332Application of insurance money

1. No claimant against the Lawyers' Fidelity Fund or the Conveyancing Practitioners' Fidelity Fund has any right of action against any insurance company or other person with whom a contract of insurance is made under this Part in respect of that contract, or has any right to claim any money paid by the insurer in accordance with the contract.

2. All money so paid by the insurer must be paid into the fund and must be applied in or towards the settlement of relevant claims.