Must Tasmanian conveyancers hold $2 million in professional indemnity insurance?

Figures checked 1 October 2026.

Yes. Consumer Affairs Tasmania’s conveyancer guidance, updated 23 July 2026, says section 13 of the Conveyancing Act 2004 requires every conveyancer to have an approved professional indemnity insurance policy with a prescribed minimum of $2 million. The same guidance requires annual evidence of cover and says a conveyancer must always remain covered; if the insurance lapses or is cancelled, their licence is deemed suspended.

What are the basic professional indemnity requirements?

Consumer Affairs Tasmania summarises the requirements as follows:

The $2 million figure is described as the prescribed minimum, rather than as a suggested amount.

How must the policy be named?

The regulator describes two permitted naming arrangements:

• The policy must be in the individual conveyancer’s name; or
• It can combine the individual conveyancer’s name with their trading name.

Check the wording against the policy’s Product Disclosure Statement, or PDS. The cited guidance does not describe a trading-name-only policy as an alternative.

What happens if the insurance lapses or is cancelled?

A lapse or cancellation affects both the insurance requirement and the conveyancer’s licence status. Under the regulator’s guidance, the licence is deemed to be suspended.

The annual evidence obligation is separate: providing evidence once each year does not replace the requirement to remain covered. The cited guidance does not explain how or when a deemed suspension is lifted, so conveyancers should check the regulator’s current instructions if their cover stops.

Which regulator should conveyancers check for the current rules?

From 1 October 2026, CBOS transitioned to Consumer Affairs Tasmania and Building Standards Tasmania. References to CBOS in the regulator material should be read as references to the relevant regulatory function within the new agencies.

Consumer Affairs Tasmania also states that information is being updated on the new websites. Check its current conveyancer page before relying on older CBOS material.

What should be checked before relying on the policy?

Check both:

• The current Consumer Affairs Tasmania conveyancer guidance; and
• The policy’s PDS for its contractual terms.

This is general information, not financial or legal advice. The regulator page should be used to confirm the current regulatory requirement, while the PDS should be read for the exact terms applying to the policy.

Sources

• Working in the industry | Consumer Affairs — Consumer Affairs Tasmania; updated 23 July 2026; checked 1 October 2026.

FAQ

Does annual evidence replace the need for continuous insurance?

No. Conveyancers must provide evidence annually, but the regulator also says they must always be covered by appropriate professional indemnity insurance.

Can the policy be named only after the conveyancer’s trading business?

The guidance permits the individual’s name or a combination of the individual’s and trading names. A trading-name-only arrangement is not listed among the permitted arrangements described.

Does a lapse or cancellation automatically cancel the conveyancer’s licence?

The stated consequence is that the licence is deemed suspended. Consumer Affairs Tasmania’s guidance does not describe this as an automatic licence cancellation.

Who should a conveyancer check for the current requirements?

Check Consumer Affairs Tasmania’s conveyancer guidance. Since 1 October 2026, CBOS regulatory functions have transitioned to Consumer Affairs Tasmania and Building Standards Tasmania.