SRA Indemnity Fund Rules

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3. The SRA Glossary shall apply and unless the context otherwise requires:

   1. all italicised terms shall be defined in accordance with the Glossary;

   2. terms shall be interpreted in accordance with the Glossary;

   3. a reference to a Rule is to a Rule forming part of these Rules, except in relation to Schedule 1 where a reference to a rule is to a rule in the Solicitors' Indemnity Rules 1999;

   4. the Schedule to these Rules forms part of these Rules; and

   5. these Rules will be governed by and interpreted in accordance with English law.

4. The SRA shall maintain the Indemnity Fund in accordance with these Rules.

5. The purpose of the Indemnity Fund is to provide indemnity against loss as mentioned in section 37 of the SA as extended by section 9 of the AJA, Schedule 4 paragraph 1(3) of the European Communities (Lawyer's Practice) Regulations 2000 and section 89 of the Courts and Legal Services Act 1990 in the circumstances, to the extent and subject to the conditions and exclusions specified by the Solicitors' Indemnity Rules 1987 as the same have been and are in force and amended and applied from time to time and by any future Rules continuing, amending, adding to, applying or re-enacting such or other Rules to provide such indemnity in respect of annual indemnity periods (starting in 1987) unless and until otherwise determined by future Rules.

6. The Indemnity Fund shall be maintained by contributions previously made by or on behalf of solicitors, recognised bodies, RELs and RFLs in respect of each indemnity period in accordance with Part III of the SRA Indemnity Rules 2011 (or any earlier corresponding provisions), and by any additional contributions in accordance with Rule 16.

7. The SRA may maintain the Indemnity Fund as a single continuous Indemnity Fund, and any deficiency in respect of one indemnity period may be met in whole or part from contributions in respect of another indemnity period or indemnity periods and any balance in respect of one indemnity period may be applied to the benefit of any other indemnity period or indemnity periods.

8. The Indemnity Fund shall be held, managed and administered in accordance with Part IV of these Rules by the SRA for this purpose, or by such other person or persons as the SRA may designate for such purpose.

5. The policies taken out and maintained and the certificates issued by the Society pursuant to the Solicitors' Indemnity Rules 1975 to 1986 shall continue to provide cover subject to and in accordance with their terms in respect of their respective periods up to and including 31 August 1987. They shall not provide cover in respect of any subsequent period.

6. These Rules shall apply to a practice carried on by:
   1. a sole solicitor;

   2. an REL practising as a sole practitioner;

   3. a recognised body;

   4. a partnership consisting of one or more solicitors and/or RELs and/or recognised bodies and/or licensed bodies;

   5. a partnership consisting of one or more solicitors and/or RELs, together with one or more RFLs;

   6. a partnership consisting of one or more RELs with or without one or more RFLs, together with one or more non-registered European lawyers practising from one or more offices in any state to which the Establishment Directive applies, but outside England and Wales; and

   7. a licensed body in respect of its regulated activities.

7. The following persons, namely:

   1. solicitors, former solicitors, RELs, persons formerly practising RELs, RFLs practising in partnership with solicitors or RELs, persons formerly practising as RFLs in partnership with solicitors or RELs, non - registered European lawyers practising in partnership with RELs, and persons formerly practising as non - registered European lawyers in partnership with RELs;

   2. employees and former employees of the above;

   3. recognised bodies and former recognised bodies;

   4. officers and employees and former officers and employees of recognised bodies and former recognised bodies;

   5. licensed bodies and former licensed bodies in respect of their regulated activities; and

   6. regulated persons, including officers and employees and former officers and employees of licensed bodies,

   shall be provided with indemnity out of the Indemnity Fund against loss arising from claims in respect of civil liability incurred in private legal practice in their aforesaid capacities or former capacities in the manner set out in Rule 10 and in the circumstances, to the extent and subject to the conditions and exclusions set out in Part II of these Rules and not otherwise.

