Legal Practice Act, 2014 (Act No. 28 of 2014)Chapter 6 : Legal Practitioners' Fidelity FundPart 2 : Operation of Fund76. Re-insurance |
| (1) | The Board may, in its discretion, enter into a contract with any person or corporation carrying on fidelity insurance business in terms of which the Fund will be indemnified to the extent and in the manner provided in that contract against liability to pay claims under this Act. |
| (2) | A contract referred to in subsection (1) must be entered into in respect of legal practitioners referred to in section 84(1). |
| (3) | A claimant against the Board does not have any right— |
| (a) | of action against any person or corporation with whom a contract of indemnity has been entered into in terms of this section; or |
| (b) | to any money paid by the insurer in accordance with that contract. |
| (4) | Any money paid by an insurer in accordance with a contract of indemnity must be paid into the Fund for appropriation by the Board. |