2.—(1) Where the applicant is under an obligation to comply with indemnity rules, that he holds a policy of indemnity insurance which complies with the indemnity rules applicable to him.
(2) Subject to paragraph 3, where the applicant is not under an obligation to comply with indemnity rules, that a policy of indemnity insurance providing cover which in the opinion of the registrar is reasonably equivalent to the minimum cover for the time being required under the indemnity rules applicable to a solicitor is held by—
(a)the applicant,
(b)the applicant’s employer, or
(c)where the applicant meets the criterion in paragraph 1 by reason only of being within paragraph 1(1)(b) or (c), a qualified person as specified in paragraph 1(1)(b) or (c), as appropriate.
(3) In this paragraph, “indemnity rules” means any rules for the time being in force—
(a)made under section 37 of the Solicitors Act 1974(1), and any modification of such rules made under section 9(2)(f) of the Administration of Justice Act 1985 or section 89(3) of the Courts and Legal Services Act 1990(2),
(b)made under section 21 of the Administration of Justice Act 1985, and any modification of such rules made under section 32(3)(f) of that Act, or
(c)made under any other statutory provision enabling any person to make provisions governing the maintenance of professional indemnity insurance by persons providing legal services to the public.