M2
CAP. 159] Solicitors (Professional Indemnity) Rules
[1989 Ed.
[Subsidiary]
SOLICITORS (PROFESSIONAL INDEMNITY) RULES
L.N. 328 of 1989 -
1.
Citation
(Chapter 159, sections 73 and 73A)
[1 October 1989]
2.
These rules may be cited as the Solicitors (Professional Indemnity) Rules.
Interpretation
In these rules, unless the context otherwise requires---
"authorized insurers" means persons carrying on liability insurance business or
pecuniary loss insurance business and recognized as such by the Society; “basic contribution" means the amount which is established by applying the formula set out in paragraph 2(1)(a)(i) of Schedule 1 (and which is represented by the letter "C" in such formula) as varied by paragraph 2(3) or (4) of Schedule 1;
"certified public accountant" has the same meaning as in the Professional
Accountants Ordinance (Cap. 50);
"Company" means Hong Kong Solicitors Indemnity Fund Limited; "contribution" means the contribution referred to in rule 4;
"firm" means the firm as from time to time constituted, whether of a sole
practitioner or a partnership, carrying on the Practice;
"first indemnity period" means the period commencing on 1 October 1989 and
expiring on 30 September 1990, both days inclusive;
"first Master Policies" means the 2 professional indemnity insurance policies entered into between the Society and authorized insurers effective on 1 October 1986;
"former Master Policy" means the master policy entered into between the
Society and authorized insurers, expiring on 30 September 1986; "former Practice", for the purposes of Schedule 1, means a Practice which no
longer carries on business practising as a solicitor;
"former principal", for the purposes of Schedule 1, means a principal in a
Practice on the date when such Practice becomes a former Practice; "former solicitor" means a person who has ceased by reason of death, retirement or otherwise to be a solicitor in Practice and who has been provided with Indemnity or insured under any Master Policy or former Master Policy or whose successors in business have been provided with Indemnity or insured under any Master Policy or former Master Policy including the estate and legal representatives of such person;