Authority Updates - Victoria - June 2016

Changes to Ministerial Order for Professional Indemnity Insurance

The Ministerial Order for professional indemnity insurance for conveyancers has changed, the limit of indemnity required from 1 July 2016 will be increased to $2 million.

This now brings the minimum requirement for conveyancers into line with that of legal practitioners. 

AIC VIC, together with Austbrokers Countrywide, have been engaged in discussion with CAV as to how the transition to this level of insurance will be managed to obtain the best results for licensed conveyancers of Victoria.

Updates will be provided.

The new Ministerial Order can be read here.

Read more of Victoria Authority Updates

Disclaimer: The information herein has been prepared by SAI Global Property Division Pty Ltd ACN 089 586 872 from information released by the Authority cited on this page. It is provided as general background information only; it is not complete; and it does not comprehensively address this subject matter. Readers should not consider the information so provided as advice nor as a recommendation to take any particular course of action. Persons needing advice should consult their own solicitor, accountant or other professional adviser.