Singapore legislation
Section 28
Section 28
Professional indemnity insurance
Amended by37/200037/2000
(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.
Amended by37/2000
(2)
The Board may, by rules under section 74, vary the amount of coverage under a professional indemnity insurance required by subsection (1).
Amended by37/2000