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.
Further information is available from Lexon's website.
Financial Services Reform disclosure notice
Pursuant to ASIC class order relief, the Queensland Law Society and/or persons responsible for these matters are not licensed under the Corporations Act 2001 (Cth) in relation to the operation of the:
- Law Claims Levy Fund;
- Professional indemnity insurance arrangements made under the Queensland Law Society Indemnity Rule 1987 (Qld) and, from the repeal of that Rule, the Queensland Law Society Indemnity Rule 2005 (Qld); and
- Legal Practitioners Fidelity Guarantee Fund.
The QLS is not regulated under the Insurance Act 1973 (Cth).
Lexon Insurance Pte Ltd ARBN 098 964 740 is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) in respect of financial services.
Lexon is incorporated in Singapore Company Number 200104171C and is regulated by the Monetary Authority of Singapore under Singaporean law, which differs from Australian law. Singapore has a system of financial supervision of insurers and you should consider whether to obtain further information about that.
Lexon is not authorised under the Insurance Act 1973 to conduct insurance business in Australia and is not subject to the provisions of that Act which establishes a system of financial supervision of general insurers in Australia.
Lexon has paid up capital of AUD $19M and any disputes in relation to the terms of the Master Policy will be governed by Queensland law.
Lexon cannot be a declared a general insurer for the purpose of Part VC of the Insurance Act 1973 (Cth) and, if Lexon becomes insolvent, you will not be covered by the financial claims scheme provided under Part VC of that Act.