S.I. No. 429/2020 - Solicitors Professional Indemnity Insurance Regulations 2020

• (b) Every or any reference made pursuant to Regulation 11(a) shall be deemed to be a submission to arbitration within the meaning of the Arbitration Act 2010 or any Act or statutory provision amending or repealing same and shall be an arbitration conducted in Dublin, Ireland in the English language and shall be governed by the Arbitration Act 2010 , save as to the extent provided for in these Regulations.

• (c) In the event of the arbitrator being unable or unwilling to act as such, any replacement arbitrator shall be appointed in a like manner to that stipulated in Regulation 11(a).

• (d) The costs of any dispute submitted to arbitration pursuant to Regulation 11(a) shall be decided by the arbitrator.

• (e) The parties to an arbitration under these Regulations shall notify the PII Committee in writing of the arbitration within twenty-eight (28) days of the date of the arbitrator’s final award.

• (f) A notification in writing under Regulation 11(e) shall include the following information regarding the arbitration:-

• (i) The parties to the arbitration; and

• (ii) A description of the dispute or claim the subject matter of the arbitration; and

• (iii) The nature of the reliefs sought in the arbitration; and

• (iv) A summary of the final decision of the arbitrator; and

• (v) Such other information as may be determined by the PII Committee from time to time.

• (g) The PII Committee shall have the power to direct that the parties to an arbitration under these Regulations provide such information to the PII Committee as may be determined by the PII Committee from time to time.

12.

12. Entering the Assigned Risks Pool:

• (a) Subject to Regulations 12(l), 12(n) and 12(o), where at any time a firm either has not established or fails to maintain qualifying insurance underwritten by a participating insurer as required by these Regulations, that firm shall (if it is an ARP eligible firm) apply to enter the assigned risks pool prior to:-

• (i) the date on which the relevant indemnity period commences; or

• (ii) the date on which it fails to maintain qualifying insurance, whichever date is the earliest.

• (b) The PII Committee, in its absolute discretion, shall have power to grant a dispensation from the ARP eligibility criteria (or any part thereof) to a firm in an appropriate case.

• (c) The ARP premium payable by any firm in respect of whose practice an ARP coverage is to be issued from time to time, shall be calculated by the SPF manager in accordance with the ARP premium schedule.

• (d) Nothing in these Regulations shall operate to prevent the SPF manager from calculating the ARP premium payable by any firm in respect of whose practice an ARP coverage is to be issued on a pro rata basis, having regard to the date on which ARP coverage commences in accordance with Regulation 13(a) and the date upon which ARP coverage terminates in accordance with Regulation 13(b).

• (e) A firm that is required to apply to enter the assigned risks pool and that is an ARP eligible firm shall apply in the following manner:-

• (i) it shall submit to the SPF manager a proposal form, in a format designated from time to time by the SPF management committee, seeking to obtain ARP coverage and stating the date upon which such coverage should commence (not being a date earlier than the date upon which the application is made), together with such further information (if any) as may be required by the SPF manager for the purposes of considering the firm’s application and determining the applicable ARP premium in accordance with Regulation 12(e)(ii); and

• (ii) it shall pay in advance of entry to the assigned risks pool such sum by way of an advance payment of premium to be known as the “initial ARP premium” as the SPF manager may determine in accordance with the ARP premium schedule, and it shall undertake to pay and shall pay such further sums, to be known as “additional ARP premium”, by way of premium calculated in accordance with the ARP premium schedule, on such further dates as the SPF manager may from time to time determine; and

• (iii) it shall submit to the Law Society a signed undertaking, in a format designated from time to time by the SPF management committee, confirming that it will:-

• (A) submit to such monitoring and risk management audits and take all such actions and pay such costs and expenses thereof as is provided for under and pursuant to these Regulations;

and

• (B) pay any costs and expenses incurred by the Law Society or the SPF manager from time to time as a result of any failure on its part to comply with any provision of these Regulations.

• (f) Where a firm with ARP coverage is deemed to be in compliance with the minimum common risk management standard in respect of an indemnity period pursuant to Regulations 18 and 19, that firm shall be entitled to have its ARP premium for that indemnity period re-calculated in accordance with the relevant provisions of the ARP premium schedule, to be known as the “re-calculated ARP premium”. Where the recalculated ARP premium is lower than that firm’s ARP premium:

• (i) if the firm has already paid the ARP premium for that indemnity period to the SPF manager, it shall be entitled to reimbursement from the SPF manager of the difference between the re-calculated ARP premium and the ARP premium; or

• (ii) if the firm has not already paid the ARP premium for that indemnity period to the SPF manager, it shall pay the re-calculated ARP premium to the SPF manager on such date that the SPF manager may from time to time determine.

• (g) The provisions of Regulation 12(f) may, from time to time, be cancelled or varied by the PII Committee in its sole discretion and for such period as it may, in its sole discretion, determine.

• (h) Where a firm has been issued with ARP coverage, the terms of the ARP coverage shall prescribe that, and the firm shall be deemed to agree that, any additional ARP premium or re-calculated ARP premium (as the case may be) determined in accordance with Regulation 12(d) to be applicable in respect of such an ARP coverage shall, as from the date upon which the additional ARP premium or re-calculated ARP Premium is due (as determined by the SPF manager pursuant to Regulation 12(d)) (if not already paid by the firm), constitute a debt due from the firm to the SPF manager as agent of all participating insurers participating in the special purpose fund. Failing payment of the additional ARP premium or, re-calculated ARP premium within three (3) days of the relevant due date, the SPF manager shall be entitled to treat the firm as a defaulting firm for the period during which the additional ARP premium or re-calculated ARP premium remains outstanding, such that the ARP premium for that firm for that period shall be calculated in accordance with Regulation 16(e).

• (i) Every firm that applies to enter the assigned risks pool shall provide to the SPF manager such information as the SPF manager may from time to time in its discretion reasonably require to progress the firm’s application for entry to the assigned risks pool and otherwise to deal efficiently and effectively with the firm’s membership of the assigned risks pool.

• (j) Every firm to which this Regulation 12 applies shall be required to take all reasonable steps to ensure that the firm receives an acknowledgement in writing of receipt by the SPF manager of its application, pursuant to this Regulation 12, to enter the assigned risks pool within ten (10) working days of the date of despatch of such application by or on behalf of the firm, and where no such acknowledgement in writing is received within ten (10) working days of such date, the application shall be deemed never to have been made, and the firm shall be required to re-apply in accordance with the provisions of this Regulation 12.

• (k) An ARP eligible firm that has applied in the manner prescribed by these Regulations to enter the assigned risks pool will be issued by the SPF manager with an ARP coverage.

• (l) An ARP eligible firm may apply to enter the assigned risk pool within 60 (sixty) days immediately following the expiry of its most recent coverage period.

