Whether professional indemnity insurance is mandatory for overseas lawyers?

Rule 15.26 of the Solicitors’ Code of Conduct which provides that when a practicing solicitor is working in a law firm based overseas they are required to ensure that they are covered by insurance or other indemnity against professional liabilities. The requirement to have insurance arises where a solicitor is relying on that professional qualification, rather than on the area of work they are undertaking. It is not therefore an automatic requirement to have professional indemnity insurance in order to advise on English law if you were not providing the advice as a solicitor of England and Wales. Giving legal advice is not an area of work which is reserved to a certain class of persons, including solicitors under the Solicitors Act 1974.

Further as per overseas Practice Rule on Professional indemnity, please note that

(1) You must comply with (2) below in relation to your overseas practice, unless you are practising only in-house in compliance with Rule 15.13 of the Solicitors’ Code of Conduct
(2)
a. You must ensure that in relation to your overseas practice you are at all times covered by insurance or other indemnity against professional liabilities.
b. The extent and amount of the insurance or other indemnity need not exceed the current requirements of the Solicitors' Indemnity Insurance Rules or any other current rules made under section 37 of the Solicitors Act 1974 but must be reasonable having regard to:

i. the nature and extent of the risks you incur in your overseas practice;
ii. the local conditions in the jurisdiction in which you are practising; and
iii. the terms upon which insurance or other indemnity is available.