SRA Handbook

Powers of the Society

Back to version 21

Version 10 of the Handbook was published on 01/07/2014. For more information, please click 'History' Above

Rule 17: Powers of the Society

17.1

Solicitors Indemnity Fund Limited shall hold, and have full power to manage and administer, the fund, subject only to:

(a)

such directions, conditions and/or requirements as the Society may from time to time issue to or impose upon it expressly pursuant to this provision, and/or

(b)

such further detailed arrangements as the Society may from time to time agree with it.

17.2

Without limiting the generality of Rule 17.1, the management and administration of the fund shall include power to:

(a)

collect and recover contributions due to the fund in accordance with these Rules;

(b)

deposit or invest in such manner as Solicitors Indemnity Fund Limited may determine all or any part of the fund, including any interest, dividends, profits, gains or other assets accruing to or acquired by the fund;

(c)

arrange such insurances as Solicitors Indemnity Fund Limited may determine in respect of the fund and/or its assets and/or the fund's liability under these Rules to afford indemnity in respect of claims and costs and expenses; and to handle all aspects of any such insurances, including the payment of premiums thereon out of the fund and the making and recovery of claims thereunder;

(d)

receive, investigate and handle claims to indemnity and other notices prescribed to be given to Solicitors Indemnity Fund Limited by these Rules, including settlement and compromise and making of ex gratia payments out of the fund in respect thereof and conduct of any dispute or difference referred to arbitration under Rule 15;

(e)

receive, investigate and handle any claim made or intimated against any person in respect of which they are or may be entitled to be provided with indemnity out of the fund (whether or not a claim to indemnity hereunder has been made) and/or in respect of which the conduct is by these Rules assigned to Solicitors Indemnity Fund Limited, including settlement and compromise and making of ex gratia payments and conduct of any proceedings arising in respect of such claim;

(f)

claim and recover reimbursement in respect of any sums paid by way of indemnity in any circumstances in which such reimbursement may under these Rules be claimed;

(g)

exercise any right of subrogation save where such rights are waived in accordance with these Rules;

(h)

maintain full and proper records and statistics (which subject to Rule 18, shall at all reasonable times be available on request to the Society for inspection and copying) as to the fund and all aspects of its management and administration;

(i)

make to and review with the Council of the Society annually and at any other time that the Council may require, written and (if the Council so requires) oral reports as to the fund and, subject to Rule 18, its management and administration, including inter alia recommendations as to the contributions which are or may be required in respect of past, present and/or future indemnity periods and the circumstances in which, extent to which and conditions and exclusions subject to which indemnity should in any future indemnity period be afforded out of the fund;

(j)

engage the assistance of any third party in respect of all or any aspect(s) of the management and administration of the fund;

(k)

delegate to any third party all or any aspect(s) of the management and administration of the fund;

(l)

institute and/or conduct such proceedings as it may consider necessary or appropriate for the due management and administration of the fund in its own name or (subject to prior consent of the Society) in the name of the Society;

(m)

disburse and/or reimburse out of the fund all administrative and legal and other costs, overheads, fees and other expenses and liabilities incurred in respect of the fund, including without prejudice to the generality of the foregoing any such costs, overheads, fees and other expenses and liabilities incurred by the Society in respect of the establishment or maintenance, or the management, administration or protection, of the fund;

(n)

disburse and/or reimburse out of the fund payments for any educational, charitable or other useful purpose which in its opinion is likely directly or indirectly to lead to the reduction or prevention of claims on the fund or otherwise to further the purpose or interests of the fund;

(o)

disburse and/or reimburse out of the fund the costs, fees and expenses of the handling after 31 August 1987 of claims and potential claims against assureds notified under the master policies and master policy certificates;

(p)

effect out of the fund or by arrangement with third parties the funding pending reimbursement by master policy insurers of such claims and potential claims and to bear out of the fund the costs, fees and expenses incurred thereby.