Indemnity for ceased practices

8. Any member of a previous practice which ceased on or before 31 August 2000 who has at any time been either:

   1. an assured as a result of the issue of a certificate under one or more of the master policies, or

   2. a person entitled to be indemnified by virtue of the issue of a receipt under the Solicitors' Indemnity Rules 1987-1990 or a payment of Contribution and Value Added Tax thereon as stated in the Solicitors' Indemnity Rules 1991-1999,

   and who is not, at the time during the indemnity period when a claim is first made or intimated against him or her or when circumstances which might give rise to such a claim are first notified in the prescribed form by him or her to the SRA, person entitled or required to be indemnified in respect of claims arising from that previous practice by a policy of qualifying insurance or otherwise under the SIIR,

   and the previous practice

   shall be entitled to indemnity out of the Indemnity Fund in the manner, to the extent and subject to the conditions and exclusions set out in these Rules against:

   3. all loss (including liability for third party claimants' costs) incurred by the previous practice or any member thereof at any time arising directly from:

      1. any claim(s) first made or intimated against the previous practice or any member thereof during the indemnity period in respect of any description of civil liability whatsoever which may have been incurred in private legal practice by the previous practice or by a member as a member of such previous practice;

      2. any claim in respect of any such description of civil liability as aforesaid, made or intimated against the previous practice or any member thereof, whether during or subsequent to the indemnity period arising out of circumstances notified in the prescribed form to the SRA during the indemnity period as circumstances which might give rise to such a claim; and

   4. all costs and expenses incurred with the consent of the SRA (such consent not to be unreasonably withheld) in the defence or settlement or compromise of any such claim as aforesaid.

Eligible former principals

8. Rule 8.1 shall apply in addition in respect of any principal of a previous practice that is an eligible former principal.

9. In respect of any claim referred to in Rule 8.2 made by an eligible former principal, the extent of the indemnity (if any) to be provided by the SRA shall be limited to an amount equal to the lesser of:

   1. the Due Proportion of the Deductible (excluding any Penalty Deductible) in respect of the eligible former principal that would have been disregarded by the SRA in relation to the claim had it been made under the Solicitors' Indemnity Rules 1999; and

   2. such amount if any which the relevant successor practice is entitled to and seeks to recover from the eligible former principal in relation to the claim.

10. For the purposes of Rule 8.3, "Due Proportion", "Deductible" and "Penalty Deductible" shall have the meanings respectively given to them by the Solicitors' Indemnity Rules 1999, as set out in Schedule 1 to these Rules.

Expired run-off claims

8. Any firm or person shall be entitled to indemnity out of the Indemnity Fund in the manner, to the extent and subject to the conditions and exclusions set out in this Rule 8.5, in relation to an expired run-off claim, provided that:

   1. such claim is first notified to the SRA in the prescribed form at any time since 1 September 2007; and

   2. there is no preceding qualifying insurance which provides cover for such claim; and

   3. such claim does not relate to or arise out of any claim first made against an insured or circumstances first notified to the provider of such preceding qualifying insurance, in either case at a time when such preceding qualifying insurance was required to provide cover in respect thereof; and
   4. such person was an insured under the relevant preceding qualifying insurance.

   Notwithstanding any other provision of these Rules:

   4. the obligations of the Indemnity Fund and/or any insured in respect of an expired run-off claim shall be in accordance with, and limited to, the expired run-off cover; and

   5. any obligation owed by any insured under the preceding qualifying insurance to the qualifying insurer which issued such insurance shall be deemed to be owed to the SRA in place of such qualifying insurer, unless and to the extent that the SRA in its absolute discretion otherwise agrees.

9. The Indemnity Fund shall not afford any indemnity in respect of any loss arising out of any claim:

   1. for death, bodily injury, physical loss or physical damage to property of any kind whatsoever (other than property in the care, custody and control of the previous practice or member thereof in connection with its, his or her private legal practice for which it, he or she is responsible, not being property occupied or used by it, him or her for the purposes of the previous practice);

   2. for any alleged breach or other relief in respect of any partnership or partnership agreement between the principals in the previous practice or between any principal therein and any other person as principals in any other previous practice;

   3. for wrongful dismissal or termination of articles of clerkship or training contract or any other alleged breach or any other relief by either party in respect of any contract of employment by the previous practice or any member thereof; and/or for wrongful termination or any other alleged breach or any other relief by either party in respect of any contract for supply to or use by the previous practice or any member thereof of services and/or materials and/or equipment and/or other goods;

   4. for the payment of a trading debt incurred by the previous practice or any member thereof;

