authorised body

means:

1. a body that has been authorised by the SRA to practise as a licensed body or a recognised body; or
2. a sole practitioner's practice that has been authorised by the SRA as a recognised sole practice

SRA

means the Solicitors Regulation Authority

person

includes a body of persons (corporate or unincorporated)

participating insurer

means an authorised insurer which has entered into a participating insurer's agreement with the SRA which remains in force for the purposes of underwriting new business at the date on which the relevant contract of qualifying insurance is made

extended policy period

means the period commencing at the end of the policy period and ending on the date which is the earlier to occur of:

1. the date, if any, on which the firm obtains a policy of qualifying insurance incepting on and with effect from the day immediately following the expiration of the policy period;
2. the date which is 30 days after the end of the policy period; or
3. the date on which the insured firm's practice ceases

cessation period

means the period commencing on the expiry of the extended policy period where, during the extended policy period the relevant authorised body has not ceased practice or obtained a policy of qualifying insurance incepting with effect on and from the day immediately following expiration of the policy period, and ending on the date which is the earlier to occur of:

1. the date, if any, on which the authorised body obtains a policy of qualifying insurance incepting with effect on and from the day immediately following expiration of the policy period;
2. the date which is 90 days after the commencement of the extended policy period; or
3. the date on which the insured firm's practice ceases

policy

means:

1. for the purposes of the SRA Financial Services (Conduct of Business) Rules 2001 the meaning given in the FCA Handbook; and
2. for the purposes of the SRA Indemnity Insurance Rules and the MTC a contract of professional indemnity insurance made between one or more persons, each of which is a participating insurer, and an authorised body

qualifying insurance

means a policy that provides professional indemnity insurance cover in accordance with the MTC but only to the extent required by the MTC