Professional Indemnity Insurance

Every Law Practice in Queensland must hold professional indemnity insurance.

QLS established Lexon Insurance Pte Ltd (Lexon) (formerly QLS Insurance) in 2001, which has helped protect solicitors from rises in PII premiums of up to 1,000% as seen in other professions.

QLS is exempt from the requirement to hold an Australian Financial Services Licence under the Corporations Act 2001 (Cth) in relation to the operation of the Professional Indemnity Insurance Scheme and this Scheme is not regulated under the Insurance Act 1973 (Cth).

Lexon is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) in respect of the financial services provided in this jurisdiction and is regulated by the Monetary Authority of Singapore under Singaporean law, which differ from Australian laws.

Further information is available from Lexon's website.