• (m) The provisions of Regulation 12(l) are a dispensation solely in relation to the time limits for making an application to join the assigned risks pool and such provisions shall not in any way relieve a firm of any requirement of these Regulations to establish or maintain qualifying insurance.

• (n) A legal partnership and a multidisciplinary practice shall not be eligible for entry into the ARP.

• (o) Where at any time a legal partnership or a multi-disciplinary practice either has not established or fails to maintain qualifying insurance underwritten by a participating insurer as required by these Regulations, the said legal partnership or multi-disciplinary practice shall comply with regulations made by the Legal Services Regulatory Authority under Section 47 of the Legal Services Regulation Act 2015 .

13.

13. Operation of ARP Coverage:

• (a) The period of coverage under each ARP coverage shall commence:-

• (i) in the case of a firm that applies to enter the assigned risks pool prior to the commencement of an indemnity period, from the start of that indemnity period; or

• (ii) in the case of a firm that applies to enter the assigned risks pool during an indemnity period, from the date specified in the firm’s application, but that date may not be earlier than the date upon which the application was made, and no ARP coverage may provide retrospective cover.

• (b) The period of coverage under each ARP coverage shall terminate on the earliest to occur of the following dates:-

• (i) the date upon which the relevant indemnity period ends; or

• (ii) the date upon which the firm obtains qualifying insurance outside the assigned risks pool; or

• (iii) the date when the firm ceases to be an ARP eligible firm.

• (c) Every firm that holds ARP coverage shall be required to report or notify any claim or circumstance required to be reported or notified pursuant to its ARP coverage to the SPF manager within any time prescribed therefor under that ARP coverage.

• (d) Without prejudice to the generality of Regulation 20(a), every principal of a firm to which these Regulations apply shall be responsible for ensuring:-

• (i) that the firm applies to enter the assigned risks pool within the time limits and in the manner required under these Regulations; and

• (ii) that the firm pays any premium due in respect of an ARP coverage to the SPF manager promptly when due; and

• (iii) that the firm takes steps to ensure that it is provided with an acknowledgement of its application to enter the assigned risks pool when required to do so under these Regulations; and

• (iv) that the firm makes any notifications or reports required by these Regulations to be made pursuant to its ARP coverage in a timely manner.

• (e) The SPF manager shall make arrangements to procure that a participating insurer shall be reimbursed in respect of insurer reimbursement claims and shall ensure that the amount of such reimbursement is equal to the sums paid by that participating insurer in respect of the relevant claim, provided however that the amount of such reimbursement shall be without prejudice to any sums to be paid by the participating insurer following a demand being made by the SPF manager, pursuant to the participating insurers agreement, for the purposes of settling liability in respect of the relevant claim. No participating insurer shall be entitled to such reimbursement unless that participating insurer can demonstrate, to the reasonable satisfaction of the SPF manager, that it has acted in a commercially reasonable manner and as though recourse to the assigned risks pool is not available to it and has used its best efforts to obtain reimbursement of amounts paid by it pursuant to its rights under clause 7.2 of the minimum terms and conditions.

14.

14. Membership of the Assigned Risks Pool:

• (a) A firm that has been issued with an ARP coverage but that is no longer an ARP eligible firm shall be required, as from the date upon which it ceases to be an ARP eligible firm, to establish and maintain qualifying insurance with a participating insurer in accordance with Regulation 4(b) and if it fails to do so, it shall be required to cease its practice.

• (b) A firm may leave the assigned risks pool at any time after it has provided to the Law Society such evidence as the Law Society may require that it has obtained qualifying insurance from a participating insurer that satisfies the provisions of these Regulations for at least the remainder of the then-current indemnity period.

• (c) Where a firm applies for membership of the assigned risks pool but is not permitted to enter the assigned risks pool, that firm shall be required to indemnify the Law Society, the SPF manager and the SPF management committee on demand in respect of any costs, fees, expenses, losses or liabilities incurred by the Law Society, the SPF manager and the SPF management committee in relation to its application.

15.

15. Variation of the Minimum Terms and Conditions in respect of cover granted by the Assigned Risks Pool:

• (a) The minimum terms and conditions to apply in respect of ARP coverage are amended to the extent that claims made by financial institutions shall not be covered by the ARP, with the exception of a claim made by a financial institution in respect of a residential property transaction where:-

• (i) the relevant firm was first instructed to provide legal services in respect of that transaction on or after the operative date; and

• (ii) the relevant firm was deemed to be or found to be in compliance with the minimum common risk management standard in accordance with Regulations 18 and 19 prior to the commencement of the provision of the legal services.

• (b) The PII Committee may from time to time publish model terms and conditions to apply to ARP coverage, which shall when published constitute the minimum terms and conditions applicable to such coverage.

• (c) The provisions of Regulation 15(a) may, from time to time, be cancelled or varied by the PII Committee in its sole discretion and for such period as it may, in its sole discretion, determine.

• (d) The PII Committee may, in its sole discretion and for such period as it may, in its sole discretion, determine, impose an aggregate limit on the ARP’s liability for claims in respect of any one firm in any one indemnity period and such limit shall, unless otherwise determined by the PII Committee, be €1,500,000 (one million five hundred thousand euro).

• (e) Any limit or exclusion imposed by the PII Committee in accordance with Regulation 15(d) shall not apply in respect of defence costs, save that in such cases ARP coverage will apply proportionate liability for defence costs in accordance with clause 3 of the minimum terms and conditions.

• (f) If a claim is made that would otherwise exceed the limit of liability, as imposed by the PII Committee in accordance with Regulation 15(d), whether on its own or in aggregate with prior or concurrent claims, the ARP will be liable only for the amount of such claim that does not exceed the limit prescribed thereunder by the PII Committee.

16.

16. Defaulting Firms:

• (a) The SPF manager shall make arrangements to ensure that a defaulting firm is covered in respect of any period in which such a firm does not hold qualifying insurance with a participating insurer and has not applied to enter the assigned risks pool and has not been issued by the SPF manager with an ARP coverage, and such arrangements shall procure that a defaulting firm in respect of which the arrangements apply is covered in respect of all claims and circumstances where coverage would have extended pursuant to the minimum terms and conditions as varied by or pursuant to these Regulations.

• (b) Every defaulting firm shall be liable to pay the SPF manager the ARP default premium in respect of any coverage arranged in respect of its practice or former practice pursuant to Regulation 16(a).

• (c) The SPF manager on behalf of participating insurers shall be entitled to recover from each and every principal in a defaulting firm all amounts paid in or towards the discharge of a claim and defence costs pursuant to arrangements made under Regulation 16(a), together with interest thereon at two percent (2%) over the base lending rate of the European Central Bank from time to time.

• (d) A defaulting firm may, at the discretion of the PII Committee, be required to cease its practice unless it obtains qualifying insurance from a participating insurer outside the assigned risks pool.

