99 Indemnity rules

(1)

The New Zealand Law Society and the New Zealand Society of Conveyancers must each have practice rules concerning the indemnity of practitioners or any class of practitioners or any incorporated firms or any class of incorporated firms against claims made against them in respect of anything done or omitted by them in their professional capacity.

(2)

Practice rules made under subsection (1)—

(a)

may authorise the New Zealand Law Society or the New Zealand Society of Conveyancers or both to establish or maintain a fund or funds:

(b)

may authorise or require the New Zealand Law Society or the New Zealand Society of Conveyancers or both to take out and maintain insurance:

(c)

may require practitioners or any class of practitioners or incorporated firms or any class of incorporated firms to hold professional indemnity insurance:

(d)

may require that professional indemnity insurance held for the purposes of paragraph (c) be held only with insurers approved by the New Zealand Law Society or the New Zealand Society of Conveyancers, as the case may require.

(3)

Without prejudice to the generality of subsections (1) and (2), practice rules made under the provisions of those subsections—

(a)

may specify the terms and conditions upon which indemnity is to be available, and any circumstances in which the right to it is to be excluded or modified:

(b)

may provide for the management, administration, and protection of any fund maintained by virtue of subsection (2)(a) and require practitioners or any class of practitioners or incorporated firms or any class of incorporated firms to make payments to any such fund:

(c)

may require practitioners or any class of practitioners or incorporated firms or any class of incorporated firms to make payments by way of premium on any insurance policy maintained by the New Zealand Law Society or the New Zealand Society of Conveyancers by virtue of subsection (2)(b):

(d)

may specify the minimum terms and conditions that an insurance policy must satisfy for the purposes of subsection (2)(c):

(e)

may specify circumstances in which practitioners or any class of practitioners or incorporated firms or any class of incorporated firms are exempt from the rules or any provision of them:

(f)

may empower the New Zealand Law Society or the New Zealand Society of Conveyancers or both to take steps to ascertain whether the rules are being complied with:

(g)

may make such incidental, procedural, or supplementary provisions as are necessary to give full effect to subsections (1) and (2).

(4)

The New Zealand Law Society and the New Zealand Society of Conveyancers each has power to carry into effect any arrangements that it considers necessary or expedient for the purpose of indemnity under this section.

Compare: 1982 No 123 s 17(3), (4)(a), (b), (c), (h), (i), (j); Solicitors Act 1974 s 37(1), (2), (3)(a), (b), (c), (d), (g), (h), (i), (5) (UK)