Introduction

Welcome to our comprehensive guide on the Queensland Law Society (QLS) Indemnity Rule 2005. In this blog post, we will delve into the details of this important rule and its significance for legal professionals in Queensland.

What is the QLS Indemnity Rule 2005?

The QLS Indemnity Rule 2005 is a crucial regulation that governs the professional indemnity insurance for QLS members. This rule empowers the QLS to levy the legal profession for the purpose of obtaining indemnity insurance.

Working Together: LEXON and QLS

One of the key players in the implementation of the QLS Indemnity Rule 2005 is LEXON Insurance. LEXON, as a wholly owned subsidiary of the QLS, provides professional indemnity insurance to QLS members in accordance with the terms of the rule.

LEXON works closely with QLS and actuarial consultants to assess the capital requirements of the scheme and ensure its long-term sustainability. Based on their assessment, LEXON recommends a levy model to the QLS Council, which is aimed at delivering on the objective of the rule.

Key Features of the QLS Indemnity Rule 2005

Low Rates

One of the advantages of the QLS Indemnity Rule 2005 is the provision of low rates for professional indemnity insurance. This ensures that QLS members can obtain the necessary coverage at affordable prices, allowing them to practice law with confidence.

Top Up Cover

The QLS Indemnity Rule 2005 also offers top-up cover to its members. This means that if a QLS member's primary insurer fails to meet their indemnity obligations, the QLS scheme can provide additional coverage to address any gaps in protection.

Reinsurance Program

Another important aspect of the QLS Indemnity Rule 2005 is the reinsurance program. This program ensures that the QLS scheme is backed by a robust reinsurance arrangement, providing an extra layer of security and financial stability.

About LEXON Insurance

LEXON Insurance has been operating since 2001 as a captive insurer for QLS members. With almost 2,400 law practices insured, LEXON plays a crucial role in providing professional indemnity insurance to legal professionals in Queensland.

As a subsidiary of the QLS, LEXON operates in accordance with the terms of the QLS Indemnity Rule 2005. The rule mandates that all law practices with at least one office or resident principal in Queensland must obtain professional indemnity insurance from LEXON.

Our Purpose

At LEXON Insurance, our purpose is to ensure that QLS members have access to reliable and affordable professional indemnity insurance. We understand the importance of this coverage for legal professionals and strive to meet their needs effectively.

Financial Highlights

Workshop Program

LEXON offers a comprehensive workshop program to help QLS members understand the intricacies of the QLS Indemnity Rule 2005. These workshops provide valuable insights and guidance on navigating the requirements of the rule.

Satisfaction Levels

One of the key indicators of our success is the satisfaction levels of QLS members who utilize our insurance services. We consistently strive to maintain high levels of satisfaction by providing responsive and efficient support to our insured law practices.

Conclusion

The QLS Indemnity Rule 2005 is a vital regulation that ensures QLS members have access to professional indemnity insurance. With the support of LEXON Insurance, this rule provides low rates, top-up cover, and a robust reinsurance program to safeguard legal professionals in Queensland.

At LEXON, we remain committed to working closely with the QLS and actuarial consultants to assess and meet the capital requirements of the scheme. Our goal is to ensure the long-term sustainability and effectiveness of the QLS Indemnity Rule 2005, delivering on its objective of providing reliable and affordable professional indemnity insurance to QLS members.