Source of indemnity

You are reading current version in effect from 1 October 2023

Glossary terms (6)

Glossary terms

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

Indemnity Fund

means the fund maintained in accordance with the SRA Indemnity Fund Rules.

SRA

means the Solicitors Regulation Authority

Society

means the Law Society, in accordance with section 87 of the SA.

Council

has the meaning given in section 87 of the SA.

person

includes a body of persons (corporate or unincorporated)