1986 Ed.]
Solicitors (Professional Indemnity) (Amendment) Rules
[CAP. 159
03
[Subsidiary]
terms of which are set out in the Schedule to these Rules, as from time to time amended by agreement between the Society and Authorized Insurers;
"Related Costs" means all costs and expenses incurred with Authorized Insurers' consent in the defence or settlement of any claim against the Insured;
"Relevant Date" means the date when a claim the subject of the Insuring Clauses of the Certificate of Insurance is first made against the Insured or the date, if earlier, when circumstances which might give rise thereto first came to the notice of the Insured;
"Unqualified Staff" means a person who is not a solicitor and includes—
(a) articled clerks; and
(b) persons employed otherwise than by the practice (e.g. by a service company) but for the purposes of the Practice.
3.
The Society is hereby authorized—
(a) to enter into one or more agreements with one or more Authorized Insurers for the establishment and operation of the Professional Indemnity Insurance Scheme, such agreement or agreements to be binding on the Society and all solicitors in private practice who are not exempt from complying with the Rules;
(b) to establish and maintain one or more funds as part of the Professional Indemnity Insurance Scheme; to appoint and remove staff or consultants whose services are necessary or requisite for the investment and administration of such funds and the payment of claims therefrom;
(c) to require every solicitor required to take out and maintain professional indemnity insurance under the Professional Indemnity Insurance Scheme to contribute to such funds and to set the rate of such contribution;
(d) to pay into such funds such contributions, any income from the investment of moneys in such funds, the proceeds of sale of any investment, and any other moneys which the Society may resolve from time to time should be paid into such funds: to pay out of such funds amounts payable by way of premiums or contributions for insurance, reinsurance or other arrangement for limitation of liability entered into by the Society; remuneration payable to staff or consultants and any other costs and expenses incurred by the Society pursuant to the maintenance, administration, operation and investment of such funds and to satisfy claims against the Insured under the Professional Indemnity Insurance Scheme;