• (e) The amount of the ARP default premium payable by:-

• (i) any firm designated as a defaulting firm pursuant to Regulation 12(h); or

• (ii) any defaulting firm in respect of which arrangements pursuant to Regulation 16(a) are made from time to time;

shall be calculated by the SPF manager in accordance with the ARP premium schedule determined by the PII Committee from time to time.

• (f) A defaulting firm which was authorised as a limited liability partnership immediately prior to its failure to obtain or maintain qualifying insurance in accordance with these Regulations cannot maintain limited liability partnership status as the firm’s authorisation as a limited liability partnership shall stand revoked by virtue of Section 129(3) of the Legal Services Regulation Act 2015 due to the failure of the firm to obtain or maintain qualifying insurance in accordance with these Regulations.

Any arrangements made by the SPF manager under Regulation 16(a) are subject to Regulation 16(f) and the condition that the defaulting firm does not make an application for authorisation pursuant to Section 125 of the Legal Services Regulation Act 2015 for the duration of the said arrangements.

17.

17. Insolvency of Participating Insurers and Other Events:

• (a) Where a firm has established qualifying insurance with a participating insurer or a number of participating insurers in accordance with Regulation 4, and an insolvency event or non-performance event occurs in respect of that participating insurer or one (1) or more of those participating insurers, as the case may be, the firm shall, as soon as reasonably practicable and in any event within 30 (thirty) working days after the date upon which such insolvency event or non-performance event occurs (but not counting the date upon which such event occurs):-

• (i) establish and maintain in place qualifying insurance with a participating insurer or participating insurers that is or are unaffected by an insolvency event or non-performance event; or

• (ii) where it is an ARP eligible firm, apply under Regulation 12 to enter the assigned risks pool.

• (b) A firm to which Regulation 17(a) applies shall provide to the Law Society such evidence that it has established and is maintaining qualifying insurance or that it has applied to enter the assigned risks pool, as the Law Society may from time to time require.

• (c) Without prejudice to the generality of Regulation 17(b), a firm shall be required to provide to the Law Society, or procure that there is provided to the Law Society on its behalf, confirmation in any form designated by the Law Society that it has established and is maintaining qualifying insurance or that it has applied to enter the assigned risks pool within 30 (thirty) working days of the insolvency event or non-performance event that gives rise to the obligation to establish and maintain qualifying insurance pursuant to Regulation 17(a).

• (d) Without prejudice to the generality of Regulation 20(a), every principal of a firm to which these Regulations apply, shall be responsible for ensuring:-

• (i) that the firm has established and maintains in place qualifying insurance following the occurrence of an insolvency event or a non-performance event in respect of its former participating insurer or participating insurers, with a participating insurer or participating insurers that is or are unaffected by such an event, or that it applies to enter the assigned risks pool; and

• (ii) that the firm provides any evidence that the firm has established and is maintaining qualifying insurance or that it has applied to enter the assigned risks pool following the occurrence of an insolvency event or a non-performance event in respect of its former participating insurer or participating insurers as may be required under or pursuant to these Regulations in a timely manner.

• (e) Where an insolvency or non-performance event occurs in respect of a participating insurer, one or more authorised insurers may enter into and duly execute a participating insurers agreement with the Law Society during an indemnity period where such indemnity period (or part thereof) commences on or after the operative date.

18.

18. Risk Management Audits:

• (a) A firm that enters or that seeks to enter the assigned risks pool shall be required to submit to and co-operate with a risk management audit to be conducted by a risk management auditor selected and appointed by the SPF management committee at such times and at such intervals during the firm’s membership of the assigned risks pool as the SPF management committee may in its absolute discretion determine.

• (b) Every principal of a firm to which Regulation 18(a) applies shall be responsible for ensuring that the firm submits to and co-operates with any risk management audit that is directed by the SPF management committee in relation to the firm’s practice pursuant to Regulation 18(a).

• (c) Where the SPF management committee directs that a risk management audit is to be carried out in relation to the practice of a firm, every principal of that firm shall be responsible for ensuring that the risk management auditor appointed to carry out the risk management audit is afforded every possible facility to carry out the following tasks:-

• (i) to attend at any place or places where the firm engages in its practice and, for the avoidance of doubt, any place or places where the firm may store its records (including electronic records) in relation to matters it is involved in; and

• (ii) to interview any principal of the firm and such other persons employed by or associated with the firm as the risk management auditor deems necessary and appropriate; and

• (iii) to inspect such documents relating to the practice of the firm as the risk management auditor deems necessary and appropriate; and

• (iv) to provide the risk management auditor with access to all electronic records maintained by or on behalf of the firm and to all computer or electronic communication systems operated by the firm and relating in either case to the practice of the firm.

• (d) Every principal of a firm to which this Regulation 18 applies shall direct all persons employed by the firm and any relevant third party (to the extent that it is possible for that principal to do so) to facilitate and provide all necessary assistance to the risk management auditor in reviewing any documents referred to in Regulation 18(c)(iii) and any records or systems referred to in Regulation 18(c)(iv).

• (e) It shall be misconduct for any principal of a firm, or any solicitor or registered lawyer employed by a firm to which this Regulation 18 applies to fail to attend at any interview with a risk management auditor of which not less than two (2) working days’ notice has been given to that person, or to fail to provide a risk management auditor with access to documents, records or computer or communication systems within two (2) working days of a request in that regard being made to such principal, solicitor or registered lawyer by a risk management auditor pursuant to these Regulations.

• (f) Where the SPF management committee directs that a risk management audit is to be carried out in relation to the practice of a firm, that firm shall be required to indemnify the Law Society (or as the Law Society may direct) on demand in respect of any costs, fees, expenses, losses or liabilities incurred by the Law Society in relation to the conduct of that risk management audit, and every principal of that firm shall be responsible for ensuring that the firm discharges its liabilities to the Law Society under Regulation 18.

• (g) Where a firm fails to comply with any provision of this Regulation 18, the SPF management committee may direct that such firm shall no longer be treated as an ARP eligible firm and may further direct that any successor firm to such a firm shall not be an ARP eligible firm.

19.

19. Risk Management Audit Reports:

• (a) A risk management auditor who conducts a risk management audit in relation to a firm shall, as soon as practicable thereafter, furnish a written risk management audit report to the SPF manager and to the SPF management committee. The report shall include an opinion from the risk management auditor as to whether the firm is in compliance with the minimum common risk management standard in the indemnity period in which the risk management audit is carried out.

• (b) The SPF management committee shall, on receipt of a risk management audit report, provide a copy thereof to the firm concerned and shall invite such firm to provide any written response thereto to the SPF management committee within ten (10) working days of receipt by the firm of such risk management audit report.

