Lexon Insurance Pte Ltd

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 Legal Profession in accordance with the QLS Indemnity Rule 2005.

Our Purpose

Lexon’s purpose is to provide class leading professional indemnity and risk management services to legal practices, through the maintenance of a viable scheme and the delivery of products and services that meet member needs.

Our Corporate Values

Responsibility

• We commit to the success and wellbeing of the organisation.
• We commit to maintaining strong relationships with our key stakeholders.
• We accept responsibility for our actions and their results and commit to improve.

Innovation

• We will be innovative and open to new ideas.

Fairness

• We strive for consistency in, and the clear explanation of, our decisions.
• We seek to always appropriately balance the interests of the individual and the whole.
• We assess all issues on their merits without regard to extraneous factors.
• We commit to ensuring that all views have an opportunity to be heard.

Courtesy

• We value open, frank, tactful and timely communication.
• We act professionally in our dealings at all times.

Reliability

• We deliver on our promises and commitments.
• We strive for timeliness and accuracy in what we do.

Integrity

• We demonstrate a commitment to ethical behaviour.
• We act honestly.
• We seek to engender trust with the profession.
• We always act with a positive intent.

Financial Services Reform Disclosure Notice

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:

1. Law Claims Levy Fund
2. Professional indemnity insurance arrangements made under the Queensland Law Society (Indemnity) Rule 1987 (Qld) and, from the repeal of that Rule, the Queensland Law Society (Indemnity) Rule 2005 (Qld) and
3. Legal Practitioners Fidelity Guarantee Fund.

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.

Courtesy posting by NextLifeBook.com