46.  (1) A legal practitioner shall not provide legal services unless there is in force, in respect of such practitioner, at the time of the provision of such services, a policy of professional indemnity insurance which complies with—

(a) where a legal practitioner is a practising barrister, regulations made under section 47, or

(b) where a legal practitioner is a practising solicitor, regulations made under section 26 of the Act of 1994.

(2) A legal practitioner who provides legal services as a partner or employee of a legal partnership, a multi-disciplinary practice or a limited liability partnership shall be taken to comply with subsection (1) where at the time of provision of such services by the legal practitioner there is in place a policy of professional indemnity insurance in respect of that partnership or practice concerned which—

(a) in the case of a partnership or practice which is comprised of practising barristers only, complies with regulations made under section 47 in respect of such partnership or practice,

(b) in the case of a partnership or practice which is comprised of practising solicitors only, complies with regulations made under section 26 of the Act of 1994 relating to practising solicitors in such partnerships or practices, or

(c) in the case of a partnership or practice which is comprised of both practising barristers and practising solicitors—

(i) complies with regulations made under section 26 of the Act of 1994 relating to practising solicitors in such partnerships or practices, and

(ii) complies with regulations made under section 47 in respect of practising barristers in such partnerships or practices.

(3) The Authority may approve a group scheme of professional indemnity insurance for legal practitioners who are practising barristers where the scheme is provided under the aegis of a professional body and it is satisfied that the scheme complies with regulations made under section 47 in respect of practising barristers.

(4) Where at the time of provision of legal services, a legal practitioner who is a practising barrister is covered by a scheme approved by the Authority under subsection (3), he or she shall be taken to comply with subsection (1).

(5) A legal practitioner shall not knowingly make a false or misleading declaration of a material nature for the purpose of obtaining professional indemnity insurance.