The essential guide to conduct, compliance and competence, and the Legal Services Act
Indemnity insurance
News round-up: barrister jailed for chambers theft, another mySRA extension, and much more
Our latest news round-up reports on a barrister jailed after stealing £72,500 from his chambers, more problems with the SRA’s online PC renewal system, surveys on fixed fees and compliance, and the appeal court upholding a ruling against a firm innocently caught up in mortgage fraud.
Law Society and SRA join forces to fight £50m indemnity insurance case
The Law Society and Solicitors Regulation Authority have been granted leave to intervene in a High Court case on whether professional indemnity insurers should be able to effectively cap cover by aggregating claims against a firm – with a bill of £50m at stake.
Law Society calls for new approach to sharing ARP liabilities so that solicitors are not left to pick up tab
Solicitors and insurers should share equally any exposure to the assigned risks pool in the 2012-13 indemnity year to ensure insurers have “skin in the game”, the Law Society is to urge. However, the profession’s liability could still reach £30m.
Solicitors paid record-equalling £256m for indemnity insurance this year
Solicitors paid £256m for the compulsory layer of professional indemnity insurance – the highest amount since the first year of buying insurance on the open market – Solicitors Regulation Authority figures have shown.
Indemnity insurers face obligation to keep quotes open and provide credit rating
Professional indemnity insurers will have to leave quotations open for at least five days and provide information about their credit ratings under plans being considered by the Solicitors Regulation Authority. Voiding policies is also back on the agenda.
Big fall in number of law firms entering assigned risks pool
Just 53 law firms have failed to find professional indemnity insurance and so entered the assigned risks pool (ARP), provisional figures have shown. At the same stage last year, 409 firms had entered the ARP. Firms still have a month in which they can find secure insurance and backdate it to 1 October.
ARP firms shut down as SRA warns of uninsured practices continuing to operate
Almost a quarter of law firms in the assigned risks pool had already decided to close a week before the renewal deadline, while the Solicitors Regulation Authority has flagged up the “serious risk” of other firms practising without insurance.
Solicitor suspended for failing to pay ARP premium as SRA vows crackdown
The Solicitors Regulation Authority has welcomed the suspension of a solicitor who failed to pay his assigned risks pool premium as it vowed to step up enforcement efforts against other such firms with the end of the indemnity year looming.
Another indemnity insurer targets small firms
Smaller law firms are set to have more choice for the professional indemnity insurance this year after Legal & Professional Insurance entered into an agreement with broker Marsh to target practices with two and three partners.
Biggest indemnity insurer blames SRA as it decides not to seek new business this year
The largest provider of professional indemnity insurance to solicitors has announced that it will not be seeking any new business this year because of the Solicitors Regulation Authority’s failure to abolish the assigned risks pool immediately.
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