• (c) Following receipt by the SPF management committee of the written response (if any) of a firm the subject of a risk management audit report or (failing any such written response) at any time after the expiry of the relevant time period for such firm to provide a written response, the SPF management committee may provide the firm concerned with a written direction indicating:-

• (i) which of the risk management audit recommendations are to be binding on the firm, and any such direction made by or on behalf of the SPF management committee shall be binding upon the firm immediately upon such direction being made by the SPF management committee and the firm shall forthwith take steps at its own expense to comply with any such direction; and

• (ii) whether the opinion of the risk management auditor as to whether the firm is in compliance with the minimum common risk management standard is to be binding on the firm and any such direction made by or on behalf of the SPF management committee shall be binding upon the firm immediately upon such direction being made by the SPF management committee.

• (d) At any time following the receipt by the SPF management committee of the written response (if any) of a firm the subject of a risk management audit report or (failing any such written response) at any time after the expiry of the relevant time period for such firm to provide a written response, the SPF management committee may, on giving not less than two (2) working days’ notice, require any principal of such firm to attend before it to respond to such questions and to provide such information or to produce such documents regarding the management of the practice of the firm as may appear appropriate to the SPF management committee.

• (e) At any time following the receipt by the SPF management committee of the written response (if any) of a firm the subject of a risk management audit report or (failing any such written response) at any time after the expiry of the relevant time period for such firm to provide a written response, the SPF management committee may take any one (1) or more of the following measures:-

• (i) direct the firm concerned to comply with such measures within such time period as the SPF management committee may deem appropriate and reasonable to avoid or mitigate the risk of claims in respect of civil liability arising from the practice of the firm, and such measures may be more extensive than any risk management audit recommendations, and the firm shall forthwith take steps at its own expense to comply with any such direction; and/or

• (ii) instruct any risk management auditor to assist and supervise the firm concerned or any principal of the firm or any solicitor or registered lawyer employed by the firm and to report to the SPF management committee as appropriate in relation to compliance by the firm, principal, solicitor or registered lawyer concerned with any measures directed by the SPF management committee pursuant to Regulation 19(e)(i); and/or

• (iii) commission any further inquiry into the affairs of the firm concerned to be made as to the SPF management committee may appear appropriate and necessary to permit the SPF management committee properly to assess the prevailing state of management of that firm; and/or

• (iv) conclude that the circumstances of the state of management of the firm concerned as disclosed by a risk management audit report, or by any subsequent report or investigation directed by the SPF management committee to be undertaken are such that it is not appropriate and reasonable that the firm should be provided or continue to be provided with ARP coverage by the assigned risks pool and may in consequence decide, on not less than two (2) working days’ notice in writing to the firm concerned, to declare that the firm in question shall no longer be an ARP eligible firm and shall be treated thenceforth as a defaulting firm.

• (f) Where the SPF management committee takes any step pursuant to Regulation 19(e)(ii) or Regulation 19(e)(iii) in relation to the practice of a firm, that firm shall be required to indemnify the Law Society (or as the Law Society may direct) on demand in respect of any costs, fees, expenses, losses or liabilities incurred by the Law Society in relation to the steps taken, and every principal of that firm shall be responsible for ensuring that the firm discharges its liabilities to the Law Society under this Regulation 19(f).

• (g) The PII Committee may in its discretion and on such terms and conditions as it deems appropriate:-

• (i) permit the Law Society to use any risk management audit report as the Law Society deems appropriate for the purposes of exercising any of its statutory powers and functions;

• (ii) provide to participating insurers a copy of any risk management audit report in accordance with the confidentiality provisions of the then current participating insurers agreement.

20.

20. Responsibilities of Principals:

• (a) Every principal of a firm to which these Regulations apply shall be responsible for ensuring that the firm complies with its obligations and responsibilities under these Regulations, and it shall be misconduct for a principal to fail to procure that the firm so complies.

• (b) Without prejudice to the generality of Regulation 20(a), every principal of a firm to which these Regulations apply, and in the case of a firm that has ceased its practice every person that is or was a principal of that firm at the relevant time as determined by the PII Committee in its discretion, shall be responsible for ensuring:-

• (i) that the firm ceases its practice where required so to do under these Regulations; and

• (ii) that the firm discharges any costs, liabilities and expenses due to the Law Society under these Regulations promptly on demand; and

• (iii) that the firm and each principal thereof complies with each of the responsibilities imposed upon it under Regulations 18 and 19.

• (c) Where any firm fails to comply with any of its obligations and responsibilities under or pursuant to these Regulations, or any principal of a firm fails to comply with any of his or her obligations and responsibilities under or pursuant to these Regulations, the PII Committee may take any one (1) or more of the following courses of action:-

• (i) apply to the High Court for suspension of the practising certificate or qualifying certificate of any principal or former principal of that firm, or of the principal concerned, as the case may be; or

• (ii) direct the Registrar to refuse to issue a practising certificate or qualifying certificate to any principal or former principal of that firm, or to the principal concerned, as the case may be; or

• (iii) apply to the Legal Practitioners Disciplinary Tribunal for an inquiry into the conduct of any principal or former principal of that firm, or of the principal concerned, as the case may be, on grounds of misconduct; or

• (iv) apply to the High Court for an order to prohibit any principal or former principal of that firm, or the principal concerned, as the case may be, from contravening any provision of these Regulations; or

• (v) apply to the High Court for an order to require any principal or former principal of that firm, or the principal concerned, as the case may be, to perform any obligation imposed on the firm or such principal by any provision of these Regulations.

• (d) Where the PII Committee decides to take one (1) of the courses of action referred to in Regulation 20(c), the PII Committee shall give to each affected principal or former principal of that firm, notice in writing of its intention to do so.

• (e) The provisions of Regulation 20 are without prejudice to the designation by these Regulations as misconduct of any particular act or omission by a solicitor or a registered lawyer, or to any other right or power given under these Regulations, under the Acts or under any instrument made under or pursuant to the Acts to the PII Committee or to the Law Society.

21.

21. Professional Indemnity Insurance Committee:

• (a) The Council shall, as soon as practicable after the coming into operation of these Regulations, appoint a professional indemnity insurance committee which shall be responsible for exercising on behalf of the Council the functions vested in:-

• (i) the Law Society by or under section 26 of the Solicitors (Amendment) Act 1994 ; and

• (ii) the PII Committee by or under these Regulations; and

• (iii) (to the extent that the 1995 Regulations remain in force by virtue of these Regulations) the committee constituted under the 1995 Regulations and designated as the PII Committee thereunder by or under the 1995 Regulations; and

• (iv) (to the extent that the 2007 Regulations remain in force by virtue of these Regulations) the committee constituted under the 2007 Regulations and designated as the PII Committee thereunder by or under the 2007 Regulations, save in each case for the making of regulations; and

• (v) (to the extent that the 2011 Regulations remain in force by virtue of these Regulations) the committee constituted under the 2011 Regulations and designated as the PII Committee thereunder by or under the 2011 Regulations; and

• (vi) (to the extent that the 2014 Regulations remain in force by virtue of these Regulations) the committee constituted under the 2014 Regulations and designated as the PII Committee thereunder by or under the 2014 Regulations; and

• (vii) (to the extent that the 2016 Regulations remain in force by virtue of these Regulations) the committee constituted under the 2016 Regulations and designated as the PII Committee thereunder by or under the 2016 Regulations; and

• (viii) (to the extent that the 2017 Regulations remain in force by virtue of these Regulations) the committee constituted under the 2017 Regulations and designated as the PII Committee thereunder by or under the 2017 Regulations; and

• (ix) (to the extent that the 2018 Regulations remain in force by virtue of these Regulations) the committee constituted under the 2018 Regulations and designated as the PII Committee thereunder by or under the 2018 Regulations; and

• (x) (to the extent that the 2019 Regulations remain in force by virtue of these Regulations) the committee constituted under the 2019 Regulations and designated as the PII Committee thereunder by or under the 2019 Regulations.

