28. Professional indemnity insurance

Terms defined in s 2

• accounting corporation

  accounting corporation

  Defined · s 2

  “accounting corporation” means a company approved as an accounting corporation under section 17;

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• accounting LLP

  accounting LLP

  Defined · s 2

  “accounting limited liability partnership” or “accounting LLP” means a limited liability partnership approved as an accounting limited liability partnership under section 18A;

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• Authority

  Authority

  Defined · s 2

  “Authority” means the Accounting and Corporate Regulatory Authority established under the Accounting and Corporate Regulatory Authority Act 2004;

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• professional indemnity insurance

  professional indemnity insurance

  Defined · s 2

  “professional indemnity insurance” includes insurance indemnifying a public accountant, an accounting corporation, an accounting firm or an accounting LLP against liability to compensate a third party who has sustained financial loss or any other damage or injury due to a breach of professional duty or to any professional negligence on the part of such public accountant, accounting corporation, accounting firm or accounting LLP, as the case may be (including any such negligence by any director of such accounting corporation or any partner of such accounting LLP), or fraud or dishonesty;

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• rules

  rules

  Defined · s 2

  “rules” means rules made under section 64;

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