The SRA is conducting a short survey on professional indemnity insurance (PII) premiums, which can be accessed here.
Questions on subjects such as premium prices, changes over the years and opinions on the current state of the market are included in the survey. Your answers will help to inform the SRA’s work in collaboration with the Legal Services Board exploring the issues in the PII market.
The SRA would like to encourage those responsible for PII renewals in firms to complete and return the survey, which should take no more than five minutes.
The SRA has also recently confirmed that the Solicitors Indemnity Fund (SIF) will be extended to September 2023 following a consultation with the industry earlier this year.
Confirming the extension to the SIF, the SRA said:
“After thorough consideration, the Board has decided that it would be both right and simplest for us to provide the full Undertaking that SIF Limited needs for the extension to September 2023, while we work on the longer-term options. This is because, in addition to having responsibility for indemnity and insurance, including any extension to the SIF provision of post six-year run-off cover and the application required to put it in place, we would also be responsible for collecting any Indemnity Contribution from the profession, if it were to be needed, regardless of the provider of the Undertaking. We will now confirm the position to SIF Limited and submit our application for extension to the Legal Services Board.”
On the next steps to resolve the situation, the regulator added:
“Over the next few months, we will be continuing to carry out detailed work on next steps for the SIF and post six-year consumer protection. We anticipate further discussion on the long-term options at our July Board meeting and, if required, we will consult widely, working and engaging with the public, the users of legal services, consumer organisations and the profession.”
The SRA’s PII survey closes on 7 August.
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