• (b) The Council shall from time to time in its discretion determine the number of members of the PII Committee and appoint the members thereof and may, in its sole discretion and for such period as it may determine, retain as members of the PII Committee each or any of the members of the PII Committee in place at the coming into operation of these Regulations.

• (c) The quorum of the PII Committee shall be three (3).

• (d) The PII Committee may establish sub-committees to carry out some or all of its functions, or delegate some or all of its functions to an executive of the Law Society, the SPF management committee or the SPF manager.

• (e) The PII Committee shall exercise on behalf of the Council the following functions of the Law Society:-

• (i) making recommendations, issuing guidance or giving directions on behalf of the Law Society in relation to the management, administration and protection by the SPF manager of the special purpose fund; and

• (ii) (without prejudice to the generality or specificity of any Regulation) directing steps necessary or expedient to be taken to ascertain whether these Regulations or any relevant provisions of the earlier regulations which remain in force are being complied with; and

• (iii) specifying circumstances in which any solicitor or registered lawyer or specified category of solicitors or registered lawyers may be exempted in whole or in part from compliance with these Regulations or any relevant provisions of the earlier regulations which remain in force; and

• (iv) specifying the manner in which solicitors or registered lawyers or any specified category of solicitors or registered lawyers shall bring their compliance with, or exemption from, these Regulations or any relevant provisions of the earlier regulations which remain in force to the notice of their clients or the Law Society; and

• (v) determining whether a perceived breach of section 26(6) of the Solicitors (Amendment) Act, 1994 or of these Regulations or any relevant provisions of the earlier regulations which remain in force by a solicitor or registered lawyer should be the subject of an application by the Law Society to the Disciplinary Tribunal for an inquiry into the conduct of that solicitor or registered lawyer on the ground of alleged misconduct; and

• (vi) making decisions in relation to matters (including procedural matters) deemed to be in pursuance of or incidental or supplementary to the functions vested in the Law Society under section 26 of the Solicitors (Amendment) Act 1994 or in pursuance of or incidental or supplementary to the provisions of these Regulations or any relevant provisions of the earlier regulations which remain in force.

• (f) The PII Committee shall, at least once in every calendar year, review the minimum terms and conditions and shall recommend to the Law Society any amendments thereto as to the PII Committee appear appropriate.

• (g) The PII Committee shall be entitled to appoint the SPF manager to discharge the functions and responsibilities of:

• (i) the person or entity appointed as pool manager under the 1995 Regulations to the extent that those regulations remain in effect by virtue of these Regulations; and

• (ii) the person or entity appointed as ARP manager under the 2007 Regulations to the extent that those regulations remain in effect by virtue of these Regulations; and

• (iii) the person or entity appointed as SPF manager under the 2011 Regulations to the extent that those regulations remain in effect by virtue of these Regulations; and

• (iv) the person or entity appointed as SPF manager under the 2014 Regulations to the extent that those regulations remain in effect by virtue of these Regulations; and

• (v) the person or entity appointed as SPF manager under the 2016 Regulations to the extent that those regulations remain in effect by virtue of these Regulations; and

• (vi) the person or entity appointed as SPF manager under the 2017 Regulations to the extent that those regulations remain in effect by virtue of these Regulations; and

• (vii) the person or entity appointed as SPF Manager under the 2018 Regulations to the extent that those regulations remain in effect by virtue of these Regulations; and

• (viii) the person or entity appointed as SPF Manager under the 2019 Regulations to the extent that those regulations remain in effect by virtue of these Regulations.

• (h) The PII Committee shall from time to time and in its sole discretion issue rules regulating the conduct of coverage disputes and any rules (or part thereof) issued by the PII Committee under this Regulation 21(h) shall be binding upon a participating insurer and a firm immediately upon such rules being made by the PII Committee and each participating insurer and each firm shall forthwith take steps at its own expense to comply with any such rules.

• (i) The PII Committee may from time to time and in its sole discretion issue rules or procedures by which the PII Committee may conduct any of its powers and functions under these Regulations.

22.

22. SPF Management Committee:

• (a) The PII Committee shall, as soon as practicable after the coming into operation of these Regulations appoint a special purpose fund management committee which shall be responsible for exercising the functions vested in:

• (i) the SPF management committee by or under these Regulations; and

• (ii) any functions delegated to it by the PII Committee pursuant to Regulation 21.

• (b) The number of members of the SPF management committee shall be five (5).

• (c) The members of the SPF management committee shall be appointed by the Law Society and shall comprise the SPF manager, two (2) representatives of the Law Society and one (1) representative of each of the two (2) participating insurers with the largest relevant premium income for that indemnity period as calculated in accordance with Schedule 2 of the participating insurers agreement.

• (d) The SPF management committee shall provide a quarterly report to the PII Committee summarising its activities and the decisions it has taken in the previous quarter. The SPF management committee shall receive and consider any comments that the PII Committee may have on any such report.

23.

23. Provision of Information and Co-Operation with Qualifying Insurers and SPF Manager:

• (a) If a person asserts a claim against a firm or any person insured under that firm’s qualifying insurance and the claim relates to a matter within the scope of coverage under the minimum terms and conditions, that firm and every principal thereof (including, in the case of a firm that has ceased its practice, any former principal thereof) shall be required to provide that claimant on request with details of the identity of the participating insurers that provided the qualifying insurance, together with any applicable coverage reference number and the relevant participating insurers’ contact details.

• (b) The Law Society may maintain in such form or forms as it considers appropriate a register of firms showing such details of any qualifying insurance, ARP coverage or run-off cover maintained by those firms appearing on the register as the Law Society deems fit, together with details of any firms that have not maintained such insurance and/or cover, and may permit persons to enquire as to the registered status of firms and provide persons with the information contained in the register relating to firms in such manner and to such extent as the Law Society may determine.

