Singapore legislation
Clause 18
Clause 18
Amendment of section 28
Section 28 of the Accountants Act is amended by deleting subsection (1) and substituting the following subsection:“(1) Every accounting corporation and every accounting LLP 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 accounting LLP; or
(c)
where applicable, a sum equal to two and a half times the gross income of the accounting corporation or accounting LLP in the last completed financial year of the accounting corporation or accounting LLP subject to a maximum sum of $50 million.”.