SRA Standards and Regulations
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SRA Indemnity Insurance Rules
Adequate and appropriate insurance
Notwithstanding rule 2.1 above, an authorised body must take out and maintain professional indemnity insurance that provides adequate and appropriate cover in respect of current or past practice taking into account any alternative arrangements the body or its clients may make. An authorised body must ensure that its clients have the benefit of the indemnity insurance required under these rules...
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SRA Indemnity Insurance Rules
Insolvency of participating insurer
If an authorised body is carrying on a practice which is being provided with qualifying insurance by a participating insurer (whether alone or together with another participating insurer) and that participating insurer is the subject of an insolvency event then the authorised body and any principal of the body must ensure that the authorised body has in place qualifying insurance with another...
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SRA Indemnity Insurance Rules
Monitoring
The SRA may require from an authorised body or any principal in an authorised body, information and evidence it may reasonably require to satisfy itself that the body has complied with these rules.
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SRA Indemnity Insurance Rules
RELs
The provisions contained in annex 2 to these rules apply to an authorised body that has at least one principal who is an REL.
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SRA Indemnity Insurance Rules
Details of participating insurer
This rule is in addition to any obligations imposed on the authorised body under the Provision of Services Regulations 2009. If a claimant asserts a claim against an authorised body or any person insured under that authorised body's policy, and the claim relates to any matter within the scope of cover of the MTC, the authorised body, and any person who is at the relevant time a principal in...
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SRA Indemnity Fund Rules
Power to require contributions
Solicitors, RELs, RSLs, RFLs, recognised bodies and licensed bodies must make contributions to the Indemnity Fund in such amounts and at such times as may be prescribed. Deleted The SRA may at any time, to the extent that it is reasonably practicable for it to do so, recalculate any claims adjustment applicable to any practice under the Solicitors' Indemnity Rules 2012 (or any earlier...
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SRA Indemnity Fund Rules
Citation
Deleted
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SRA Overseas and Cross-border Practice Rules
Dealings with client money
In all dealings you have with client money (overseas) you must: safeguard client money and assets entrusted to you; keep client money (overseas), separate from money which belongs to you; on receipt, pay client money (overseas) promptly into, and hold it in, an overseas client account, unless: to do so would conflict with your obligations under local law or regulation or with any obligation...
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SRA Authorisation of Firms Rules
Management, control, and supervision
Subject to rules 9.2 and 9.3, an authorised body must ensure that the SRA has approved any manager or owner of the authorised body under Part 4. A sole principal whose practice has been authorised as a recognised sole practice is not required to be approved separately as a manager of that practice. If the SRA is satisfied that a manager of an authorised body is not involved in any of the...
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