The aim is to reduce risks as far as possible in professional practice, thus reducing the incidence of claims and the premiums payable under the PII policy.
Participation in the Risk Management Program is mandatory for all AIC NSW members who conduct a conveyancing business.
Risk Management Assessments
A. Self Assesment
For Existing Business Owner Members ONLY
Each year those members who conduct a conveyancing business (i.e. the Principal Licensee) must:
- Satisfactorily complete the online Risk Management Assessment (via Pointsbuild).
- The assessment is not considered satisfactorily completed until such time as an 85% pass mark is obtained and a certificate of completion is issued. Three attempts are available.
- If the assessment is not satisfactorily completed after three attempts the member is not entitled to the premium rate negotiated for members on their Professional Indemnity Insurance and a loading will be added to their insurance premium. The loading will be determined by the insurance company but is usually 50% of the negotiated premium rate.
- The assessment is to be completed during the period following 31 March each year. This provides time for the insurers to process the insurance renewal application and NSW Fair Trading to process all associated licence renewals.
- Online risk assessment is only available to financial members.
A financial member is a member who has paid their annual membership fee by 31 March each year for membership in the following year.
Each year a number of members may be chosen to have their files assessed by the AIC NSW’s Information & Compliance Officer. This assessment will take place at the member’s office and a physical assessment of files will be undertaken. The assessment will take place at a time convenient to the member and the ICO. This assessment is compulsory and refusal to participate with the assessment will be an automatic failure for the purposes of calculating the following year's PI insurance premium.
The above is an outline of the risk management program conducted by the AIC NSW. All matters that need to be determined or ruled on will be done by the Risk Management Committee and/or the AIC NSW Council. The decision of the Council and/or the Risk Management Committee shall be final and binding on the member.
If a member considers that the conduct or result of the assessment was not fair or reasonable they may lodge an appeal with the AIC NSW Council. The decision of the Council in regard to any appeal is final.