SRA

means the Solicitors Regulation Authority

Indemnity Fund

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

Society

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

contributions

means contributions previously made to the fund in accordance with Part III of the Solicitors' Indemnity Rules 2012 (or any earlier corresponding provisions), and any additional sums paid in accordance with Rule 16 of the SRA Indemnity Fund Rules.

Fund

means the fund established and maintained under rule 1.1 of the SRA Compensation Fund Rules.

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

person

includes a body of persons (corporate or unincorporated)

master policy

Means a policy referred to in Rule 5 of the SRA Indemnity Fund Rules.