Document ID: chunk:federal_register_of_legislation:F2021L00748:clause:2_2
Version: federal_register_of_legislation:F2021L00748
Segment Type: clause
Provision Reference: sch 2 cl 2
Character Range: 20127–21107

2  Keeping insurance policy
 (1) Subject to subclauses (2) and (3), an accredited person must be covered by an insurance policy that is current at all times during the period:
 (a) commencing on the day the person first issues a certificate;
 (b) ending on the earlier of the following days:
 (i) the day the person ceases to be an accredited person;
 (ii) the day after the fifth anniversary of the day the person last issued a certificate.
 (2) Subclause (1) does not apply in relation to an accredited person who issues a certificate in the course of government service.
 (3) For the purposes of subclause (1), the insurance policy must:
 (a) be issued by a body corporate for which an authorisation under Part III of the Insurance Act 1973 to carry on an insurance business is in force;
 (b) indemnify the accredited person for any loss or damage up to $2 million as a result of the person's negligence when issuing a certificate or otherwise acting as an accredited person.