breach, except where any such obligation may arise as a result of the insolvency of a bank (as defined in section 87 of the SA) or a building society which holds client money in a client account of the insured firm or the failure of such bank or building society generally to repay monies on demand

policy

means:

  1. for the purposes of the SRA Financial Services (Conduct of Business) Rules 2001 the meaning given in the FCA Handbook; and
  2. for the purposes of the SRA Indemnity Insurance Rules and the MTC a contract of professional indemnity insurance made between one or more persons, each of which is a participating insurer, and an authorised body
MTC

means the minimum terms and conditions with which a policy of qualifying insurance is required by the SRA Indemnity Insurance Rules to comply, a copy of which is annexed as an annex 1 to those rules.

principal

means:

  1. where the authorised body is or was:
    1. a recognised sole practice - the sole practitioner;
    2. a partnership - each partner;
    3. a company with a share capital - each director of that company and any person who:
      1. is held out as a director; or
      2. beneficially owns the whole or any part of a share in the company; or
      3. is the ultimate beneficial owner of the whole or any part of a share in the company;
    4. a company without a share capital - each director of that company and any person who:
      1. is held out as a director; or
      2. is a member of the company; or
      3. is the ultimate owner of the whole or any part of a body corporate or other legal person which is a member of the company;
    5. an LLP - each member of that LLP, and any person who is the ultimate owner of the whole or any part of a body corporate or other legal person which is a member of the LLP;
  2. where a body corporate or other legal person is a partner in the authorised body, any person who is within paragraph (a)(iii) of this definition (including sub-paragraphs (A) and (C)), paragraph (a)(iv) of this definition (including sub-paragraphs (A) and (C)), or paragraph (a)(v) of this definition

 

participating insurer

means an authorised insurer which has entered into a participating insurer's agreement with the SRA which remains in force for the purposes of underwriting new business at the date on which the relevant contract of qualifying insurance is made

supplementary run-off cover

means run-off cover provided by the Solicitors Indemnity Fund following the expiry of run-off cover provided to an authorised body in accordance with the SRA Indemnity Insurance Rules or otherwise under a policy (but subject to compliance with the MTC)

practice

means the whole or such part of the private legal practice of an authorised body as is carried on from one or more offices in England and Wales