Singapore legislation
Clause 28
Clause 28
Professional indemnity insurance
(1)
Every accounting corporation registered under this Act shall be covered by professional indemnity insurance of not less than one of the following amounts, whichever is the highest:
(a)
$1 million;
(b)
a sum equal to the total of $500,000 for every corporate practitioner in the accounting corporation; or
(c)
where applicable, a sum equal to two and a half times the gross income of the accounting corporation in the last completed financial year of the accounting corporation subject to a maximum sum of $50 million.
(2)
The Authority may, by rules, vary the amount of coverage under a professional indemnity insurance required by subsection (1).