Page 237 - Be Reasonable – Do It My Way , Peter E. Daly AM, My Story

CHAPTER 22 - THE LPLC
Chapter 22 - The LPLC
I am no lawyer as you will know, even though I spent that time with Anderson Rice. In 1983 I was invited to join the Legal Practitioners’ Liability Committee , which insured all the solicitors in Victoria for professional indemnity. Latterly our success saw all the barristers join.
I was a member of the committee for some 15 years and my involvement was sought because the Legal Practice Board required someone with insurance expertise on it.
LPLC is unique in that it is not an APRA authorised insurer nor is it a discretionary mutual, rather it is a Victorian Statutory Authority. During my period we successfully dealt with competition policy reviews , proposals for privatisation and competition ,approaches from the NSW Law Society and Lawcover and proposals for a nationally regulated legal profession with consequences for the compulsory insurance.
In its early days profitability was hard to achieve but we arranged both excess of loss and stop loss reinsurance and successfully have built a substantial investment account enabling us to carry increasingly more of the risk.
During my period the LPLC was indeed fortunate in having an excellent chairman Matt Walsh and CEO Miranda Milne who have driven a focus on risk management which has delivered significant benefits.
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