04
CAP. 159]
Solicitors (Professional Indemnity) (Amendment) Rules
[1986 Ed.
[Subsidiary]
(e) to invest any moneys standing to the credit of such funds in any manner approved by the Society through the Council from time to time; and
(f) to do all such acts, deeds, matters or things as are necessary for or incidental to the establishment, administration and operation of the Professional Indemnity Insurance Scheme.
4. The powers conferred by these rules on the Society shall be exercisable by the Council as it may from time to time resolve.
5. (1) Subject to rule 7—
(a) every solicitor who is, or is held out to the public as, a solicitor in private practice in Hong Kong shall be—
(i) bound by the agreements entered into by the Society in accordance with rule 3; and
(ii) required to be covered by professional indemnity insurance under the Professional Indemnity Scheme;
(b) every Principal in private practice as a solicitor in Hong Kong shall take out for himself and for all assistant solicitors and consultants in his firm and at all times maintain professional indemnity insurance under the Professional Indemnity Insurance Scheme on the terms and conditions specified in the Master Policies from time to time.
(2) Every such Principal who is required to take out and maintain professional indemnity insurance shall pay to the Society, on demand by the Society, all amounts payable by him (whether to the Society or otherwise) under the Professional Indemnity Insurance Scheme and, subject to such payments and to compliance with all obligations thereunder and under these rules, shall be entitled to be issued with a Certificate of Insurance for the relevant Period of Insurance.
6.
A practising certificate shall not be issued to any solicitor who is required to take out and maintain professional indemnity insurance and who fails to do so. Any current practising certificate which has been issued to such solicitor shall be suspended and such person shall not be qualified to act as a solicitor pursuant to section 7 of the Ordinance while he shall fail to maintain in force professional indemnity insurance which is evidenced by a Certificate of Insurance.
7. (1) Rule 5 shall not apply to a solicitor or a class of solicitors for the time being exempted by the Council from compliance with these rules or to a solicitor or a class of solicitors engaged only in a category or categories of professional business specified by the Council.