SRA Standards and Regulations

Authority

These Rules are made on 22 June 2012 by the Solicitors Regulation Authority Board under sections 37, 79 and 80 of the Solicitors Act 1974, section 9 of the Administration of Justice Act 1985, and paragraph 19 of Schedule 11 to the Legal Services Act 2007, with the approval of the Legal Services Board under paragraph 19 of Schedule 4 to the Legal Services Act 2007. These Rules regulate...

Citation

These Rules may be cited as the SRA Indemnity Rules 2012.

Establishment and maintenance of fund

The Society shall maintain the fund in accordance with these Rules. The purpose of the 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...

Indemnity Periods before 1 September 1987

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.

Scope of indemnity

The following persons, namely: solicitors, former solicitors, RELs, persons formerly practising as 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...

Indemnity

Indemnity for ceased practices Any member of a previous practice which ceased on or before 31 August 2000 who has at any time been either: an assured as a result of the issue of a certificate under one or more of the master policies, or 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...

Source of indemnity

Any such indemnity shall be provided and any claim thereto shall lie and be made exclusively out of and against the fund. Solicitors Indemnity Fund Limited shall have no obligation to provide indemnity save to the extent that the same can be provided out of the fund. In no circumstances shall any claim to indemnity lie or be made against the Society or the Council or the Legal Services Board....

Waivers

The Society shall have power in any case or class of cases to waive in writing prospectively or retrospectively any obligation on any solicitor, recognised body, licensed body or foreign lawyer under these Rules and to amend or revoke any such waiver. Any application by any person for: a waiver of any obligation under these Rules or under the Solicitors' Indemnity Rules 2001 or any Rules...

Decisions by the Society

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.

Maintenance and termination of the fund

The fund shall continue to be held, managed and administered by Solicitors Indemnity Fund Limited for so long as and to the extent that the Society, in the light of the reports made to it by Solicitors Indemnity Fund Limited, 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...