• (c) The Law Society may, based on the information available to it, establish an information service to disclose certain information to participating insurers in such a manner as it may in its absolute discretion deem fit, including the following:-

• (i) on or before 31 January in each indemnity period, provide a participating insurer with details of the identity of firms which maintained qualifying insurance with that participating insurer in the prior indemnity period, together with the identity of the current participating insurer (including for the avoidance of doubt, the assigned risks pool and the run-off fund) of any such firm;

• (ii) from time to time, to provide a participating insurer with details of the identity of any firm, which has had all of its principals suspended or struck off the roll.

• (d) All firms and their principals shall extend such co-operation to the participating insurer providing qualifying insurance or the SPF manager (as appropriate) as is required by the minimum terms and conditions. In the event that a participating insurer or the SPF manager (as appropriate) considers that a firm or its principals have failed to extend such co-operation, the participating insurer or the SPF manager (as appropriate) may notify the Law Society and the Law Society may take disciplinary action against the principals and the former principals of such firm as appropriate.

• (e) In the event that a participating insurer or the SPF manager (as appropriate) considers that a firm has failed to pay any stamp duty which the firm is liable to pay, the participating insurer or the SPF manager (as appropriate) may notify the Law Society and the Law Society may take disciplinary action against the principals and the former principals of such firm as appropriate.

24.

24. Amendment to Independent Law Centres Regulations:

• (a) The Solicitors Acts 1954 to 2002 (Independent Law Centres) Regulations 2006 are hereby amended by the deletion of Regulation 8 thereof and its replacement with the following:-

“For the avoidance of doubt, an employed solicitor shall be required to comply with any regulations made by the Law Society under section 26 of the Solicitors (Amendment) Act 1994 .”

Signed on behalf of the Law Society of Ireland pursuant to section 79 of the Solicitors Act 1954 .

Dated this 7 day of October 2020

MICHELE O’BOYLE,

President of the Law Society of Ireland.

The Legal Services Regulatory Authority concur, pursuant to subsection (1) of Section 66 (as substituted by Section 76 of the Solicitors (Amendment) Act 1994 ) of the Solicitors Act 1954 , as amended by Section 182 of the Legal Services Regulation Act 2015 , to the making of the within Regulations.

On behalf of the Legal Services Regulatory Authority

Dated this 8 day of October 2020

BRIAN DOHERTY,

Chief Executive Officer.

SCHEDULE Table of Revocations

NAME OF INSTRUMENT	EXTENT OF REVOCATION
Solicitors Professional Indemnity Insurance (Amendment) Regulations 2020 (Statutory Instrument No. 157 of 2020) Solicitors Professional Indemnity Insurance Regulations 2019 (Statutory Instrument No. 465 of 2019) Solicitors Professional Indemnity Insurance Regulations 2018 (Statutory Instrument No. 351 of 2018) The Solicitors Acts 1954 to 2015 (Professional Indemnity Insurance) (Amendment) Regulations 2017 (Statutory Instrument No. 389 of 2017) The Solicitors Acts 1954 to 2011 (Professional Indemnity Insurance) (Amendment) Regulations 2016 (Statutory Instrument No. 534 of 2016) The Solicitors Acts 1954 to 2011 (Professional Indemnity Insurance) Regulations 2014 (Statutory Instrument No. 445 of 2014) (as amended) The Solicitors Acts 1954 to 2008 (Professional Indemnity Insurance) Regulations 2011 (Statutory Instrument No. 409 of 2011) (as amended) The Solicitors Acts 1954 to 2002 (Professional Indemnity Insurance) Regulations 2007 (Statutory Instrument No. 617 of 2007) (as amended)	Revoked in its entirety save that:—(i) the instrument (as subsequently amended) shall remain binding upon solicitors and registered lawyers required, prior to the operative date, by virtue of the provisions of the instrument to maintain run-off cover (as defined by the instrument) such that those solicitors and registered lawyers shall be required to continue to maintain such coverage in accordance with the terms of the instrument and that the provisions of the instrument (including provisions relating to the enforcement thereof and the penalties thereunder) shall be fully continued in effect as regards such solicitors and registered lawyers and such run-off cover; and (ii) the instrument (as subsequently amended) shall remain in effect to the extent necessary to permit the proper functioning and operation of the special purpose fund constituted by virtue of the provisions of the instrument to permit the special purpose fund to be administered to fulfil the terms of all coverages granted thereunder (iii) the instrument (as subsequently amended) shall remain in effect to permit the proper functioning and operation of the SMDF (as defined therein) to permit the SMDF to be administered to fulfil the terms of all coverages granted by it.

APPENDIX 1

Minimum Terms and Conditions of Professional Indemnity Insurance for Solicitors and Registered Lawyers in Ireland

1 INTERPRETATION

1.1 In these terms and conditions, the following expressions shall have the following meanings:-

“Amount Insured” means the limit of liability of each Insurer under the Insurance, including, for the avoidance of doubt, the aggregate limit of liability of all Insurers where the coverage is provided on the basis of co-insurance;

“Authorised Insurer” means an insurer that holds an authorisation to carry on insurance business for the purposes of Directive 2009/138/EC or that is otherwise entitled to carry on non-life assurance business in the State;

“Circumstance” means an incident, fact, occurrence, matter, act or omission that may give rise to a Claim in the context of civil liability;

“Claim” means a request or demand for, or an assertion of a right to, or an intimation of an intention to seek:-

• (a) civil compensation of any nature or civil damages of any nature; or

• (b) any award to be made pursuant to the provisions of the Solicitors Acts 1954 to 2015, the Legal Services Regulation Act 2015 , or any regulations made thereunder, for compensation or restitution to clients or any other obligation that may be imposed on solicitors or Registered Lawyers to compensate or make restitution to clients by statute from time to time, but for the avoidance of doubt, the term “Claim” does not include any claim for the payment of costs incurred by any Insured in defending or resisting proceedings seeking an award against that Insured of the nature described in this sub-paragraph (b) where the Insurance, in accordance with the Minimum Terms and Conditions, excludes the Insurer’s liability to indemnify the Insured in respect of such costs.

