Indemnity insurance
Majority of respondents to SRA consultation backed ban on unrated insurers
The SRA has acknowledged that the majority of responses received to its consultation on banning unrated indemnity insurers favoured a ban. Of 31 responses, 18 were in favour and 13 against.
SRA bids to slash minimum PII cover to £500,000
The Solicitors Regulation Authority has called for the minimum level of indemnity cover firms must obtain to be cut to £500,000. The existing limits are £2m for traditional partnerships, or £3m for incorporated practices.
Another unrated insurer “heading for liquidation”, says SRA – as it rejects ban
Another unrated indemnity insurer is “likely to be put into liquidation”, the Solicitors Regulation Authority (SRA) has warned. The news comes as the SRA announced that it will not introduce a ban on unrated insurers.
CLC “disappointed” with ministers on future of regulation
The Council for Licensed Conveyancers has become the first body to express disappointment with the Ministry of Justice’s announcement last week that it would not be making any major changes to the framework of legal regulation.
Building society to tell firms: use a rated insurer or you’re off the panel
The Yorkshire Building Society group will insist that all law firms on its conveyancing panel have rated professional indemnity insurers from 1 October 2014, it has announced. The rule will apply at once for new applicants to the panel.
Unrated PII insurers still tempting hard-pressed firms
Unrated insurers continued to share more than a fifth of the professional indemnity insurance market at the last renewal round, while the Solicitors Regulation Authority mulls whether to force them to ‘get rated or get out’ of the business.
Judge cites Karl Marx in rejecting law firm’s bid to exit professional indemnity scheme
A global law firm has been knocked back by a judge quoting Karl Marx, after seeking a waiver from the Isle of Man Law Society’s indemnity insurance requirements.
Withers ordered to pay out £1.6m over negligence claim
Leading London law firm Withers has been ordered to pay £1.6m in damages after the High Court upheld a claim of professional negligence over the drafting of an LLP agreement.
First the Ashes, now the solicitors’ PII market – Aussie insurer grabs biggest share
QBE has taken over as the leading insurer of solicitors, figures released yesterday by the Solicitors Regulation Authority have revealed. Between QBE Insurance (Europe) Ltd and two Lloyd’s syndicates, the Australian-based insurer secured 18.2% of the premiums paid.
SRA interventions loom for firms practising without insurance
The Solicitors Regulation Authority has revealed that around 10 firms have failed to close after failing to secure professional indemnity insurance and are heading for intervention, as the fallout resulting from last year’s renewal season enters its final phase.
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Divorce escrow: asset sales before final settlement
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AML lacks clarity – and standards are suffering
If firms are buckling under the pressure of AML regulations, subject to ever-increasing fines, then something is clearly not working as it should be.
