Proposed reforms to solicitors’ PII “inadequate”
The Association of British Insurers (ABI) has described proposals from the Solicitors Regulation Authority (SRA) regarding solicitors’ professional indemnity insurance (PII) as “inadequate” and likely to worsen fears for the future of the market.
According to the ABI, the SRA has failed to understand that the Assigned Risks Pool, which is used by solicitors unable to purchase PII, needs to close this year rather than in October 2013, as proposed by the SRA.
The ABI also wants to see a move away from the current “one size fits all” minimum policy terms and conditions to allow policies to be tailored to risk.
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