Accountants Act · s 33

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s 33Professional indemnity insurance

(1)

Every accounting corporation and every accounting Limited

Liability Partnership registered under this Act shall be covered by professional indemnity insurance of not less than one of the following amounts, whichever is the highest —

(a)

$250,000;

(b)

a sum equal to the total of $150,000 for every corporate practitioner in the accounting corporation or accounting Limited

Liability Partnership; or

(c)

where applicable, a sum equal to two and one-half times the gross income of the accounting corporation or accounting Limited

Liability Partnership in the last completed financial year of the accounting corporation or accounting Limited Liability Partnership, subject to a maximum of $10,000,000.

(2)

The Minister may, with the approval of His Majesty the Sultan and Yang Di-Pertuan, by regulations vary the amount of coverage under a professional indemnity insurance required by subsection (1).