   5. in respect of any undertaking given by any principal in the previous practice or by a recognised body or licensed body or on his, her or its behalf (whether in his, her or its own name or in the name of the previous practice) to any person in connection with the provision of finance, property, assistance or other advantage whatsoever to or for the benefit of such principal or any other principal or of his or her or any other principal's spouse or children or of such recognised body or licensed body or of any business, firm, company, enterprise, association or venture owned or controlled by him, her or it or any other principal or in a beneficial capacity whether alone or in concert with others, EXCEPT to the extent that the person seeking indemnity shall establish that he, she or it was unaware that the undertaking was or was likely to be connected with the provision of any such finance, property, assistance or other advantage;

   6. in respect of any dishonest or fraudulent act or omission, but nothing in this exclusion shall prevent any particular member of the previous practice who was not concerned in such dishonesty or fraud being indemnified in accordance with these Rules in respect of any loss arising out of any claim in respect of any dishonest or fraudulent act or omission by any other such member;

   7. in respect of any liability incurred in connection with an overseas practice. In relation to a previous practice having any overseas offices deemed by paragraph (ii) of the definition of separate practice in Rule 3.1 to form a separate practice, a liability shall be deemed to have been incurred in connection with the office where or from which the major part of the work out of which the loss arose in respect of which indemnity is sought was being done. In the event of doubt as to which (if any) office satisfies this requirement, the liability shall be deemed to have been incurred in connection with the office to which the person who accepted the initial instructions was most closely connected;

   8. in respect of any liability incurred in connection with a previous practice in relation to which the obligation to pay contribution has been exempted under Rule 27 of the Solicitors' Indemnity Rules 2006 (or any earlier corresponding Rule);

   9. arising out of any circumstances or occurrences which have been notified under the master policy or any certificate issued under the master policy or any other insurance existing prior to 1 September 1987;

   10. in respect of any adjustment by way of claims loading or loss of discount which may at any future date or in respect of any future period be made by reference to any claim or claims first made or intimated during any indemnity period;

   11. in respect of any liability incurred by any person in his, her or its capacity as a shareholder or beneficial owner of a share in a body corporate that is either a recognised body or licensed body notwithstanding the definition of principal in Rule 3.1;

   12. in respect of any act or omission on the part of any principal whilst acting on behalf of the previous practice or any member thereof in connection with any matter affecting the business of the previous practice provided that at the time of such act or omission such principal was a principal in the previous practice;

   13. where the previous practice or any member thereof is entitled to indemnity under any insurance except in respect of any amount greater than the amount which would have been payable under such insurance in the absence of the indemnity provided by the Indemnity Fund.

10. For the avoidance of doubt, any claim or claims by any member or former member of any previous practice against any member or former member of any such previous practice for the payment of the whole or any part of the deductible paid or due in respect of a claim already notified or made under these Rules or any previous Rules is not a loss arising within the meaning of Rule 8 and shall in no event be recoverable hereunder.

11. The exclusions set out in this Rule 9 shall not apply in relation to an expired run-off claim, in respect of which the provisions of Rule 8.5 shall apply.

10. Such indemnity shall be provided, according to the decision of the SRA as set out in Rule 10.2, in any one or any combination of the following ways:

    1. by payment, in or towards satisfaction of the claim and/or claimant's costs and expenses, to or to the order of the claimant making the claim;

    2. by payment, in respect of the claim and/or claimant's costs and expenses and/or costs and expenses incurred in respect of the defence or settlement or compromise of the claim, to or to the order of the person against whom the claim is made;

    3. by payment, in or towards discharge of costs and expenses incurred in respect of the defence or settlement or compromise of the claim, to or to the order of the legal advisers, adjusters or other persons by whom or in respect of whose services such costs and expenses were incurred;

    4. by payment to any firm or person in relation to an expired run-off claim who was an insured under the relevant preceding qualifying insurance.

11. The SRA shall in any particular case, and notwithstanding the insolvency or bankruptcy of any person for whom indemnity is provided, have the sole and absolute right to decide in which way or combination of ways indemnity is provided.

11. Any such indemnity shall be provided and any claim thereto shall lie and be made exclusively out of and against the Indemnity Fund.

12. The SRA shall have no obligation to provide indemnity save to the extent that the same can be provided out of the Indemnity Fund.

13. In no circumstances shall any claim to indemnity lie or be made against the SRA or the Society or the Council or the Legal Services Board.

14. Save as provided in Rule 21, the Indemnity Fund shall be available exclusively for the purpose specified in Rule 4.2.

