(a) The Board may, from time to time, fix a maximum amount of reimbursement that is payable by the Fund. Initially, the maximum amount shall be $10,000 per claim and $25,000 total dollars within any given calendar year with regard to an individual lawyer or licensed paralegal practitioner.
(a)(1) There shall be a lifetime claim limit of $425,000 per lawyer or licensed paralegal practitioner.
(b) Claimant shall be reimbursed for losses in amounts to be determined by the Board after recommendations by the Committee. Reimbursement shall not include interest and other incidental and out-of-pocket expenses.
(c) Payment of reimbursement shall be made in such amounts and at such time as the Board approves and may be paid in lump sum or installment amounts. In the event that the Committee determines that there is a substantial likelihood that claims against the lawyer or licensed paralegal practitioner may exceed either the annual or lifetime claim limits, claims may be paid on a pro rata basis or otherwise as the Board and the Committee determine is equitable under the circumstances.
(d) If a claimant is a minor or an incompetent, the reimbursement may be paid to any proper and legally recognized person or authorized entity for the benefit of the claimant.
Advisory Committee Notes
Rule 14-913 Amendment Note: The Bar changed from a calendar year to a fiscal year (July 1 to June 30) in 1990.
The Board approved increasing the yearly per claim award limit from $10,000 to $20,000 and to eliminate the yearly per lawyer claim limit of $25,000 on December 1, 2000.
The Board voted to reinstate the yearly lawyer cap of $25,000 on June 8, 2001.
The Board voted to raise the yearly per lawyer cap to $50,000 from the previously reinstated $25,000 cap on December 7, 2001.
The Board voted to raise the yearly per lawyer cap to $75,000 on October 29, 2010.