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Paragraph 3

Scotland

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

The society may enter into a contract of insurance with any person, body of persons or corporation authorised by law to carry on insurance business for guaranteeing the sufficiency of the Guarantee Fund or for any other purpose in relation to the Fund.

(2)

Any such contract of insurance may be entered into in relation to solicitors F1, F2incorporated practices authorised legal businesses and licensed providers generally or in relation to any solicitor or solicitors F3, F4incorporated practice or practices authorised legal business or businesses or licensed provider or providers named therein.

(3)

No person other than the Society shall have any right of action against a person, body or corporation with whom any such contract of insurance was entered into or have any right to any monies payable under that contract.

Annotations

Textual amendments

F1

Words in Sch. 3 para. 3(2) substituted (2.7.2012) by Legal Services (Scotland) Act 2010 (asp 16), ss. 129(3)(a), 150(2); S.S.I. 2012/152, art. 2, sch.

F2

Words in Sch. 3 para. 3(2) substituted (1.7.2026 for specified purposes) by Regulation of Legal Services (Scotland) Act 2025 (asp 8), s. 103(3), sch. 1 para. 23(3)(a); S.S.I. 2026/96, reg. 2(3)(4), sch. 2

F3

Words in Sch. 3 para. 3(2) substituted (2.7.2012) by Legal Services (Scotland) Act 2010 (asp 16), ss. 129(3)(b), 150(2); S.S.I. 2012/152, art. 2, sch.

F4

Words in Sch. 3 para. 3(2) substituted (1.7.2026 for specified purposes) by Regulation of Legal Services (Scotland) Act 2025 (asp 8), s. 103(3), sch. 1 para. 23(3)(b); S.S.I. 2026/96, reg. 2(3)(4), sch. 2