15. In no circumstances shall the Indemnity Fund or any part thereof be available or be treated by any person as available (whether by virtue of any claim, attachment, execution or proceeding or otherwise howsoever) for or in connection with any other purpose.

12. The liability of the Indemnity Fund as stated in Rule 8.1(c) shall in no event exceed in respect of each such claim the indemnity limit for the relevant indemnity period.

13. All claims arising from the same act or omission (whether or not made or intimated or arising out of circumstances notified during the same indemnity period and whether or not involving the same or any number of different practices or previous practices and/or members of such practices or previous practices) shall be regarded as one claim.

14. If a payment exceeding the indemnity limit is made to dispose of any such claim (or, in circumstances within Rule 12.2, claims) for loss (including claimants' costs) such as stated in Rule 8.1(c), then any liability of the Indemnity Fund for costs and expenses under Rule 8.1(d) shall be limited to such proportion of such costs and expenses as the indemnity limit bears to the amount of the payment so made.

15. The provisions of this Rule 12 shall not apply in relation to an expired run-off claim, in respect of which the provisions of Rule 8.5 shall apply.

13. Save in relation to an expired run-off claim, in respect of which the provisions of Rule 8.5 shall apply, the indemnity limit shall be £1,000,000 each and every claim (including claimants' costs).

14. The previous practice and each member thereof shall procure that notice to the SRA shall be given in writing as soon as practicable of:

    1. any claim(s) the subject of Rule 8 made or intimated during the relevant indemnity period against it, him or her of any claim for or likely to be for more than £500; or

    2. the receipt by it, him or her of notice of any intention to make any such claim(s).

15. The previous practice and any member thereof may also give notice in writing to the SRA of any circumstances of which it, he or she shall become aware which may (whether during or after the relevant indemnity period) give rise to any such claim(s).

16. Any notice given under Rule 14.2, will be effective only if, at the date when such notice was given, the circumstances known to and notified by the previous practice and/or member thereof, represent sufficient ground for a genuine and reasonable supposition on the part of the previous practice or member that those circumstances may give rise to a claim the subject of indemnity under Rule 8.

17. If notice is given to the SRA under Rule 14.1(b) or 12.2, any claim subsequently made (whether during or after the relevant indemnity period) pursuant to such an intention to claim or arising from circumstances so notified shall be deemed to have been made at the date when such notice was given.

18. The previous practice and each member thereof shall not admit liability for, or settle, any claim falling within Rule 8 or incur any costs or expenses in connection therewith without the prior consent of the SRA (such consent not to be unreasonably withheld).

19. Subject to Rule 14.7:

    1. the previous practice and each member thereof shall procure that the SRA shall be entitled at the Indemnity Fund's own expense at any time to take over the conduct in the name of the previous practice or member of the defence or settlement of any such claim, including any claim in respect of which the previous practice or member may become entitled to partial indemnity under any insurance with any insurers; and

    2. The SRA may after taking over the defence or settlement of any such claim conduct the same as it may in its absolute discretion think fit notwithstanding any dispute or difference, whether or not referred to arbitration under Rule 15, which may exist or arise between it and the previous practice or member.

20. No previous practice or member thereof shall be required to contest any legal proceedings unless a King's Counsel (to be mutually agreed upon or failing agreement to be appointed by authorised decision maker) shall advise that such proceedings should be contested.

21. Without prejudice to Rules 14.5, 14.6 and 14.7, the previous practice and each member thereof shall keep the SRA informed in writing at all times, whether or not the SRA shall specifically so request, as to the development and handling of any claim, intimated claim, notice or circumstances the subject of or arising subsequent to any notice given to the SRA under Rule 14.1 or 14.2; and shall consult and co-operate with the SRA in relation thereto as the SRA may request, whether or not the SRA shall take over the conduct thereof.

22. The Indemnity Fund waives any rights of subrogation against any member of the previous practice save where those rights arise in connection with

    1. a dishonest or criminal act by that member; or

    2. the provision of indemnity under the exception to Rule 9.1(e); or

    3. a claim to indemnity in circumstances where that member has received a net benefit to which he or she was not entitled as a consequence of another member being provided with indemnity out of the Indemnity Fund;

    and save as otherwise expressly provided in these Rules.

23. If the previous practice or any member thereof shall prefer any claim to indemnity out of the Indemnity Fund knowing the same to be false or fraudulent as regards amount or otherwise, it, he or she shall forfeit any claim to any such indemnity in respect of any claim or future claim against the previous practice or member to which the false or fraudulent claim to indemnity out of the Indemnity Fund may have related or relate.

