47.  (1) The Authority shall make regulations in relation to the professional indemnity insurance required to be maintained by—

(a) practising barristers,

(b) legal partnerships, multi-disciplinary practices and limited liability partnerships (in this section referred to as “legal practices”) other than in relation to practising solicitors in such partnerships or practices.

(2) The Authority shall consult with professional bodies before making regulations under this section.

(3) Regulations made under subsection (1) shall specify the practising barristers or legal practice to whom or to which the regulations apply and may specify circumstances in which practising barristers may be exempted from any requirements in relation to professional indemnity insurance in regulations made under this section.

(4) In making regulations under subsection (1) the Authority shall have due regard to the following objectives:

(a) ensuring that the interests of clients of practising barristers and legal practices are protected;

(b) encouraging the provision of legal services of a high standard by practising barristers and legal practices at a reasonable cost;

(c) ensuring that there is adequate consideration given, in setting professional indemnity insurance requirements, to any different levels of risk which may apply in respect of practising barristers or different legal practices;

(d) ensuring, in setting professional indemnity insurance requirements in relation to legal practices, that there is adequate cover in place in respect of each practising barrister and other person in the legal practice concerned in respect of whom such insurance is required to be in place.

(5) Without prejudice to the generality of subsection (1), regulations made under that subsection may—

(a) specify the matters or risks in respect of which insurance is to be maintained by practising barristers or legal practices to whom the regulations apply, and the Authority may specify different matters or risks in respect of which insurance is to be maintained in respect of practising barristers or different legal practices or both,

(b) by reference to a monetary amount, specify minimum levels of insurance which are to be maintained by a practising barrister or legal practice to whom the regulations apply and such amount may be specified by reference to—

(i) a type or category of claim, or

(ii) practising barristers or different legal practices,

(c) by reference to a monetary amount, specify the maximum excess amount which shall apply in respect of the insurance maintained by a practising barrister or legal practice as the case may be, and such amount may be specified by reference to—

(i) a type or category of claim, or

(ii) practising barristers or different legal practices, as the case may be,

and

(d) specify criteria to be met by persons offering such insurance as is required to be maintained and as respects the terms and conditions of such cover.

(6) Regulations made under subsection (1) may provide that the insurance required to be in place shall be considered as meeting the requirement if—

(a) the insurance is provided by an insurer or mutual fund approved by the Authority,

(b) the terms of the policy or other documentation effecting the insurance meet criteria specified in the regulations, and

(c) the wording of terms and conditions of the policy or insurance documentation is in a specified form.

(7) Regulations made under subsection (1) may include such incidental or supplementary provisions as appear to the Authority to be necessary.