SRA Standards and Regulations
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SRA Indemnity Fund Rules
Exclusions from cover
The Indemnity Fund shall not afford any indemnity in respect of any loss arising out of any claim: for death, bodily injury, physical loss or physical damage to property of any kind whatsoever (other than property in the care, custody and control of the previous practice or member thereof in connection with its, his or her private legal practice for which it, he or she is responsible, not...
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SRA Indemnity Fund Rules
Power to require contributions
Solicitors, RELs, RSLs, RFLs, recognised bodies and licensed bodies must make contributions to the Indemnity Fund in such amounts and at such times as may be prescribed. Deleted The SRA may at any time, to the extent that it is reasonably practicable for it to do so, recalculate any claims adjustment applicable to any practice under the Solicitors' Indemnity Rules 2012 (or any earlier...
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SRA Indemnity Fund Rules
Maintenance and termination of the fund
The Indemnity Fund shall continue to be held, managed and administered by the SRA for so long as and to the extent that the SRA 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...
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SRA Indemnity Fund Rules
Arbitration
If a dispute arises between: a person who seeks indemnity from the Indemnity Fund in accordance with these Rules, and the SRA concerning any claim or the quantum of any claim that is the subject of the indemnity being sought from the Indemnity Fund by the person, the person and the SRA shall endeavour to resolve the dispute amicably. If, however, the dispute remains unresolved within [thirty...
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SRA Indemnity Fund Rules
Use of information
Deleted
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SRA Indemnity Fund Rules
Indemnity
Indemnity for ceased practices Any member of a previous practice which ceased on or before 31 August 2000 who has at any time been either: an assured as a result of the issue of a certificate under one or more of the master policies, or a person entitled to be indemnified by virtue of the issue of a receipt under the Solicitors' Indemnity Rules 1987-1990 or a payment of Contribution and Value...
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SRA Indemnity Insurance Rules
Obligation to effect insurance
An authorised body carrying on a practice during any indemnity period beginning on or after 25 November 2019 must take out and maintain qualifying insurance under these rules with a participating insurer. In respect of its obligation under rule 2.1, an authorised body must obtain a policy of qualifying insurance prior to the expiry of the policy period, that provides cover incepting on and...
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SRA Indemnity Insurance Rules
Responsibility
Each authorised body, and any principal of such a body, must ensure that the authorised body complies with these rules. Each authorised body that has been unable to obtain a policy of qualifying insurance prior to the expiration of the extended policy period, and any principal of such a body, must ensure that the authorised body, and each principal or employee of the body, undertakes no...
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SRA Indemnity Insurance Rules
Monitoring
The SRA may require from an authorised body or any principal in an authorised body, information and evidence it may reasonably require to satisfy itself that the body has complied with these rules.
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