24. Where there has been a failure to pay any instalment of any contribution due or any Value Added Tax payable in accordance with the Solicitors' Indemnity Rules 1987 to 2007 or the SRA Indemnity Rules 2011or 2012 and a claim has been made or intimated against the previous practice or any member thereof in respect of which such previous practice or member would otherwise have been entitled to be provided with indemnity, the SRA shall provide such indemnity by payment (up to the indemnity limit) in or towards satisfying, or enabling the previous practice or member concerned to satisfy, the claim and claimants' costs and such previous practice shall thereafter upon request reimburse to the SRA on behalf of the Indemnity Fund the whole or such part as the SRA may request of any payment so made and of any costs and expenses incurred in its defence, settlement or compromise, and each principal therein shall be jointly and severally responsible to the SRA for such reimbursement accordingly. Provided always that the SRA shall require such reimbursement only to the extent of (a) any increase which in its opinion may have occurred in the total payable out of the Indemnity Fund (including costs and expenses) as a result of such failure, together with (b) such amount as may be necessary to satisfy any unpaid contribution and Value Added Tax and interest thereon at the rate of 4% above Barclays Bank base rate with quarterly rests or at such other rate as prescribed by the SRA from time to time.

25. Where non-compliance with any provision of these Rules by any previous practice or any member thereof claiming to be entitled to indemnity out of the Indemnity Fund has resulted in prejudice to the handling or settlement of any claim in respect of which such previous practice or member is entitled to indemnity hereunder, such previous practice or member shall reimburse to the SRA on behalf of the Indemnity Fund the difference between the sum payable out of the Indemnity Fund in respect of that claim and the sum which would have been payable in the absence of such prejudice. Provided always that it shall be a condition precedent of the right of the Indemnity Fund to such reimbursement that it shall first have provided full indemnity for such previous practice or member by payment (up to the indemnity limit) in or towards satisfying, or enabling such previous practice or member to satisfy, the claim and claimants' costs in accordance with the terms hereof.

26. In respect of any loss arising from any claim or claims as described by Rule 6.1(c) arising out of any dishonest or fraudulent act or omission of any member of the previous practice, the Indemnity Fund shall nonetheless be available to afford indemnity in accordance with these Rules to the previous practice and any member thereof, other than and excluding in each case the particular member concerned in such dishonesty or fraud. Provided always that at the request of the SRA, the previous practice or member being indemnified shall:

    1. take or procure to be taken at the Indemnity Fund's expense all reasonable steps to obtain reimbursement for the benefit of the Indemnity Fund from or from the personal representatives of any such member concerned in such dishonesty or fraud, and

    2. procure that any reimbursement so obtained together with any monies which but for such fraud or dishonesty would be due to such member concerned in such dishonesty or fraud shall be paid to the Indemnity Fund up to but not exceeding the amounts paid by the Indemnity Fund in respect of such claim together with any expenditure reasonably incurred by the Indemnity Fund in obtaining such reimbursement.

27. In the event of indemnity being afforded under the exception to Rule 9.1(e), the previous practice or member being indemnified shall take or procure to be taken at the Indemnity Fund's expense all reasonable steps to obtain reimbursement for the benefit of the Indemnity Fund from any person to whom any benefit arising from the giving of any undertaking accrues in the circumstances set out in Rule 9.1(e). Provided always that such reimbursement shall not exceed:

    1. the amount paid by the Indemnity Fund by way of indemnity together with any expenditure reasonably incurred by the Indemnity Fund in obtaining such reimbursement, or

    2. the amount of any benefit accruing to such person,

    whichever is the lesser.

28. In respect of any claim to indemnity, the SRA may appoint panel solicitors to act on its behalf and on behalf of the previous practice or any member thereof, and panel solicitors shall:

    1. act at the sole direction of the Indemnity Fund for any purpose falling within the scope of these Rules, including acting on the Court record for the previous practice or any member thereof, and

    2. disclose to the SRA as required any statement or information given to or which becomes known to panel solicitors in the course of so acting, and such disclosure shall be treated as having been made directly to the SRA by the previous practice or member.

29. The provisions of this Rule 14 shall not apply in relation to an expired run-off claim, in respect of which the provisions of Rule 8.5 shall apply.