For the purposes of sub-paragraph (b), the discharge of an obligation of an Insured, following receipt by an Insured of a Notification of a Requirement to Rectify, shall be treated as a “Claim” (subject to the provisions of the Regulations and/or Minimum Terms and Conditions) notwithstanding that a formal award pursuant to the provisions of the Solicitors Acts 1954 to 2015, the Legal Services Regulation Act 2015 or any regulations made thereunder, has not been made;

“Claimant” means a person or entity that has made or may make a Claim (including a Claim for contribution or indemnity);

“Client Account” shall have the same meaning as prescribed in the Solicitors Accounts Regulations or the meaning prescribed in any statute or statutory instrument amending or replacing the Solicitors Accounts Regulations;

“Commercial Property Regulations” means the Solicitors (Professional Practice, Conduct and Discipline — Commercial Property Transactions) Regulations 2010;

“Coverage Period” means the period for which the Qualifying Insurance or the ARP coverage (as the case may be) held by a Firm affords cover;

“Defence Costs” mean legal costs and disbursements and investigative and related expenses reasonably and necessarily incurred with the consent of the Insurer (such consent not to be unreasonably withheld) in relation to a Claim including without limitation the costs of:-

• (a) defending any proceedings; or

• (b) conducting any proceedings for indemnity, contribution or recovery; or

• (c) investigating, reducing, avoiding or compromising any actual or potential Claim;

but the term “Defence Costs” does not include:-

• (i) any internal overhead expenses of the Firm or the Insurer or the cost of any Insured’s time; or

• (ii) any costs incurred by an Insured in defending or resisting proceedings seeking an award against that Insured of the nature described in paragraph (b) under the definition of “Claim” where the Insurance, in accordance with the Minimum Terms and Conditions, excludes the Insurer’s liability to indemnify the Insured in respect of such costs;

“Direction” shall have the meaning ascribed to it in Clause 8.1;

“Employee” means any person, other than a Principal, employed or otherwise engaged in the Firm’s Practice, including, without limitation, solicitors, registered lawyers, other lawyers, trainee solicitors, consultants, associates, locum staff members, persons seconded to work in the Firm’s Practice or persons seconded by the Firm to work elsewhere, office and clerical staff or otherwise;

“Financial Institution” means any of the following:-

• (a) a credit institution as defined in section 2(1) of the 1995 Act; or

• (b) a credit institution that is the holder of an authorisation for the purposes of Article 3(1) of Directive 2013/36/EU; or

• (c) a retail credit firm authorised pursuant to section 31 of the 1997 Act; or

• (d) a home reversion firm authorised pursuant to section 31 of the 1997 Act; or

• (e) any other party that engages on a professional basis in the business of providing financial accommodation of any nature to another person; or

• (f) any assignee of debt from an entity that has been engaged in the business of providing financial accommodation of any nature to another person, including without limitation, NAMA;

but, for the avoidance of doubt, does not include a Minister of the Government in the exercise of the functions, powers or duties of his office;

“Firm” means:-

• (a) any Partnership of two (2) or more solicitors or registered lawyers (as constituted from time to time, whether before or during any relevant indemnity period); or

• (b) a legal partnership (as constituted from time to time, whether before or during any relevant indemnity period), where such Partnership includes at least one (1) solicitor or registered lawyer; or

• (c) a multi-disciplinary practice (as constituted from time to time, whether before or during any relevant indemnity period), where such multidisciplinary practice includes at least one (1) solicitor or registered lawyer; or

• (d) any sole practitioner being either a solicitor or registered lawyer, and including a sole practitioner who employs one (1) or more solicitors or registered lawyers, and a sole practitioner who, although having established a practice, is employed by a person who is not a solicitor or registered lawyer; or

• (e) a limited liability partnership, where such partnership includes at least one (1) solicitor or registered lawyer;

where the relevant partnership or relevant sole practitioner, as the case may be, carries on a practice;

“Firm’s Practice” means the practice carried on by the Firm, and includes the business of any trustee, nominee, service or administration company owned, in whole or in part, by one or more of the Principals of the Firm;

“Historic Circumstances” has the meaning ascribed to it in Clause 2.3.6;

“Historic Claim” has the meaning ascribed to it in Clause 2.3.1;

“Indemnity Period” has the meaning ascribed to it in the Regulations;

“Insurance” means the professional indemnity insurance or coverage required by each Firm pursuant to the Regulations;

“Insured” means, in respect of a Firm:—

• (a) the Firm; or

• (b) each trustee, nominee, service or administration company owned, in whole or in part, by the Firm and/or one or more of the Principals of the Firm from time to time; or

• (c) each director, officer or employee of any such company as is referred to in paragraph (b) above from time to time; or

• (d) each Principal or former Principal of the Firm from time to time; or

• (e) each Employee or former Employee of the Firm from time to time; or

• (f) the estate or legal personal representatives of any deceased former Principal or Employee of the Firm;

“Insurer” means the underwriter of the Insurance or the provider of the coverage the subject of the Minimum Terms and Conditions;

“Investment Advice” has the meaning ascribed to such term in the Regulations;

“Investment Business Service” has the meaning ascribed to such term in the Regulations;

“Law Society” means the Law Society of Ireland;

“Lead Insurer” means the Insurer named as such in the contract of Insurance but if contrary to Clause 3.6.2 no Lead Insurer is named as such, means the first-named Insurer on the relevant certificate of insurance;

“Legal Partnership” has the meaning ascribed to it in the Legal Services Regulation Act 2015 ;

“Legal Services” means services of a legal or financial nature and includes any part of such services, and for the avoidance of doubt, includes (without limitation):-

• (a) any Investment Business Services or Investment Advice provided by a Firm; and

• (b) acting as personal representative or trustee; and

• (c) acting as notary public; and

• (d) acting as a commissioner for oaths; and

• (e) acting as liquidator or receiver; and

• (f) acting as company secretary; and

• (g) acting as director of any body corporate owned, in whole or in part, by one or more of the principals of a firm that provides trustee, nominee, administration or other similar services; and

• (h) acting as arbitrator, mediator, expert determiner, conciliator or adjudicator; and

• (i) acting on a pro bono basis; and

• (j) acting as Personal Insolvency Practitioner; and

• (k) acting as an expert witness and/or providing opinions as a professional expert; and

• (l) acting as a patent agent; and

• (m) acting as a registered trade mark agent; and

• (n) acting as a European trade mark & design attorney;

“Limited liability partnership” has the meaning assigned to it in the Legal Services Regulation Act 2015 ;

“Minimum Terms and Conditions” means the minimum terms and conditions set out in Appendix 1 to the Regulations with which a Qualifying Insurance (or, in the case of a Qualifying Insurance provided as a co-insurance, any part thereof) underwritten by a Participating Insurer is required by these Regulations to comply, or in the case of ARP coverage and run-off cover, such minimum terms and conditions, as varied by or pursuant to these Regulations, to apply in respect of such cover;

“Misconduct” has the meaning ascribed to such term in the Regulations;

“Multi-Disciplinary Practice” has the meaning ascribed to it in the Legal Services Regulation Act 2015 ;

“NAMA” means the National Asset Management Agency;

“Notification of a Requirement to Rectify” means a notice in writing (including email) from the Registrar of Solicitors or from such other person as may be appointed by the Law Society for that purpose:-

• (a) notifying an Insured that a deficit has arisen on one or more of the Insured’s Client Accounts; and

• (b) informing the Insured of the Insured’s obligation to rectify such deficit(s); and

• (c) setting out the regulatory consequences for the Insured should such rectification not occur within a specified period of time;

“Participating Insurer” means, in respect of an Indemnity Period,

• (i) an Authorised Insurer which has entered into and duly executed a Participating Insurers Agreement with the Law Society on or before 1 November immediately prior to the commencement of that Indemnity Period and which is effective to permit such Insurer to underwrite Qualifying Insurance; or

• (ii) an Authorised Insurer which has entered into and duly executed a Participating Insurers Agreement with the Law Society in accordance with Regulation 17(e) of the Regulations and which is effective to permit such insurer to underwrite qualifying insurance.

