48. (1) Unless exempted by this section, every member of the Association and every holder shall be insured by an insurance corporation referred to in subsection 2 (5) of the Act against errors and omissions arising out of the performance or non-performance of architectural services under a professional liability insurance policy that provides for a liability limit of not less than the following amount, for each claim: 1.  $1,000,000, if the gross fees charged for architectural services provided under the applicable certificate of practice in the previous financial year exceeded $1,000,000. 2.  $500,000, if the gross fees charged for architectural services provided under the applicable certificate of practice in the previous financial year exceeded $500,000 but not $1,000,000. 3.  $250,000 if the gross fees charged for architectural services provided under the applicable certificate of practice in the previous financial year did not exceed $500,000, or if there is no previous financial year. O. Reg. 386/15, s. 5. (1.1) For the purposes of subsection (1), a reference to a previous financial year means, in respect of a certificate of practice, the financial year of the holder of the certificate that immediately precedes the financial year in which the application for professional liability insurance is made. O. Reg. 386/15, s. 5. (1.2) Revoked:  O. Reg. 490/07, s. 3 (1). (2) Subject to subsections (5) and (6), every member who is an employee of any of the following employers is exempt, but only in the member’s capacity as an employee, from the requirements of clauses 40 (a) and (b) of the Act: 1.  Her Majesty in right of Ontario or any Crown agent. 2.  Her Majesty in right of Canada or any Crown agent. 3.  A board or a private school, both as defined in the Education Act. 4.  A municipality. 5.  A sole proprietorship, partnership or corporation that does not hold a certificate of practice, a certificate of practice issued under section 23 of the Act or a temporary licence.  O. Reg. 205/02, s. 6; O. Reg. 365/02, s. 2. (3) Subject to subsections (5), (6) and (7), the following are exempt from the requirements of clause 40 (b) of the Act: 1.  Every holder of a certificate of practice issued under subsection 14 (2) or 15 (2) or section 18 or 19 of the Act. 2.  Every holder of a certificate of practice issued under section 16 of the Act if one or more of the corporate partners holds a certificate of authorization and meets the requirements of clauses 14 (2) (b) and (c) of the Act. 3.  Every holder of a certificate of practice issued under section 23 of the Act. 4.  Every holder of a temporary licence. 5.  Every holder of a certificate of practice who does not maintain an office in Ontario and who maintains an office outside Ontario. 6.  Every holder of a certificate of practice who maintains one or more offices in Ontario and one or more offices outside Ontario, but only with respect to architectural services performed by the holder from or out of an office outside of Ontario. 7.  Every member who is an employee of a holder described in the preceding paragraphs, but only in the member’s capacity as an employee.  O. Reg. 205/02, s. 6. (4) Every holder referred to in subsection (3) and every member who is an employee of such a holder shall be insured against errors and omissions arising out of the performance or non-performance of architectural services under a professional liability insurance policy with a liability limit of not less than $250,000 for each claim.  O. Reg. 490/07, s. 3 (2). (5) Every holder shall file with the insurance corporation referred to in subsection 2 (5) of the Act an application for professional liability insurance or for renewal of professional liability insurance, unless the holder is exempted from the requirements of clause 40 (b) of the Act.  O. Reg. 205/02, s. 6. (6) Every holder referred to in subsection (3) shall annually file with the Registrar an application to be exempted from the requirements of clause 40 (b) of the Act.  O. Reg. 205/02, s. 6. (7) The application required under subsection (5) or (6) shall be filed, as the case may be, (a)  together with an application to become a holder; (b)  before the date on which the holder’s existing coverage under a professional liability insurance policy issued by the insurance corporation referred to in subsection 2 (5) of the Act expires; (c)  before the date on which the holder’s existing coverage under a professional liability insurance policy described in subsection (4) expires.  O. Reg. 205/02, s. 6. (8) A member who is an employee of a holder is not required to file a separate application under subsection (5) or (6).  O. Reg. 205/02, s. 6. (9) Revoked:  O. Reg. 490/07, s. 3 (3).