15. If a dispute arises between:

    1. a person who seeks indemnity from the Indemnity Fund in accordance with these Rules, and
    2. the SRA

    concerning any claim or the quantum of any claim that is the subject of the indemnity being sought from the Indemnity Fund by the person, the person and the SRA shall endeavour to resolve the dispute amicably. If, however, the dispute remains unresolved within [thirty (30) days] of that dispute first arising, the dispute shall be referred to a sole arbitrator for determination, whose decision shall be final and binding on the person and the SRA. The person and the SRA shall endeavour to agree to a suitable arbitrator. In the event the person and the SRA cannot agree a choice of arbitrator, the SRA shall invite the President of the Chartered Institute of Arbitrators to appoint an arbitrator to make a final determination on the dispute.

16. Solicitors, RELs, RFLs, recognised bodies and licensed bodies must make contributions to the Indemnity Fund in such amounts and at such times as may be prescribed.

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18. The SRA may at any time, to the extent that it is reasonably practicable for it to do so, recalculate any claims adjustment applicable to any practice under the Solicitors' Indemnity Rules 2012 (or any earlier corresponding Rules) as a result of the receipt by the SRA of any sum from any third party relating to any indemnity provided to that practice out of the Indemnity Fund under these Rules or any earlier corresponding Rules, after deduction of the reasonable costs and expenses incurred by the SRA.

19. The SRA shall not be entitled, at any time after 30 September 2008, to require any practice to make any contribution under the Solicitors' Indemnity Rules 2006 (or any earlier corresponding Rules) which would otherwise be payable by reason of an inaccuracy in calculation, unless that inaccuracy is attributable to a failure to provide information or to a material inaccuracy in information provided by or on behalf of that practice under Part III of the Solicitors' Indemnity Rules 2006 (or any earlier corresponding Rules).

20. The SRA's decision shall be final and binding on all affected on any question arising as to:

    1. any obligation to make a contribution; or

    2. any sum due to any person out of the Indemnity Fund;

    under this Rule 16.

17. The SRA shall hold, and have full power to manage and administer, the Indemnity Fund, subject only to:

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

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

18. Without limiting the generality of Rule 17.1, the management and administration of the Indemnity Fund shall include power to:

    1. collect and recover contributions due to the Indemnity Fund in accordance with these Rules;

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

    3. arrange such insurances as the SRA may determine in respect of the Indemnity Fund and/or its assets and/or the Indemnity 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 Indemnity Fund and the making and recovery of claims thereunder;

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

    5. 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 Indemnity 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 the SRA, including settlement and compromise and making of ex gratia payments and conduct of any proceedings arising in respect of such claim;

    6. 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;

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

    8. maintain full and proper records and statistics as to the Indemnity Fund and all aspects of its management and administration;

    9. engage the assistance of any third party in respect of all or any aspect(s) of the management and administration of the Indemnity Fund;

    10. delegate to any third party all or any aspect(s) of the management and administration of the Indemnity Fund;

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

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

    13. disburse and/or reimburse out of the Indemnity 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 Indemnity Fund or otherwise to further the purpose or interests of the Indemnity Fund;

    14. disburse and/or reimburse out of the Indemnity 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;

    15. effect out of the Indemnity 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 Indemnity Fund the costs, fees and expenses incurred thereby.

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20. The Society shall have power to treat any person as complying with any provision of these Rules for the purposes of the SA notwithstanding that the person has failed to comply with any provision of these Rules where such non-compliance is regarded by the Society in a particular case or cases as being insignificant.

21. The Indemnity Fund shall continue to be held, managed and administered by the SRA for so long as and to the extent that the SRA may consider necessary or appropriate for the purpose of providing indemnity in respect of any claim(s) made or intimated during any indemnity period and/or during or subsequent to any indemnity period arising out of circumstances notified during any indemnity period as circumstances which might give rise to such claim(s).

22. As and when the SRA no longer considers it necessary or appropriate that all or any part of the Indemnity Fund should be so held, managed and administered, the SRA may apply all or any part of the Indemnity Fund not so required, to the extent the SRA considers it reasonably practicable, for the purpose of providing indemnity in any other way permitted by section 37(2) of the SA and where some or all of the Indemnity Fund will not be used to provide such indemnity the Indemnity Fund shall be released to the Society for the overall benefit of the solicitors' profession in such manner as the Society may decide.