331Regulatory society may enter into contracts of insurance

1. Despite anything to the contrary in this Part, a regulatory society may, in its discretion, enter into any contract or contracts of insurance with any person or company carrying on fidelity insurance business in New Zealand, whereby the society will be indemnified to the extent and in the manner provided by the contract or contracts against liability to pay claims under this Part.

2. Any such contract of insurance may be entered into in relation to practitioners and incorporated firms generally or in relation to any practitioner or practitioners or incorporated firm or incorporated firms named in the contract.

3. No action lies against a regulatory society, or against any member or employee of a regulatory society or of the governing body of a regulatory society, or against any member of the management committee of a fidelity fund held by a regulatory society, for injury alleged to have been suffered by any practitioner or incorporated firm by reason of the publication in accordance with fact of a statement that a contract of insurance entered into under this section does or does not apply to that practitioner or incorporated firm.

4. If any contract of insurance is entered into by a regulatory society in respect of any specified practitioner or incorporated firm, the regulatory society must, on the application of any other practitioner or practitioners or incorporated firm or incorporated firms, enter into a like contract of insurance in respect of the last-mentioned practitioners or incorporated firms if the insurer signifies his or her or its willingness to enter into such a contract on like terms and conditions.