Lexon Insurance Pte Ltd is a wholly owned subsidiary of the Queensland Law Society and is a captive insurer providing professional indemnity insurance to members of the Queensland Legal Profession in accordance with the QLS Indemnity Rule 2005.
Lexon's purpose is to provide class leading professional indemnity and risk management services to legal practices in Queensland, through the maintenance of a viable scheme and the delivery of products and services that meet member needs.
Pursuant to ASIC class order relief, the QLS and/or persons responsible for these matters are not licensed under the Corporations Act 2001 (Cth) in relation to the operation of the:
The QLS is not regulated under the Insurance Act 1973 (Cth).
Lexon is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 in respect of financial services.
Lexon is incorporated in Singapore and is regulated by the Monetary Authority of Singapore under Singaporean law, which differs from Australian law.
Singapore has a system of financial supervision of insurers and you should consider whether to obtain further information about that.
Lexon is not authorised under the Insurance Act 1973 to conduct insurance business in Australia and is not subject to the provisions of that Act which establishes a system of financial supervision of general insurers in Australia.
Lexon has paid up capital of AUD $19M and any disputes in relation to the terms of the Master Policy will be governed by Queensland law.
Lexon cannot be declared a general insurer for the purpose of Part VC of the Insurance Act 1973 (Cth) and, if Lexon becomes insolvent, you will not be covered by the financial claims scheme provided under Part VC of that Act.
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Lexon Insurance is a wholly owned company of the Queensland Law Society - © Copyright 2018