“Participating Insurers Agreement” means an agreement in such terms as the PII Committee may from time to time designate setting out the terms and conditions on which a Participating Insurer may provide Qualifying Insurance to Firms in the State and the terms on which such Participating Insurer shall participate in the Special Purpose Fund;

“Partner” means a partner in a Firm;

“Personal Insolvency Practitioner” has the meaning ascribed to such term in the Personal Insolvency Act 2012 ;

“Policy” means a contract of professional indemnity insurance made between a Participating Insurer (whether alone or in conjunction with other participating insurers) and a Firm, and “Policies” shall be construed accordingly;

“Practice” means a business (which term includes any gainful occupation) or any part thereof consisting of the provision of Legal Services from an establishment in the State and where such Legal Services (as they involve the provision of legal advice) relate to the law of the State (including European Union law as it forms part of the law of the State);

“Practice Manager” has the meaning ascribed to it in the Regulations;

“Preceding Practice” means each Practice:

• (a) which has ceased practice; and

• (b) to which the Firm’s Practice is a Succeeding Practice;

“Principal” means:-

• (a) the sole practitioner of any Firm which during any indemnity period carries on or carried on business as a sole practitioner and includes a sole practitioner who employs or employed one (1) or more solicitors or registered lawyers; or

• (b) every Partner of a Firm and every person held out as a Partner of a Firm that during any indemnity period carries on or carried on business as a Partnership; or

• (c) a practice manager.

“Qualifying Insurance” means a Policy or Policies of insurance which (in the case of a single such Policy) includes the relevant Minimum Terms and Conditions or (in the case of a number of Policies) taken together include the Minimum Terms and Conditions in effect at the date of inception, extension, renewal or replacement of the Policy or Policies of insurance;

“Registered Lawyer” means a lawyer that has been granted a registration certificate by the Law Society and has been entered onto the register maintained by the Law Society within the meaning of and in accordance with the European Communities (Lawyers’ Establishment) Regulations 2003 (Statutory Instrument No. 732 of 2003) and a reference to a registered lawyer in these Regulations, where consistent with the context thereof, includes a former registered lawyer or a deceased registered lawyer;

“Registrar of Solicitors” means the holder of the office of Registrar of Solicitors appointed by the Law Society pursuant to section 8 of the Solicitors Act 1954 ;

“Regulations” means the Solicitors Professional Indemnity Insurance Regulations 2020, as the same may be amended from time to time;

“Relevant Period” has the meaning ascribed to it in Clause 2.3.1(a);

“Relevant Policy” has the meaning ascribed to it in Clause 2.3.1(a);

“Self-Insured Excess” means an amount that the Insured is required by the terms of any contract between the Insured and the Insurer to pay to the Claimant in the event of a Claim;

“Solicitors Accounts Regulations” means the Solicitors Accounts Regulations 2014 ( S.I. No. 516 of 2014 ) or any statute or statutory instrument amending or replacing the Solicitors Accounts Regulations 2014 ( S.I. No. 516 of 2014 );

“Special Purpose Fund” has the meaning ascribed to it in the Regulations;

“Succeeding Practice” means a Practice that satisfies any one (1) or more of the following conditions in relation to another Practice (such other practice being a Preceding Practice for these purposes):-

• (a) it is held out as being a successor to the practice or part thereof of the Preceding Practice by whatever means such holding out occurs; or

• (b) it is conducted by a Partnership where two or more of the Principals are identical to those persons who were Principals of any Partnership that conducted the Preceding Practice; or

• (c) it is conducted by a sole practitioner who was the sole practitioner conducting the Preceding Practice; or

• (d) it is conducted by a sole practitioner who was one of the Principals conducting the Preceding Practice; or

• (e) it is conducted by a Partnership in which the sole practitioner conducting the Preceding Practice is a partner and where no other person has been held out as a successor to the Preceding Practice; or

• (f) the Partnership which, or sole practitioner who, conducts the practice has assumed the liabilities of the Preceding Practice;

but, notwithstanding the foregoing, a practice shall not be treated as a Succeeding Practice for the purposes of the Minimum Terms and Conditions pursuant to paragraphs (b), (c), (d), (e) or (f) of this definition if another practice is or was held out by that other practice as the Succeeding Practice;

“the 1995 Act” means the Consumer Credit Act 1995 (as amended);

“the 1997 Act” means the Central Bank Act 1997 (as amended);

“Working Day” means every day, not including a Saturday, Sunday or public holiday, on which banks are generally open for the transaction of normal banking business in the State.

1.2 In these Minimum Terms and Conditions, unless the context otherwise requires:—

• (a) words and expressions shall have the same meaning and shall be construed consistently with the same words and expressions in the Solicitors Professional Indemnity Insurance Regulations 2020;

• (b) the Interpretation Act 2005 shall apply for the purpose of interpreting these Minimum Terms and Conditions as it applies to the interpretation of an act of the Oireachtas, except insofar as it may be inconsistent with the Solicitors Acts 1954 to 2015, the Legal Services Regulation Act 2015 , the Regulations or with these Minimum Terms and Conditions;

• (c) a reference in these Minimum Terms and Conditions to any directive, statute, statutory provision, statutory instrument or other similar instrument includes:-

• (i) any subordinate legislation made under it; and

• (ii) any provision which it has superseded or re-enacted (with or without modification) or amended, and any provision superseding it or re-enacting it (with or without modification) or amending it either before, at or after the date of commencement of these Minimum Terms and Conditions;

• (d) the singular includes the plural, and vice versa;

• (e) words denoting any gender include all genders and words denoting the singular include the plural and vice versa;

• (f) any reference to a person shall be construed as a reference to any individual, firm, company, corporation, government, state or agency of a state or any association or partnership (whether or not having separate legal personality) of two (2) or more of the foregoing;

• (g) references to a “company” include any body corporate;

• (h) headings are inserted for convenience only and shall not affect the interpretation of these Minimum Terms and Conditions; and

• (i) references to awareness of the Insured shall be limited to the actual knowledge of a Principal of the Firm, or any solicitor or registered lawyer employed by the Firm.

2. SCOPE OF COVER

2.1 The Insured

The person insured under each Insurance must include, and coverage under the Insurance as joint insureds must extend to, all those persons and entities set out in clause 1 under the definition of “Insured”.

2.2 Civil Liability

The Insurance must indemnify each Insured against civil liability incurred by an Insured arising from any provision of Legal Services provided that:-